HOUSE Key Vote Alert - 'Patriot Tax'
Update: House Vote 330 on the Amendment.KEY VOTE ALERT
"NO" on Domestic Spending Amendment to the Fiscal 2008 War Supplemental (Amdt. 3)
The Club for Growth urges all House members to vote "NO" on the domestic spending amendment (Amdt. 3) to the war supplemental. This key vote will be part of our 2008 Congressional Scorecard.
The amendment has several provisions that are anti-growth. It extends unemployment benefits and prevents cost-cutting Medicare rules from being implemented. However, the most troublesome provision is the absurdly named "Patriot Tax", which is a 0.5% surcharge on gross income on earnings over $500,000 a year or $1 million for a couple. The rate increase is higher than it appears, as deductions are taxed too.
This tax is anti-growth and will destroy jobs, pure and simple. It will lead to higher and higher income tax rates as Congress would likely keep adding such increases for other new spending. The tax will be especially harmful on small businesses whose owners sometimes file their business income on their individual tax return. In fact, the Tax Foundation reports (PDF) that almost 83% of all income tax returns with over $1 million in income are business owners. This tax will stifle innovation and job growth and should be vigorously opposed.
Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.
Posted at Key Vote Alert at 3:27 PM | TrackBack
