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Obama Tax Plan: Pennsylvania
Obama Tax Plan: Pennsylvania
Pennsylvania
President Obama’s tax plan would allow portions TOTAL EMPLOYMENT
of the 2001 and 2003 tax cuts to expire, resulting in Annual Change in Jobs
steep tax hikes beginning in January 2011 for small
2011 2015 2020
businesses and those earning $250,000 or more. 0
The tax hikes would significantly affect the economy
–4,000
in Pennsylvania, most notably in the number of jobs
and change in personal income. –8,000
–12,000
Among the results, from 2011 to 2020, the state
–16,000
of Pennsylvania would:
• Lose, on average, 28,731 jobs annually. –20,000
• Lose, per household, $11,720 in total
–24,000
disposable personal income.
• See total individual income taxes increase by –28,000
$20,444 million. –32,000
–36,000
Source: Heritage Foundation calculations based on the IHS Global
Insight U.S. macroeconomic model, and data from the U.S. Census –40,000
Bureau and U.S. Department of Labor, Bureau of Labor Statistics.
–36,292
–$200 $2,400
$2,100
–$400
$1,800
–$600
$1,500
–$800
$1,200
–$1,000
$900
–$1,200
$600
–$1,400 $300
–$1,600 $0
2011 2015 2020
–$1,483.43
10
11
3 5
15
8
17
13
6 2
4
7
16
9
14 19
18 12
Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S.
Department of Labor, Bureau of Labor Statistics.