Presentation on theme: "Senators David Mondragon, Maya Rueda de Leon, and Brenda Cabrera."— Presentation transcript:
Senators David Mondragon, Maya Rueda de Leon, and Brenda Cabrera
Increase tax…. Less money to people Increase Federal budget ( gov. gets more money) Lowers GDP Can cause a number of jobs to be lost due to the sales tax
Taxes cause ◦ Lower overall gains ◦ 97% of all businesses owners do not earn enough to be subject to the higher rates ◦ Businesses would be less likely to hire more people ◦ Businesses are most likely to be unsuccessful due to high taxes that take away from their profits
President 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 Arizona, most notably in the number of jobs and change in personal income. Therefore, the Senators of Arizona are against the government raising taxes.
See total individual income taxes increase by $8.3 billion. As a result of increased federal revenue due to high taxes the government is going to be able to invest more on public services like education, hospitals and other services like CHIP, Medicaid and Social Security.
Lose, on average, 13,850 jobs annually Lose, per household, $5,050 in total disposable personal income. Increase in taxes= higher prices in consumer goods which leads to lower demand Lowers the GDP (Gross Domestic Product) Lowers the overall gains of all businesses.
If prices in domestic products increase due to higher taxes it is most likely that tariffs on imported goods would also increase to create competition between domestic and imported products. Less trade with the U.S.