TAILIEUCHUNG - Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013

Also, since most job holders do useful work, job creation is tied to wealth creation—for the simple reason that when more people are put to work, more work gets done. This point requires a bit of explaining, as an exception comes to mind right away. Certainly it is possible for a given company to get more work done without adding jobs, or even while eliminating jobs. That is called raising productivity, and we as a society are constantly coming up with ways to raise productivity. For instance, this paper you are reading did not need to be. | Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013 Prepared on behalf of the Independent Community Bankers of America the National Federation of Independent Business the S Corporation Association and the United States Chamber of Commerce Drs. Robert Carroll and Gerald Prante Ernst Young LLP July 2012 H Ernst Younc Quality In Everything We Do Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013 Executive Summary The confluence of fiscal policy changes scheduled to occur at the end of 2012 - sometimes referred to as the fiscal cliff - poses serious challenges for policy makers. One area of disagreement is the increase in tax rates for high-income taxpayers resulting in part due to the sunset of elements of the 2001 and 2003 tax cuts. President Obama has called for the reinstatement of the higher top tax rates in his budget submission to the Congress while key Republican members of Congress have called for their extension. The increase in the Medicare tax and its expansion to unearned income for high-income earners under the Patient Protection and Affordable Care Act of 2010 PPACA further contributes to the increase in top tax rates. The concern over the top individual tax rates has been a focus in part because of the prominent role played by flow-through businesses - S corporations partnerships limited liability companies and sole proprietorships - in the US economy and the large fraction of flow-through income that is subject to the top two individual income tax rates. These businesses employ 54 of the private sector work force and pay 44 of federal business income The number of workers employed by large flow-through businesses is also significant more than 20 million workers are employed by flow-through businesses with more than 100 employees. This report uses the EY General Equilibrium Model of the US Economy to examine the impact of the increase in the top tax rates in the long-run. .

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