Posted on 07/26/2012 7:38:05 AM PDT by IbJensen
Yesterday, the Senate narrowly voted (51-48) to raise taxes on 1.2 million small businesses, which will likely kill more than 700,000 jobs at a time when nearly 13 million Americans are out of work. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) joined all Republicans in bipartisan opposition to the tax hike.
This is President Obama’s economic plan. This is what he asked Congress to do. And he recently told a fundraising crowd that his economic plan has been working.
“Just like we’ve tried [Republicans'] plan, we tried our plan—and it worked,” he said.
But Obama’s Treasury Secretary, Timothy Geithner, said yesterday that “the economy is not growing fast enough,” acknowledging that “unemployment is very high.” “The institutions with authority should be doing everything they can to try to make economic growth stronger,” he said.
The President’s plan, now endorsed by the Democratic majority in the Senate, has little chance of going anywhere in the House of Representatives. But it has put the 51 Senators who want to raise taxes on record.
Perhaps the biggest lie in the tax debate is that this vote affects only “the rich.” That’s simply not true. Many small businesses, known as flow-through businesses, pay their taxes through the individual income tax. Ernst and Young estimates that these types of businesses “employ 54% of the private sector work force.” This tax hike squarely hits 1.2 million of these businesses that hire workers and have incomes above $200,000.
Rather than punishing just “the rich,” as Heritage’s Curtis Dubay notes, “By pinpointing his tax increase on incomes over $200,000, President Obama has maximized the detrimental impact that his tax increase would have on job creation.”
The Ernst and Young study on the impact of this tax hike showed that it could kill more than 700,000 jobs. This isn’t surprising, since the businesses it targets are some of the country’s most robust job creators. But it is surprising that a majority of the Senate would go along with this plan when the country is suffering from 8.2 percent unemployment.
As if that weren’t enough, the Senate’s actions would also raise the death tax from 35 percent to 55 percent. This confiscatory rate would hit small businesses and family farms exceptionally hard. Dubay explains:
The death tax is often portrayed as a tax that only rich heirs pay. In reality, the death tax hits family-owned businesses hardest. These businesses are valuable on paper because they have many assets that they need to make and sell their products. But the businesses’ book values are not representative of the families’ liquid assets. When a family member passes on, these families often have to sell all or part of the business to raise the cash to pay the death tax. This slows the growth of these businesses and in some cases forces them to lay off existing workers.
The Senate’s vote means we are no closer to preventing Taxmageddon, the nearly $500 billion tax increase scheduled to hit Americans on January 1. It is difficult to imagine the economy sustaining such a blow. Families will be hit with an average tax increase of more than $4,100 next year if Congress allows this to go forward. Instead of preventing this calamity, the Senate voted to raise taxes. It simply boggles the mind.
The portrait of the typical Obama voter
Title should be:
Senate Votes to Tax YOUR Job!
For every action there is a reaction. Wonder what it will be, hiring more people. I think not. These ass hats have no sense.
FYI: This is Senator Coburn’s last term... he is not seeking reelection.
They have an excellent advocate coming: Hillary Romney, right out of the Massachusetts playbook. Right out of the “mark my words no new taxes” G.Bush I, Clinton I, G Bush big deficits II, and the coming Hillary Romney.
The playbook: Everything leased/rent from the government connected, calling it “taxes” or you don’t hold the deed. No private property, especially land.
Manchin is still a socialist puke.
Please help support John Raese for US Senate.
Thank you.
And with Extortion-Care, even paying rent on your own body.
I remembered that after I posted it. Thank God.
Well, if your plan was to dismantle the economy of the United States, it IS working. History proves the ‘progressives’ ideology responsible for destruction of great civilizations. Here we go again!
We need to spell out the difference between Americas economy and the Governments economy.
They are not the same.
Tax hikes (may) bring in money to the Governments economy but it is clearly harmful to Americas economy, i.e. the rest of us.
They’ll never “spell it out”. Just like with 2008 take.
Amen! I pinged you uncommon because you mentioned dental chairs, autoclaves, etc. I work for an endodontist.
There are 13 of us in the office. My boss spent the past 25 years building that practice. 2-3am emergencies his first 20 years. I was talking to his daughter the other day when barry said "you didn't build it"...I texted it to my boss. Spoke w/ her the next day and she brought it up.
She said the 1st person she thought of was her Dad, and I said me too! She remembers being a little girl, if it wasn't too late, the kids would go down to the office w/ their daddy to see an emergency in their pj's (before the whole "rape" thing started).
I keep telling my boss if he needs to let anyone go it should be the barry voters first. Let THEM get what they voted for. We sure as hell didn't.
He's working his butt off to keep us afloat. Our newest associate is excellent, thank the Good Lord! Both of their "peoples" are talking to each other regarding a partenership.
We are NOTHING like we were 4 years ago, even w/ the crappy associates we've gone through...which is many.
Getting my hair “did” was one of the 1st things I cut from the budget since our hours were cut, along w/ my mani’s and pedi’s.
Q:)Where do they keep pulling this 8.2% unemployment figure.
A:)The same place they keep the cost of implementing obamacare
under a trillion.
It’s closer to 17%, so they’re lying through their capped teeth!
The phony president, his 850 White Hut staffers, the Congress and their thousands of staffers, ALL major elements of the central socialist government are rotten to the core!
How long will America put up with this farcical charade put on for the benefit of the uninformed citizenry?
Not much longer.
It may take some work, but I'll bet someone could look up the names of your coworkers in the voting rolls to see if the employees are working for or against their employer... Just sayin'
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