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

[boedicca]

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

 

[Oddball]

Geithner: the Theodoric of York for the 21st century.

Saturday Night Live - Theodoric of York - Video - NBC.com

 

[Liability]

But

but

but


I WANT government to shrink.

 

[Mr. H.]

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

 

[masquerade]

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.

 

[DavidS]

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.

 

[hortysir]

“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.”

http://www.cnsnews.com/news/article/geithner-taxes-small-business-must-rise

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

 

[WillowTree]

that Geithner be deaf as a doorknob huh?

 

[xsited1]

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

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.

 

[Liability]

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.

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.

 

[WillowTree]

who

 

[Liability]

who

he's on first.

 

[Mr. H.]

Wouldn't it be easier just to enforce current tax law? $300 billion/year non-payment of taxes by...
we the people.

 

[Trajan]

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

look, I really try not to curse here unless its to make a joke etc. and am pretty sparing with the f bombs etc....that being said;

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.

but, this guy is a fucking fool, there is just no other way to say it.

THIS IS exactly why those trillions in cash bizes have is not being used to expand capitalize etc....

Oh and ;

There are various reasons that job gains are overstated and losses understated. One is the BLS’s “birth-death model.” This is a way of estimating the net of non-reported new jobs from business start-ups and job losses from business shut-downs. During recessions this model doesn’t work, because the model is based on good times when new jobs always exceed lost jobs. On the “death” side, if a company goes out of business because of recession and, therefore, doesn’t report its payroll, the BLS assumes the previously reported employees are still in place. On the “birth” side, the BLS adds 30,000 jobs to the monthly numbers as an estimate of new start-ups.

Williams estimates the “death” side is really reducing employment by about 200,000 per month, and the “birth” side is stillborn. Therefore, “the BLS continues regularly to overestimate monthly growth in payroll employment by roughly 230,000 jobs.” The benchmark revisions of payroll jobs bear out Williams. The last two benchmark revisions resulted in a reduction of previously reported employment gains of about 2 million jobs.

Another indication is that despite 10 years of population growth, there are 8 to 9 million fewer Americans employed today than a decade ago.

snip-

The answer is that there were not 192,000 new jobs. Statistician John Williams estimates the reported gain was overstated by about 230,000 jobs. In other words, about 38,000 jobs were lost in February.

more at-
The February jobs mirage: BLS continues to overestimate job growth | Intrepid Report.com


you think wee little timmy read this?

 

[boedicca]

Well, at least Geithner is honest about the real agenda: To Grow and Maintain Big Government.

Everything and everyone else is subordinate to that goal.

 

[boedicca]

Geithner: the Theodoric of York for the 21st century.

Saturday Night Live - Theodoric of York - Video - NBC.com

I'm thinking Geithner's favorite procedure is "another blood letting".

 

[CrusaderFrank]

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.

People that never get out of their Mom's basement should not be allowed to vote.

 

[CrusaderFrank]

The Progressive Jihad on America rolls onward!

 

[Wiseacre]

He said he has to raise taxes on small business or else borrow more money. It's plain as day, these guys have absoluely no intention of cutting spending, except maybe for defense. You saw how they squealed like stuck pigs when they had to agree to the 38 billion in cuts to pass the 2011 budget, which turned out to be less than 38 bil. For them it's all on the revenue side, cutting tax expenditures which is in reality a tax hike.

 

[boedicca]

One of the major reasons many of us opposed the stimulus was that it wouldn't be a one time increase in spending that would be rolled back. The intention was to expand the size of government permanently. We're now closing in on Federal spending at 25% of GDP, more than 25% higher than the average range since WWII.