saveliberty
Diamond Member
- Oct 12, 2009
- 58,760
- 10,850
and this in a nutshell is why obamanomics is an epic job destroying fail:
treasury secretary timothy geithner told the house small business committee on wednesday that the obama administration believes taxes on small business must increase so the administration does not have to shrink the overall size of government programs.
the administrations plan to raise the tax rate on small businesses is part of its plan to raise taxes on all americans who make more than $250,000 per yearincluding businesses that file taxes the same way individuals and families do.
N came in an exchange with first-term rep. Renee ellmers (r.-n.c.). Ellmers, a nurse, decided to run for the u.s. House of representatives in 2010 after she became active in the grass-roots opposition to president barack obamas proposed health-care reform plan in 2009.
overwhelmingly, the businesses back home and across the country continue to tell us that regulation, lack of access to capital, taxation, fear of taxation, and just the overwhelming uncertainties that our businesses face is keeping them from hiring, ellmers told geithner. they just simply cannot.
she then challenged geithner on the administrations tax plan.
looking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners, said ellmers.
Geithner initially responded by saying that the administrations planned tax increase would hit three percent of your small businesses.
ellmers then said: sixty-four percent of jobs that are created in this country are for small business.
geithner conceded the point, but then suggested the administrations planned tax increase on small businesses would be good for growth.
no, that's right. I agree with that, said geithner. but just to put it in perspective, it's important to recognize why are we doing this. You know, our deficits are 10 percent of gdp, higher than they've been since any time in the postwar period really. We have a big hole to dig out of, and we have to figure out how to do that in a way that's balanced, good for growth, fair to people as a whole.
geithner, continuing, argued that if the administration did not extract a trillion dollars in new revenue from its plan to increase taxes on people earning more than $250,000, including small businesses, the government would in effect finance what he called a tax benefit for those people....
geithner: Taxes on
good to restate this. Now as to why it will not work, just look at michigan who used a similiar mindset nine years ago. We are top ten in every negative economic indicator.
unions
That and Democratic leadership in state government. Unions didn't pass all the regulation and tax increases.