Statement on White House Proposal To Tax Financial Firms

Today, I issued the following statement in response to President Obama's proposed tax increase on selected firms and industries:

These tax increases will most certainly be passed on to consumers just like taxes proposed on the health care industry and energy sector would be. If the Administration is serious about saving the taxpayers money, they should immediately shut down the TARP program which would ensure that taxpayer money would be fully protected, now, not ten years down the road. The best way to protect taxpayer money is to never spend it in the first place.

This proposed tax increase is yet another job-killing policy that makes little economic sense. Proposing higher taxes on any one business sector sends the signal to all businesses and families that they could be next. This kind of uncertainty is what's holding back small businesses from hiring.

The last thing we need to do when there is double digit unemployment is incentivize job creators to not create jobs.