Obama's Tax Hike Will Devastate Economy

Just over two months ago when I joined with the League of American Voters in a national campaign to have the Bush tax cuts fully renewed, things looked rather bleak.

President Barack Obama, House Speaker Nancy Pelosi, and Senate Majority Leader Harry Reid insisted they would not fully renew these tax cuts, and promised to jack up taxes on the "wealthy" and cut out many tax credits that even help working families.

How times change!

Our national campaign — including the TV ad — has had a tremendous impact.

In fact, I am pleased to report that as of today, more than 300,000 Americans have joined with me to sign the League's national petition to Congress to "Renew the Bush Tax Cuts."

And remember, through our efforts, millions of Americans have been alerted to our efforts and support us 100%.

This support has Congress quaking in their boots.

In fact, several Democratic senators have now "defected" and have come out for a FULL renewal of the Bush tax cuts before they expire this year.

Nancy Pelosi's economic adviser says he now supports a renewal, across the board of the Bush tax cuts.

And even President Obama's retiring economic adviser, Christine Romer, says we need to cut taxes, not increase them, to save the economy.

I have warned of economic catastrophe if we don't fully renew these Bush tax cuts.

Others agree.

Martin Regalia, a well respected economist with the U.S. Chamber of Commerce, says if we don't renew the Bush tax cuts it will be the equivalent of “a bullet in the head” for our economy.

What’s more, a former top official with the Bank of England says failing to renew the tax cuts could catapult America into another Great Depression.

These are dire predictions, but possible.

That's why we must work overtime to stop Obama's plan.

So far, President Obama refuses to sign on to a full renewal of the Bush tax cuts.

Many on the far left in Congress vow to stop a full renewal of the Bush tax cuts.

Our battle is not over yet.

On December 31st of this year, all of the Bush tax cuts will expire completely in one fell swoop.

Unless Congress acts, those tax hikes are going to hit like a ton of bricks.

When the Bush tax cuts expire, income tax rates will rise by 10% or more for every tax bracket.

Capital gains taxes will rise by one-third, and the top rate on dividend taxes will almost triple.

These tax increases will have a devastating effect on the economy.

They will crush jobs, deliver a fresh dose of misery to small business owners, and if you’re wondering whether or not your taxes are going up, here’s your answer:

If you pay taxes, your tax bill is going up — way up!

Clearly, the public wants to keep the Bush tax cuts. Thanks partly to our national campaign, polls show the American people want a FULL renewal of the Bush tax cuts.

Still, the Obama administration is dead-set on taxing every dollar they can get their hands on — to spend even more on their failed social programs, and to funnel more tax dollars into the political coffers of Big Labor.

I need your help to continue fighting them. We have made tremendous progress.

We are almost across the finish line.

But we need to finish and win.

Congress will soon take up the Bush tax cuts matter.

The League plans to dramatically increase its efforts to get the Bush tax cuts fully renewed.

We need your help to do it!

Please donate today to help our critical effort — Go Here Now.

My friends, America is going in the wrong direction. But together we can turn it around.

I have joined the League of American Voters’ national petition effort to renew the Bush tax cuts.

I need you to sign the League’s petition to tell Congress to fully renew the Bush tax cuts and to make them permanent.

Sign the Petition.

Then donate to help us alert millions more about the dangers of Obama's policies.

If you’ve already signed, you can do even more by forwarding the petition to your family and friends.

The League of American Voters is airing national TV ads so that millions will hear the truth about the Bush tax cuts — facts they won’t hear from the liberal media about this massive Obama tax increase that is coming down the pike.

With your support, we can help the League keep these powerful TV ads on the air — Go Here Now.

Dick Morris, the Fox News analyst, says, “The League is one of the most effective organizations in America. It deserves your support.”

Please sign the petition. If you’ve already done so, send to a friend.

Thank you.

Sincerely,

Fred Thompson
U.S. Senator, 1994 – 2003