Pearce: We Can't Tax Our Way Out of Debt

Steve Pearce

Washington, DC (July 7, 2011) Today, Congressman Steve Pearce addressed the need to face the national debt without tax increases, which will kill jobs. “The president wants to tax the buyers of corporate jets to balance the budget,” said Pearce. “When he raises taxes on corporate jets, fewer corporate jets will be bought, fewer jets will be built, fewer workers are needed to build jets. Tax increases kill jobs.” Tax increases will not balance the budget. In fact, CNN’s Brianna Keilar reported recently that tax increases—the ones the President claimed would affect only millionaires and billionaires—would in fact target Americans making far less.

The same report pointed out that the President’s proposed tax increases on corporate jet owners—which he mentioned six times in a recent address—would only bring in about $3 billion over 10 years, “a drop in the bucket” compared to the trillions we need to save. Meanwhile, taxes like this one will hurt businesses and kill jobs across America. Clearly, the tax increases proposed by the White House are not serious solutions to high unemployment and a staggering national debt. “We are spending $3.5 trillion for every $2.2 we take in,” Pearce explained. “You cannot tax enough to make up that difference. Tax increases will kill jobs, cripple our economy even further, and drive us deeper into debt.

Any increase in our debt limit must be accompanied by a plan that includes spending cuts and solutions to the fraud and waste that run rampant in Washington. Most importantly, we must ease the tax and regulatory burdens that are crushing our small businesses and killing jobs. Allowing our small business owners to create jobs is the only way to fix America’s debt problem.” At town hall meetings last Saturday, Congressman Pearce was applauded when he emphasized the importance of job growth, and promised not to vote for a debt ceiling extension without a plan to end the national debt. Numerous constituents have contacted Rep. Pearce in support of this promise. Congressman Pearce has consistently argued that job growth—his top priority in Congress—will both reduce spending and increase revenues, and is the only true solution to the national debt.

Pearce: We Can't Tax Our Way Out of Debt