Ernst & Young Study: President Obama’s Small Business Tax Hike Threatens More Than 700,000 Jobs
WASHINGTON, DC – House Speaker John Boehner (R-OH) released the following statement today regarding a new study by independent accounting firm Ernst & Young that shows President Obama’s small business tax hike will destroy more than 700,000 American jobs:
“This Ernst & Young study shows the president’s small business tax hike threatens more than 700,000 jobs, and will lead to even less economic growth, less investment, and lower wages for American workers. Our economy is still struggling under President Obama’s policies, and his massive tax hike will only make things tougher. It’s one of the worst possible ideas at one of the worst possible times for families and small businesses.
“That’s why the House will vote this month to stop all of the tax hikes, and to lay the groundwork for a fairer, simpler tax code that closes loopholes, lowers rates for everyone, and helps bring home some of the jobs that have gone overseas. Most Americans understand that if we raise taxes on job creators, we’re going to have fewer jobs. If Democrats want to keep threatening to raise taxes and risk tanking our already-weak economy, the American people will hold them accountable.”
NOTE: The Ernst & Young study found unemployment would increase by .5 percent – or roughly 710,000 jobs – if the president’s small business tax hike is imposed. Read the full report here.
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