Issues | Taxes
We have reached the breaking point. We cannot tax our way out of the $16 trillion hole dug by both Democrats and Republicans over the last 30 years. Tax increases won’t solve the problem – massive tax increases on those making more than $200,000 a year will only reduce the problem by a tiny fraction. Even raising taxes on everyone won’t solve the problem.
The government picks winners and losers within a massive 70,000-page tax code. The less money taken by Washington, the more that will be put into development and growth.
Small businesses employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. Tom believes that Upstate small business owners and families can make better decisions with their hard-earned money than Washington politicians can.
The current tax rates must remain in place. They cut the income tax rate across the board for all Americans and lowered tax rate on capital gains. These cuts are set to expire at the end of the year and if they do, ALL Americans who pay income tax (about 60% of Americans) will see tax increases, with the lowest tax bracket getting the highest increase (10% to 15%).
Higher taxes do not create jobs. Increasing taxes on businesses and individuals will not increase opportunity. The problem with our federal government is not that it taxes too little, but that it spends too much.