Posted on 06/24/2011 9:42:39 AM PDT by GreaterSwiss
Geithner’s explanation of the administration's small-business tax plan 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 Obama’s 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 administration’s 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 administration’s 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 administration’s 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.”
How can he with a straight face say the following:"Geithner conceded the point, but then suggested the administration’s planned tax increase on small businesses would be “good for growth.”
He's either a complete moron or he thinks we are!
Geithner is an Ivy Leaguer (Dartmouth) -- as so many of this administration are.
I'm becoming convinced that the Ivy League specializes in moron training. And that an Ivy League phD equals idiocy.
This should be a huge red flag for any candidate or appointee:
Ivy League education + lifetime in academia / govt jobs
Unemployable...in the real world.
I heard that EPA is releasing an additional 2600 pages of regulations that business must comply with.
Timmy needs a month at the meanest Dude Ranch we can find.
Someday they’ll be nothing left to tax but the salaries of government workers, and they’ll have to use the revenue from that tax to pay those salaries.
That ought to work out quite well. As well as any other socialist scheme in history.
Well I guess “Turbo Tax Whiz” beat out favorite Slow Joe Biden for the lead in the stupid contest!
Pencil neck overpaid university bubble boy prick...just one punch. Never worked an honest day in his life telling us small business owners we need to pay more taxes.
If I could...just have one...
Atlas Shrugged, Francisco’s “Money Speech”
mudslime
Thanks to Obama and his minions like Geithner, a lot of those folks no longer make 50K.
I'm becoming convinced that the Ivy League specializes in moron training. And that an Ivy League phD equals idiocy.
The PBS program, Frontline, reviewed the efforts made by Brooksley Born, when she was with the Commodities Futures Trading Commission [CFTC], to regulate derivatives. Levitt, Greenspan, Rubin and Summers, etc. threw her under the bus.
They ALL agreed against her - saying that the markets could regulate themselves and REFUSED to believe her evidence that the unregulated derivatives market was a house of cards.
In EARLY 1993-1994, a HUGE bank ALMOST went belly-up [due to derivatives], and ONLY survived with a cash infusion of like $50 Billion. Even AFTER that, these MORONS refused to believe her - stating that it was an anamoly. They then let the derivatives market go merrily on its way as before ...
Then, 14 years later, the derivatives market imploded and took the economy down with it ...
....”the Ivy League specializes in moron training.... an Ivy League phD equals idiocy.”.....
Oh isn’t that the truth!
Figures
Figures
“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.”
We truly live under the jackboot of tyranny.
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