President Barack Obama plans to raise taxes on nearly one million Americans and small business owners in 2013, according to a non-partisan Senate report.
The nonpartisan analysts prepared the data at the request of Republicans on the Senate Finance Committee. Orrin Hatch of Utah, the panel’s top Republican, said the document was "irrefutable proof" that tax rates shouldn’t go up.
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"With our economy as weak as it is, it makes absolutely no sense to hit more and more small businesses with a tax hike," he said in a statement.
The analysis doesn’t include data on the size of the businesses owned by top earners or estimates of how they would respond to higher tax rates. It doesn’t consider the corporate income tax or taxpayers subject to the alternative minimum tax.
Taxes for 940,000 earners are expected to increase by nearly 10 percent in 2013 unless the president cancels tax increases and spending cuts that are expected to impose a $300 to $700 billion fiscal drag on the economy.