Multi-Billion $ Small Biz Tax?

According to House Republican Leader John Boehner’s blog,

House Democrats plan on raising taxes – to the tune of “$540 billion over the next decade” – on small businesses, investors, and job creators in the midst of the worst economic recession in 30 years, all in an effort to cover some of the cost of their massive government-run health care proposal, which one independent study said would result in $3.5 trillion in added federal spending over the next decade.”

The author of the post, Kevin Boland, quotes from a Wall Street Journal editorial:

This would hit job creators especially hard because more than six of every 10 who earn that much are small business owners, operators or investors, according to a 2007 Treasury study. That study also found that almost half of the income taxed at this highest rate is small business income from the more than 500,000 sole proprietorships and subchapter S corporations whose owners pay the individual rate.

In addition, many more smaller business owners with lower profits would be hit by the Rangel plan’s payroll tax surcharge.  That surcharge would apply to all firms with 25 or more workers that don’t offer health insurance to their employees, and it would amount to an astonishing eight percentage point fee above the current 15% payroll levy.”

I don’t know about you but this scares the hell out of me.  When one party (either of them) controls both houses of Congress and the White House, especially with the majority that the Democrats are enjoying right now, there are no checks and balances.

This is a business blog, not a political blog, but at some point they become one and the same.  If this economy is going to recover, the government must encourage job creation.  Piling tax upon tax on the very people who generate most of the new jobs isn’t going to work

The only way to make your feelings known is to contact your senators and representatives and let them know that you oppose any new tax increases, especially on small business owners.

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