Tags: sheldon | whitehouse | business | tax

RI Sen. Whitehouse Votes to Raise Small Business Taxes

Thursday, 26 Jul 2012 12:15 PM

U.S. Senate candidate Barry Hinckley today blasted Rhode Island Sen. Sheldon Whitehouse for once again voting to raise taxes on small businesses during economically difficult times calling Whitehouse “out of touch with the average Rhode Islander.”

Sen. Harry Reid’s proposed tax increase, passed the Senate yesterday with Whitehouse voting “yes.” Hinckley noted the tax hike would result in more job losses and economic stagnation, and repeated his call for wholesale tax reform.

“Raising taxes on the job creators means that these businessmen will be sending money to a spendthrift federal government rather than spending that money on new hires,” Hinckley told Newsmax.

“I agree with President Obama that ‘you don’t raise taxes in a recession,’”said Hinckley. “It’s important to evaluate each proposal based not on ideology or partisanship, but on its individual strengths and weaknesses. Using that approach, Harry Reid’s tax hike fails miserably.

“According to Ernst & Young, this tax hike will hit nearly one million job creators, resulting in the loss of 710,000 jobs and lower wages by nearly 2 percent. This bill also includes a massive increase in the death tax which will create even more hardships for small family businesses and farms,” he said. “The Joint Committee on Taxation points out that this tax hike will hit 24 times more farms and ranches and 13 times more small businesses than are currently impacted,” continued Hinckley. “On the other hand, this bill provides very little positive impact - it will only raise enough money to fund the government for about five days.

“I have long been an advocate for comprehensive tax reform with the end goal of a fairer, simpler tax code with fewer loopholes and carve-outs for special interests. There is already bipartisan agreement that this needs to happen, but partisan gridlock continues to prevent any progress. This is yet another sign that we need to send new leaders to Washington on our behalf,” said Hinckley.

“When we get serious about addressing our destructive fiscal deficit and our broken tax code, it is quite possible that we will have to ask the very wealthy to pay more,” he said. “That’s just math. But how can we possibly ask people to pay more when Washington politicians are showing that they care more about partisan ploys than in taking any serious action to address our out-of-control spending and massive deficits? The Senate hasn’t even passed a budget in nearly four years.

“Raising taxes will do nothing to create jobs in Rhode Island. While Rhode Island continues to suffer from the second worst unemployment in the country, our junior Senator would rather get involved with more political theatre. This bill only raises enough money to cover government spending for 8.5 days. It’s time to move past partisan charades like today’s tax hike, and get serious about being good stewards of taxpayer dollars,” Hinckley concluded.

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