Posted on 07/26/2010 6:34:12 PM PDT by Kaslin
Fiscal Policy: Timothy Geithner thinks tax hikes will help the economy dig its way out of the hole. Can we really afford two more years of this kind of thinking?
Appearing Sunday on ABC News' "This Week," the secretary of the treasury said he had no problem with letting tax cuts expire for wealthy Americans. "It's responsible to let the tax cuts expire that just go to 2% to 3% of Americans, the highest-earning Americans."
Responsible? Quite the contrary. Indeed, letting taxes rise on the most productive Americans is the most irresponsible thing our government could be doing right now. By dooming us to a permanently lower rate of economic growth, it will kill literally millions of future jobs and trillions of dollars in future GDP.
The top 5% who will be targeted for tax hikes by the Obama administration at year-end are the nation's premier small business creators and entrepreneurs. The tax hike against the "rich" is in fact a tax hike on small businesses. The dirty secret is that small businesses usually don't pay taxes, unlike corporations. The owners do.
Under the current plans of Geithner, President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to let portions of the Bush tax hikes expire, the two top tax rates are expected to rise in January to 36% from 33%, and to 39.6% from 35%.
These are not small increases for families earning more than $200,000 a year — the very people who have started or who are most likely to start new businesses. As Americans for Tax Reform has noted, "A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan."
(Excerpt) Read more at investors.com ...
By cutting my hair and stuffing half or less of it in my shoes, I will make myself look taller.
Suuuuuure.
Marons
Phillip J. Fry
I imagine the tax hikes will stand — and even if they “extend” the Bush cuts on the lowest brackets, if they let the cuts expire on the highest brackets, and on Capital Gains, and on the Death Tax, it’s gonna screw the economy anyway — because it’s the so-called “rich” (small business owners) that hire people, start new businesses, and grow the economy. If they get hit, next year and maybe into early 2012 will be bad — and get worse... And even with a Republican Congress, without veto proof majorities, they will be relatively impotent to keep it from happening or to reverse the elements of the Obama Agenda that have already started the countdown to the disaster...
The ‘progressives’ are masters at class warfare.
Between tax hikes, the economy, and healthcare deform, If you ever do see your congress-thing a good question might be “Would you start a business or hire anyone at this time, assuming your business plan doesn’t include a bailout?”
These are supposed to be worse than the job killing bailouts.
Bwhahahaha.
Notice that the press never talks to the people who will actually have to pay the new taxes. What do they say they will do? If they say that they will fire employees and cut expenses..you know there is a problem. This new tax will really hurt the Sub Chap. S companies who file as individuals. They will react to survive.
Thread bump.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.