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The gang of six in the senate like president obamas

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Unformatted text preview: model, which covers FY 2011 to FY 2020, produced results that are displayed in Appendix 2 of this Report. The Obama tax plan would result in: • Slower economic growth: Inflation-adjusted gross domestic product (GDP) would fall by a total of $1.1 trillion between FY 2011 and FY 2020. GDP in 2018 would fall by $145 billion alone. The growth rate of the economy would be slower for the entire 10-year period. • Fewer jobs: Slower economic growth would result in less job creation. Employment would fall by an average of 693,000 per year over this period ▪ 238,000 fewer jobs in the critical economic recovery year of 2011 ; ▪ In one year alone, 2016, job losses top 876,000. • More unemployed Americans: Slower growth in employment translates to a higher unemployment rate, which would rise more each year during the 10-year period than it would without the Obama tax hikes. In other words, for Americans who are unemployed now, their prospects of employment would worsen under the Obama tax plan. 5|Page Taxes Bad DA BDL Uniqueness – No Tax Increases Now [____] [____] The increase would be unique – no tax increases now William W. Beach, Director of the Center for Data Analysis at The Heritage Foundation, 2010 (September 20, “Obama Tax Hikes: The Economic and Fiscal Effects,” http://www.heritage.org/research/reports/2010/09/obama-tax-hikes-the-economic-and-fiscal-effects) If Congress enacts the Obama tax hike, it will have changed the course of long-standing tax policy. With the exception of the recently enacted Patient Protection and Affordable Care Act (PPACA), no Congress has voted to raise significant sums of new tax revenues since 1996. Indeed, the fundamental tax policy of this country until now has been to reduce tax burdens. This policy has largely been driven by a bipartisan understanding that lower tax rates support stronger economic growth. Certainly, that view animated the debates over the 2001 and 2003 tax legislation, each of which resulted in lower, though temporary, tax rates and tax liabilities. 6|Page Taxes Bad DA BDL Link – Transportation Infrastructure Investment Increases Taxes [____] [____] Transportation infrastructure spending paid for with taxes Transportation Finance.org, 2012 (“Financing,” http://www.transportation-finance.org/funding_financing/financing/) Traditionally, transportation infrastructure has been financed primarily through a combination of state and local taxes and fees and-for major projects-Federal grants funded by national motor fuels taxes. These resources are typically combined to fund projects on a "pay-as-you-go" basis, meaning that projects have often been built in phases or increments as funds become available over a period of years [____] New infrastructure will be paid for with higher gas taxes Dr. Jean Rodrigue, Hofstra University, 2012 (“The Financing of Transportation Infrastructure,” http://people.hofstra.edu/geotrans/eng/ch7en/appl7en/ch7a2en.html ) Several transport infrastructures are subsidized by...
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This document was uploaded on 02/06/2014.

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