President Obama wants to let the Bush-era tax cuts expire for those who earn $250,000 or more. Somehow, raising taxes on millionaires and billionaires starts at $250,000 and above.
Forget filthy rich, decadent celebrities (many of whom are supporting Obama); no one would shed a tear if they had to fork over more to the tax man. The point is that many hard-working small business owners fall into the $250,000-plus category. Because of their hard work, they have become successful. Even if just 3% as the administration claims, this is a huge, job-killing number as explained in the ABC News video below.
To some degree, this tax debate is election-year grandstanding. And for most of us, tax policy discussions make our eyes glaze over.
From a common sense standpoint, regardless of your politics or the party for which you may or may not belong, with rampant unemployment in this weak economy, why would you want to raise taxes on small business owners and start-up entrepreneurs, the very men and women who are America’s primary job creators? That’s not even taking higher taxes that are coming with ObamaCare into consideration.
Piling on more taxes (and regulations) would likely mean these owners wouldn’t be able to expand their workforce and indeed have to let people go, thereby backfiring on rather than helping the middle class.
With good reason, you could hate your boss or you boss’s boss and/or the owner of your company. You could loathe your friend’s boss. You could detest the rich guy who lives in a big house on the hill. Employers sometimes do unfair, arbitrary, and underhanded things.
The fact remains, however, that love them or hate them, the small- and medium-sized business owner creates the middle-class jobs in America.
Even ABC News, usually a reliable Obama administration cheerleader, reported that nearly one million small businesses would get slammed by this tax increase proposal:
Shouldn’t the federal government gets its act together first (one recent example: $14 billion of unemployment compensation overpayments), before asking America to pony up more taxes?