Rep. Joe Walsh and Tammy Duckworth will hold their first debate tonight in the 8th District Congressional race. The 6 p.m. debate will air live on CLTV, and will be streamed on wgntv.com and cltv.com.
According to “A Fairer and Simpler Path to Economic Growth Through Tax Reform,” a “Win the Debate” kit prepared by the House Republican Conference, here are some of the talking points we might expect from Walsh.
Tax Compliance Costs Over $400 Billion Annually: According to a 2011 study, American taxpayers spend $431 billion each year complying with the tax code and the Tax Foundation reports that “Americans spend 6.6 billion hours per year filling out tax forms—including 1.6 billion hours on the 1040 form alone.”
U.S. Will Have Highest Corporate Tax Rate on the Planet: With Japan scheduled to cut its corporate income tax rate on April 1, 2012, the U.S. is poised to inherit the highest corporate tax rate among industrialized countries just two weeks before tax day.
Taxes and Tax Increases: The president’s government takeover of healthcare law contained roughly $800 billion in new taxes and tax increases.
Government-Induced Uncertainty: According to a January 2012 Chamber of Commerce Small Business Outlook Survey, 78% of small businesses surveyed report the taxation, regulation and legislation from Washington make it harder for their business to hire more employees. And, 74% say the recent healthcare law makes it harder for their business to hire more employees.4 THE PRESIDENT’S FAILED TAX POLICIES
New Taxes: The president budget proposes the largest tax increase in the nation’s history, $2 trillion.
Higher Taxes on Families: The president proposes $1.4 trillion in income tax increases on families (and small business owners) earning $250,000 (couples) or $200,000 (individuals).
Higher Taxes on Small Businesses Owners: As many small businesses pay taxes through the individual tax structure, the president’s budget would actually raise rates on individual small business tax filers up to a 39.6 percent rate. Under the Obama plan, small businesses could pay 12 percentage points more in taxes than corporations in January 2013.
THE PRESIDENT’S FAILED ECONOMIC POLICIES
Entrepreneurship Reached a 17-Year Low: According to Bureau of Labor Statistic’s latest data, the number of new business start-ups in 2010 fell to the lowest level since the data was first recorded in 1994. Since 2007, there has been a 23% drop in new business creation.
1 in 2 People are Now Poor or Low-Income: According to a December Census Bureau report, nearly half of all Americans is now classified as poor or low-income as a result of the Obama economy.
HOUSE REPUBLICAN PLAN FOR AMERICA’S JOB CREATORS
House Republicans have a Plan for America’s Job Creators – it’s time for the president and Democrats in the Senate to stop blocking our jobs bills. Our vision for America is focused on empowering Americans who work hard and play by the rules to earn success; not punishing them when they do. House Republicans approved a budget that would scrap the tax loopholes, end the special interest taxpayer subsidies the president defends—like those he gave to Solyndra—and make the tax code flatter, simpler, and fairer.
The president’s policies have failed and are making the economy worse.
Since the president took office, America has witnessed the longest period of sustained high unemployment since the Great Depression -- more than 8 percent every month he’s been in office.
The president’s failed policies have led to an economy where nearly half of all Americans are now classified as poor or low-income, and more Americans than ever are on food stamps.
The president promised to cut the deficit in half, but instead the deficit has more than doubled. In just three years, President Obama has racked up more job-killing debt than was created between the presidencies of George Washington and George H.W. Bush. We must stop spending money we don’t have.
Because the president clearly cannot run on his record, he has regrettably turned to the politics of envy and division.
Raising taxes will not solve our nation’s debt crisis and will seriously harm small businesses. Fairness is not found in taxing some people more; it is found in subsidizing everyone less.
House Republicans passed a budget that would scrap the tax loopholes, end the special interest taxpayer subsidies President Obama defends – like those the president gave to Solyndra – and put an end to government bailouts.
Our vision for America is focused on empowering Americans who work hard and play by the rules to earn success; not punishing them when they do.
House Republicans have a Plan for America’s Job Creators – it’s time for the President and Democrats in the Senate to stop blocking our jobs bills.
House Republicans passed legislation that addressed the real drivers of our debt and included fundamental pro-growth tax reform, eliminating corporate loopholes and subsidies to help create more job opportunities like Keystone, and end taxpayer-funded bailouts like Solyndra.
As part of its pursuit of comprehensive tax reform, the House Ways and Means Committee has released a discussion draft of one discrete component of broader tax reform legislation: a participation exemption for certain foreign-source income (sometimes referred to as a “territorial” system.)
Buy this book! Ward Room blogger Edward McClelland's book, Young Mr. Obama: Chicago and the Making of a Black President , is available Amazon. Young Mr. Obama includes reporting on President Obama's earliest days in the Windy City, covering how a presumptuous young man transformed himself into presidential material. Buy it now!