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“Obama Tax Hikes” + Their Effects on Virginia

The Heritage Foundation’s Center for Data Analysis completed an important report for America’s taxpayers, including those in Virginia ("Obama Tax Hikes: The Economic and Fiscal Effects," CDA 10-07, September 20, 2010). The report’s abstract summarizes the report this way:

“Since 1996, Congress after Congress has voted to lighten the tax burden on Americans. The current Congress will decide this fall whether to continue this policy or to significantly raise personal income taxes. President Obama has advanced a plan that reverses the long-standing successful policy: The President and his supporters are calling for tax increases, primarily on upper-income taxpayers and businesses— including small businesses, the primary job creators in the country. Those who will be most burdened if this plan becomes law are the millions of Americans just starting their economic lives and the millions more trying to find work after the worst recession in 60 years. The rest, whose lives are affected by the investments and business decisions of those taxpayers in the high-income classes, will share the burden. No income earner will be unscathed. Instead of extracting more income from the private economy, Congress should immediately reduce its spending and enact fundamental entitlement reform that supports strong economic growth. Heritage Foundation economists explain why employment and the economy cannot be made to grow through higher taxes—and how crucial it is for Congress to recognize this fact.”

An important part of the report is the focus of the tax hikes on the states (available at the same above link as the report). According to the report. between 2011 and 2020, “Virginia would:

  • Lose, on average, 18,422 jobs annually.
  • Lose, per household, $8,210 in total disposable personal income.
  • See total individual income taxes increase by $14.6 billion. – more than 14 and a half billion.

Learn what the Obama tax hikes are, how they will affect the U.S. economy, and their effects on Virginia, even by Congressional district.

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