King to Vote to Stop Tax Hike on Families, Small Business; Vilsack Supports the Tax Hikes

The United States House of Representatives today is expected to vote on stopping the largest tax hike in history. Congressman King will vote against raising taxes on middle-class families and small businessmen and women. Christie Vilsack stated on “Iowa Press” she would not vote to stop these tax hikes.

“Christie Vilsack has made it clear she will stand with Nancy Pelosi and President Obama and would vote to raise taxes on middle-class families and small businesses,” said King for Congress Campaign Manager Jake Ketzner. “Congressman King’s four-point plan to get American working again will repeal ObamaCare, its massive tax hikes on the middle class and devastating cuts to Medicare, balance the budget through a Balanced Budget Amendment to the U.S. Constitution, harness all forms of American energy and create stability in Washington allowing businesses to reinvest profit in research, technology and a larger and better compensated workforce.”

DEMOCRATS’ PROPOSED TAX INCREASES BY THE NUMBERS

More than $4 trillion: Tax increase on Americans over the next 10 years if Democrats let all low-tax policies originally enacted in 2001 and 2003 expire at the end of the year.

$383.6 billion: Tax increase prevented by House Republicans’ extension of those current tax policies for one year.

Small Businesses

940,000: Business owners hit with higher taxes if President Obama and Democrats raise the top two tax rates.

53: Percent of small business income that will be hit with higher taxes if President Obama and Democrats raise the top two tax rates.

710,000: Fewer jobs if President Obama and Democrats raise the top two tax rates.

Typical Middle-Class Taxpayers

$2,200: Tax increase a family of four earning $50,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

$1,100: Tax increase a single parent earning $36,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

$1,700: Tax increase a married senior couple earning $40,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

A recent Ernst & Young study showed the tax hike championed by Christie Vilsack would cost America more than 700,000 jobs.