Monday, September 13, 2010

The plight of the small businessman

Small businesses generate 65% of job growth and Obama plans to tax them to death if they are successful. So when the head of SBA says they need access to capital, that's only part of the story. Small business owners often pay taxes at individual income-tax rates rather than corporate rates, so these rich "fat cats" that Obama demonizes in almost every speech may be a dress designer or dry cleaner or dairy plant that employs 20 or 30 people and easily go over his magic number of $250,000. I'm not sure why Geithner, who couldn't even figure out his own income taxes, is saying Obama's increases will only affect about 3% of the population. We're retired, and looking at the tax charts it looks like we'll be paying more--I sure we all will, even if it's indirectly through higher prices.

As the saying goes, "I never got a job from a poor man." Increasingly, you only get a job through some level of government, and that will impoverish all of us, so the only people hiring will probably be poor, too. Ending Bush tax cuts?

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