At any moment, the U.S. Supreme Court is expected to decide on NFIB’s lawsuit contesting President Obama’s foolhardy health reform plan. We have no doubt that it violates the Constitution and believe a majority of justices will agree.
Trampling on our nation’s founding principles is bad enough, but if Obamacare isn’t stopped soon, it will dump a massive 10-year, $502 billion tax increase on small business and worsen an already feeble economy.
Although you and millions of other small-business owners are already struggling with unprecedented economic troubles, even more pain could be headed your way. Just six months from now, one of the biggest tax hikes ever to hit Main Street is due to arrive.
On Jan. 1, 2013, a nearly $500 billion tax hike aptly named “Taxmageddon” by the Washington Post, has been cued up by squabbling lawmakers unwilling to make tough decisions about soon-to-expire tax policies. Let Congress know that without courageous action your individual rates could jump to nearly 40 percent, estate taxes would rise to 55 percent while exemptions drop from $5 million to $1 million, and capital gains levies could go up to 20 percent.
And that’s not all. The forthcoming tax disaster, called a “massive fiscal cliff” by none other than Federal Reserve Chairman Ben Bernanke, could hit even more small businesses with alternative minimum taxes, reduce or eliminate popular extenders including Section 179 Expensing, and wipe out a variety of other exemptions and deductions to many small firms.
But you can stop it dead in its tracks. How? By dropping everything and warning your senators and representatives that they must act immediately to prevent tax increases on small business! The fastest and easiest way to do that is by using NFIB’s Grassroots Action Center to send your message.
Congress must hear and understand your concerns before it’s too late. If these vital tax policies aren’t extended, the uncertainty that keeps you from creating jobs, investing in growth and bolstering our nation’s economy will only worsen.
Share with Congress the evidence from NFIB’s latest Small Business Economic Trends research that clearly shows tax issues have again risen to become the single most important problem facing small-business owners today. It’s important lawmakers realize that nearly one-fourth of those who serve as America’s economic backbone fear higher and complex taxes even more than they do weak sales, government regulations or even the rapidly rising costs of providing health care for employees.
Like you, I am hopeful that the Supreme Court will stop Obamacare before it can do even more damage to the foundation of our economy. Your strong support of NFIB’s high court challenge is proof that the voice of small business can make a difference in crucial issues that are essential to our nation.
Now, it’s time to lend your considerable clout to helping prevent Taxmageddon from happening. Time is running out. Go to the Grassroots Operation Center as quickly as you can and deliver this important message.