Thought today’s unemployment report looked bad? It’s just a taste of what’s to come in 2011 if Democrats have their way on taxes.
The U.S. Senate is scheduled to vote Saturday on two proposals that would raise taxes. Both would jeopardize even more American jobs at a time of economic uncertainty.
The first vote, on a proposal from Sen. Max Baucus (D-Mont.), would increase taxes on Americans earning more than $250,000 per year. The second, offered by Sen. Chuck Schumer (D-N.Y.), raises the income level to $1 million.
New data from The Heritage Foundation reveals the negative consequences of both plans. The Baucus proposal would result in 238,000 lost jobs in 2011, while the Schumer plan would cost 78,000 jobs next year. The numbers are even worse when extrapolated over 10 years. See the chart below and read the methodology.