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Wednesday, October 29, 2014
Schatz Proposes 66% Tax Rate for Self-Employed
By News Release @ 8:47 PM :: 6400 Views :: Politicians, Taxes

IT HAS BEEN CALLED THE BIGGEST TAX INCREASE IN U.S. HISTORY

News Release from Cavasso Campaign 10/29/2014

HONOLULU - U.S. Senate Candidate Cam Cavasso is concerned that Democrat Senator Schatz wishes to raise federal taxes on the people of Hawaii.  Cam Cavasso said today "Hawaii residents currently have one of the largest tax burdens in the U.S. and the possibility of the burden being raised is all too real if the people elect Schatz.  Senator Schatz, however, doesn't just want to raise taxes, he wants to implement a tax that has been described as the largest tax increase in U.S. history subjecting 10.4 million workers to a $1.2 trillion tax increase.[1] The U.S. Congressional Research Service writes that a raising of the cap would increase the payroll tax for the average family by $571 per year, and payroll tax on the top earners would increase by $12,616 per annum.[2]  The people most vulnerable to Senator Schatz's plan are small business owners because they pay the employer's portion and the employee's portion, effectively a double tax for both social security and Medicare."

The Heritage Center for Data Analysis indicated that of the 10.4 million workers who would see their taxes rise by approximately $4,907 in the first year after the cap is removed 8.4 million are men [and 2 million are women], working on average 49 hours per week year round, 79% are married and 43% have children, 58% live in the suburbs and 22% in the cities, 7.2 million are in the private sector and 2.1 million are small business owners, and 10% or 816,000 are union members.[1]  1.2 million of the effected workers are teachers, nurses, truck drivers, computer analysts, construction workers, farmers, police officers and fireman, mechanics, repairers, and retail sales workers.[1]   Additionally, about two-thirds or 6.6 million work in six major industries, all of which we have here in Hawaii, being: manufacturing; finance,  insurance and real estate; other professional services; business and repair services; medical services; and the retail trade.[1]

Cam adds "We have also discovered that many people are misled to believe that Senator Schatz is also planning on removing the cap on the benefit.  This is simply not true.  The cap on the benefit received by taxpayers will still be there.  People will just pay more tax if the cap is removed but still be subjected to the benefit cap when they retire and get to collect on their benefit."

"My concern is that Senator Schatz's social security plan is a short-term Band-Aid fix for social security by proposing one of the biggest tax increases in U.S. history, while dangling the carrot with a CPI adjustment (with an unsubstantiated $65 increase in benefits).  It is just a plan to raise taxes to cover for the incompetent managing of trust funds and it is simply not the right solution.  When are politicians going to wise up?  You need to have a long term solution that is not going to result in a marginal tax rate that is the highest since the 1970s, and could be as high as 66% tax for some self-employed in Hawaii." says Cam Cavasso.

---30---

Related: S.567: Schatz Proposes Largest Tax Hike in US History

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