Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’

Discussion in 'Politics' started by boedicca, Jun 24, 2011.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    And this in a nutshell is why Obamanomics is an Epic Job Destroying Fail:

    Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.”

    The administration’s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year—including businesses that file taxes the same way individuals and families do.

    n 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.”

    Geithner, continuing, argued that if the administration did not extract a trillion dollars in new revenue from its plan to increase taxes on people earning more than $250,000, including small businesses, the government would in effect “finance” what he called a “tax benefit” for those people....


    Geithner: Taxes on
     
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  2. Oddball
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    Oddball BANNED Supporting Member

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  3. Liability
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    Liability Locked Account. Supporting Member

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    But

    but

    but


    I WANT government to shrink.
     
  4. Mr. H.
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    Mr. H. Diamond Member

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    Punish small businesses and you lay people off, then pay them to lay on the couch.
    Smart.
     
  5. masquerade
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    masquerade positivity

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    Yes! Tax small business so government programs won't have to shrink!
    Makes perfect sense to me.

    These folks can't leave the White House soon enough for me.
     
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  6. DavidS
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    DavidS Anti-Tea Party Member

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    Small businesses don't get taxed. Their owners get taxed on the net profit like any other ordinary income that's 1099. Any moron radio show host that keeps talking about taxing small businesses either doesn't know what he's talking about or he's a moron. C Corporations get taxed corporately and unless you have 400 or more employees, or want to go public, then you don't need to be a C-Corp.
     
  7. hortysir
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    hortysir In Memorial of 47

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    That YOU created.
    Why should we bail you out just because China can't?
     
  8. WillowTree
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    WillowTree Diamond Member

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    that Geithner be deaf as a doorknob huh?
     
  9. xsited1
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    xsited1 Agent P

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    Great. I work for a small business and like most of them in America, our EBITDA is down from last year. Guess what? No raises, bonuses or new hires. And this idiot thinks it's a good idea to raise taxes. It's only going to get worse. Obama is going to lose the election by the biggest margin in history.
     
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  10. Liability
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    What a ridiculous silly little meaningless talking pointless.

    If Joe owns a small business, and he gets taxed on the net profits, then whether it's the business that gets taxed or he himself that carries the burden, the net effect is EXACTLY the same.

    Talk about RAISING taxes on small business MIGHT properly be re-cast as raising the personal INCOME tax of small business-men and small business-women. But it's effect is to TAKE more of the money EARNED by the wealth producers FROM them which leaves them with LESS money to do that "bidness thang." SO, INCREASED PRODUCTIVITY? NAH. CAN'T AFFORD THAT SHIT. GOTTA PAY MY HIGHER TAXES.

    HIRE SOME POOR UNEMPLOYED FELLOW AMERICAN? NAH. Gotta instead pay my higher taxes.

    Too bad we can't SHRINK the fuckin' overly graspy government instead.
     
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