8/9/2019 OWENS + PELOSI = HIGHER TAXES

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Jude Seymour 

From: Doug Hoffman for Congress [press@doughoffmanforcongress.com]

Sent: Thursday, July 22, 2010 1:51 PM

To: jseymour@wdt.net

Subject: News from Doug Hoffman for Congress

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7/22/2010

 FOR IMMEDIATE RELEASE:  CONTACT:July 22, 2010  Rob Ryan

917-658-0195

OWENS + PELOSI = HIGHER TAXES Hoffman Warns Taxpayers of Largest Tax Hikes in

U.S. History 

Doug Hoffman, the conservative Republican candidate for Congress (NY-23), today warned New Yorktaxpayers to "prepare for the worst" Hoffman was referring to the expected inaction by CongressionalDemocrats that will allow the 2001 and 2003 GOP tax cuts to lapse at the end of 2010. Hoffman, aCPA and successful self-made businessman, also called on Congressman Bill Owens to "have thecourage to stand-up for taxpayers everywhere and call for the renewal of this legislation."

Doug Hoffman said, "As a Certified Public Accountant, I'm worried. New York taxpayers shouldprepare for the worst. At the end of this year the largest tax hikes in American history will takeplace. That's when the 2001 and 2003 GOP tax cuts are set to expire and the inaction of Bill Owens,Nancy Pelosi and the Democrats in Congress will lead to an extra $1 trillion being lifted from thebank accounts of taxpaying American. Tax hikes America can ill-afford.

"Americans will see across the board hikes in every personal income tax bracket. Those individualscurrently in the 10% tax bracket will see a jump to 15% and those in the 35% tax bracket will see thatnumber jump to 39.6%. Similar jumps will take place in all other brackets.

"But that isn't all; the death tax will jump from zero to a 55% death tax rate on estates over $1million. The capital gains tax will rise from 15% to 20% in 2011 and the dividend tax will jump from15% to a staggering 39.6%. The capital gains tax and the dividend tax will both jump by an additional3.8% in 2013. Add on top of these, taxes linked to Obamacare and hikes on employer taxes as well asthe alternative minimum tax and 2011 will be a bad year for taxpaying Americans.

8/9/2019 OWENS + PELOSI = HIGHER TAXES

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"New York is already one of the highest tax states in the nation and this tax hike is sure to be the'straw that breaks the camel's back' for many cash strapped New Yorkers. In our current economiccrisis Bill Owens should have the courage to stand up for taxpayers everywhere and call on NancyPelosi to renew the 2001 and 2003 GOP tax cuts."

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