Obama Tax Hikes will Cost Maine Jobs
The Heritage Foundation just released a new study showing how the Obama tax hikes will cost Maine jobs (pdf). Here is the money line:
President Obama’s tax plan would allow portions of the 2001 and 2003 tax cuts to expire, resulting in steep tax hikes beginning in January 2011 for small businesses and those earning $250,000 or more. The tax hikes would significantly affect the economy in Maine, most notably in the number of jobs and change in personal income. Among the results, from 2011 to 2020, the state of Maine would:
- Lose, on average, 3,201 jobs annually.
- Lose, per household, $1,076 in total disposable personal income.
- See total individual income taxes paid by Mainers increase by $1,500,000,000 — one and a half billion dollars.
Posted on Dec 10, 2010
isn't this 'old' news?
J. Scott Moody
Posted on Dec 11, 2010
Nancy, yes and no. Yes, in the sense that legislatively the Bush tax cuts look to be extended. No, in the sense that the analysis of the economic harm of raising taxes is always a useful reminder, especially in the middle of a recession (despite NBER's proclamation that the recession is over).