Job Losses Missouri
REAL DISPOSABLE INCOME IN MISSOURI Annual Change per Household $0
2011
2015
Job Losses in
2020
Missouri
–$75 –$150
from the Obama Tax Hikes
–$225 –$300 –$375
What’s the Big Deal?
–$450 –$525 –$600 –$675
–$611.96
© Kevin Lamarque/Reuters/Corbis
Bottom Line: Less Money in Your Pocket Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S. Department of Labor, Bureau of Labor Statistics.
For more information, visit: www.heritage.org/MissouriTaxHikes For comparisons with other states, visit: www.heritage.org/TaxHikes
P
resident 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 Missouri, most notably in the number of jobs and change in personal income. Among the results, from 2011 to 2020, the state of Missouri would: • Lose, on average, 13,694 jobs annually.
214 Massachusetts Avenue, NE Washington, DC 20002 (800) 546-2843 heritage.org
• Lose, per household, $4,835 in total disposable personal income. • See total individual income taxes paid by Missouri residents increase by $7,700,000,000 — more than seven and a half billion dollars.
Effects of the Obama Tax Plan on Missouri
S
ince 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.
Change in Employment in Missouri Average Annual Change in Total Employment, 2011 to 2020, by Congressional District Jobs Lost:
9
2011
2015
1 3
4 8
7 13,694 jobs lost annually on average
Bottom Line: Higher Unemployment Employment and the economy cannot be made to grow through higher taxes. It is crucial for Congress to recognize this fact.
TOTAL INDIVIDUAL INCOME TAXES IN MISSOURI
TOTAL EMPLOYMENT IN MISSOURI Annual Change in Jobs 0
2
5
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.
800–1,399 1,400–1,599 1,600–1,799 1,800–2,320
6
2020
Annual Change in Millions of Dollars
$950.8
$1,000 –2,000
$900
–4,000
$800
–6,000
$700
–8,000
$600
–10,000
$500
–12,000
$400 $300
–14,000
$200
–16,000
$100
–18,000
–17,298
Bottom Line: More Jobs Lost
$0
2011
2015
2020
Bottom Line: Higher Taxes
2011
2015
Job Losses in
2020
Missouri
–$75 –$150
from the Obama Tax Hikes
–$225 –$300 –$375
What’s the Big Deal?
–$450 –$525 –$600 –$675
–$611.96
© Kevin Lamarque/Reuters/Corbis
Bottom Line: Less Money in Your Pocket Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S. Department of Labor, Bureau of Labor Statistics.
For more information, visit: www.heritage.org/MissouriTaxHikes For comparisons with other states, visit: www.heritage.org/TaxHikes
P
resident 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 Missouri, most notably in the number of jobs and change in personal income. Among the results, from 2011 to 2020, the state of Missouri would: • Lose, on average, 13,694 jobs annually.
214 Massachusetts Avenue, NE Washington, DC 20002 (800) 546-2843 heritage.org
• Lose, per household, $4,835 in total disposable personal income. • See total individual income taxes paid by Missouri residents increase by $7,700,000,000 — more than seven and a half billion dollars.
Effects of the Obama Tax Plan on Missouri
S
ince 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.
Change in Employment in Missouri Average Annual Change in Total Employment, 2011 to 2020, by Congressional District Jobs Lost:
9
2011
2015
1 3
4 8
7 13,694 jobs lost annually on average
Bottom Line: Higher Unemployment Employment and the economy cannot be made to grow through higher taxes. It is crucial for Congress to recognize this fact.
TOTAL INDIVIDUAL INCOME TAXES IN MISSOURI
TOTAL EMPLOYMENT IN MISSOURI Annual Change in Jobs 0
2
5
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.
800–1,399 1,400–1,599 1,600–1,799 1,800–2,320
6
2020
Annual Change in Millions of Dollars
$950.8
$1,000 –2,000
$900
–4,000
$800
–6,000
$700
–8,000
$600
–10,000
$500
–12,000
$400 $300
–14,000
$200
–16,000
$100
–18,000
–17,298
Bottom Line: More Jobs Lost
$0
2011
2015
2020
Bottom Line: Higher Taxes
