Fred Thompson Launches National Petition Effort to Renew Tax Cuts

Joins League of American Voters with RenewTheTaxCuts.com

WASHINGTON, July 27 /PRNewswire-USNewswire/ -- Actor, former presidential candidate and U.S. Senator Fred Thompson joined the League of American Voters to launch a national petition effort to renew the Bush tax cuts, all of which are scheduled to expire at the end of the year.  Senator Thompson appears in the League's new TV ad, which will begin nationwide today on the Fox News Channel and other news outlets.  The ad can be viewed at RenewTheTaxCuts.com, where supporters are urged to sign the League of American Voter's petition.

"Our nation faces a massive automatic tax increase at the end of this year when the Bush tax cuts expire," said Sen. Thompson.  "When that happens, your income taxes could increase by 10 percent or more, capital gains taxes will jump more than 30 percent, and taxes on dividends will more than double.  It's not a pretty picture."

Unless Congress acts, the automatic tax increase that is set to begin on January 1, 2011 includes an across the board increase on marginal income tax rates as follows (based on a single person's 2010 income):

• 35% bracket will increase to 39.6% ($373,650 and above)
• 33% bracket will increase to 36% ($171,850 – 373,650)
• 28% bracket will increase to 31% ($82,400 – 171,850)
• 25% bracket will increase to 28% - ($34,000 – 82,400)
• 10% and 15% brackets will condense to 15%, a 50% increase for lower-income taxpayers (10% $0 - 8,375 and 15% $8,375 – 34,000)

Additionally, if the Bush cuts are not renewed, capital gains taxes will rise by one-third and dividend tax will almost triple.

"A massive tax increase in the midst of the worst recession since the Great Depression would be cataclysmic to our nation's broken economy," said Bob Adams, executive director of the League of American Voters.  "It's imperative for Americans to tell Congress and the Obama Administration to stop this job-killing tax increase now, and they can do so by signing the League's petition at RenewTheTaxCuts.com."

"President Obama wants to hit the most entrepreneurial and most successful wage earners in the country with new taxes. This will only reduce consumer spending and cut capital investments at a time of economic crisis," Adams added.

Federal Reserve chairman Ben Bernanke has repeatedly told Congress this is not the time to raise taxes and has called for the tax cuts to be fully renewed.

The League of American Voters is a national non-partisan membership and 501(c)4 non-profit organization created to inform the American people and key policy issues that affect the nation's economic well-being and national security. The League played a leading role in opposing President Obama's national health care program and has been credited with stopping the implementation of the "public option" which would have ended private health care in the U.S.  

For more information or to interview Sen. Fred Thompson and Bob Adams, Ex. Dir. for League of American Voters, please contact Hayley McConnell at Shirley & Banister Public Affairs at 703.739.5920 or [email protected]

SOURCE League of American Voters