Damaging tax blow coming
Idaho is about to be affected by Congress’ proposal to increase taxes on American companies by $200 billion. Now is the worst time to raise corporate taxes. Every dollar the federal government takes away from American corporations is one less dollar that could have ended up in an American working family’s pocketbook – one less dollar that could have helped rebuild our economy.
Not only would this $200 billion tax increase affect Northern Idaho companies doing business internationally (in mining, timber, manufacturing, high-tech, fisheries and agriculture, just to name a few), but it would make our area less competitive in the global marketplace, which has 90 percent of the world’s consumers.
If this tax increase is passed, it would also hurt thousands of retirees in Northern Idaho. They rely on income from their investments: pension funds, corporate stock and dividends from companies being targeted by this $200 billion tax increase. A corporate tax hike would result in the loss of income for these retired Americans. Many in Northern Idaho, including myself, are already experiencing losses in retirement income and dividends due to the current financial problems and declining markets. Now is not the time to penalize us.