Message from Tony O’Donnell Candidate for Maryland’s 5th Congressional District
The largest tax hike in history will take effect on January 1, 2013 unless Congress takes action. Just how will this affect you? The Heritage Foundation has created a new interactive map to see Tax Increases by State.
Heritage research shows that families will see an average tax increase of $4,138. Baby boomers’ average increase will be $4,223, and low-income taxpayers can expect a $1,207 increase. Millennials will be hit with an average hike of $1,099, and retirees $857. Check out the infographic to see where you fall.
As taxes increase, prices increase, demand for goods and services drops. As demand drops, businesses must find more efficient ways to stay afloat; this includes letting employees go. Thus unemployment increases and fewer tax payers are now contributing to pay for the government services. As tax revenues decrease, government looks for ways in increase revenue and issue another tax increase. The vicious cycle starts again.
It’s time to end the tax increase cycle! First, Congress should immediately make the current tax rates permanent avoiding the January tax hike. Second, Congress needs to cut spending in order to bring the federal budget into balance with the revenues all the while servicing the country’s debt. The Congress will need to make difficult choices and the citizens may not like the choices. It’s time we had a Congressman who can make the tough choices. It’s time for Tony O’Donnell…NOW!