Blunt: Largest Tax Increase in American History Will Hit Retirement Savers, Investors

From PR/US Newswire:

House Republican Whip Roy Blunt (Mo.) issued the following statement this afternoon asking House Democrats to defend their plan to raise taxes on the millions of Americans who save for and invest in their future:

"The 'investor class' used to be the province of the privileged elite. But these days, nearly 100 million Americans -- representing a broad cross-section of class and background -- plan for their future by saving and investing. And many millions more benefit from the innumerable jobs and opportunities that a capital marketplace creates.

"Whether you invest in a stock, participate in a mutual fund, or even own a home -- the Democrats' tax-and-spend budget was written with a greedy eye on your assets. And if you're a retired senior that relies on dividends to supplement a fixed income, it's a good bet you'll be sending thousands more to Washington each year as well."

More than half of America's seniors receive dividend income each year, and more than 30 percent receive capital gains income. These seniors will see their taxes on dividends and capital gains go up by an average of $1,100 if the Democrats' budget earns passage. Overall, 28 million American families will pay an additional $1,000 a year in new investment taxes as a result of the budget, many of whom earn annual incomes of $50,000 and below.

"The conventional class-warfare arguments used by Democrats to cloud the issue and energize their base simply no longer apply," added Blunt. "Taxing the ability of working men and women to save for their future is a tax on this country's economic health and well being. These tax hikes discourage responsible savings for retirement. And Republicans won't let the biggest tax hike in American history pass without a fight."