IRS: Obama tax hike threatens 1 million small businesses

[Amelia]

Over and over again we hear Democrats claim that raising tax rates on the rich won’t dampen economic recovery. They also claim it would only affect a fraction of small business owners. In yesterday’s debate, the president asserted, as he has often, that 97 percent of businesses who pay individual rates would not see a tax increase.

Well, judging from this new study by Internal Revenue, allowing Bush-era tax rates for high earners to expire, the centerpiece of President Obama’s tax plan and a big part of his campaign rhetoric, would mean that 1 million companies would be hit with new taxes. According to the IRS, which goes to great lengths to define a small business, high-income earners make up 24 percent of all small businesses that have employees.

Other studies (and pundits) have grossly underestimated the impact that a tax hike on high earners might take on small business, discounting owners of small C corporations and others. Wealthy earners with small businesses account for 923,000 employees.

“No matter how you slice it and dice it, it’s hard to avoid that this is a tax increase on a significant share of small business owners,” said Raymond Keating, chief economist of the Small Business & Entrepreneurship Council told CNNMoney.

Democrats also argue that a tax on “millionaires and billionaire” — or, what in the real world means anyone making more than $200,000 and married couples pulling in more than $250,000 — could actually spur growth. How, is still a mystery.

Harsanyi: IRS: Obama tax hike threatens 1 million small businesses

 

[Sinjorri]

at this point it needs to be, this is opinion but I think the only way to wake americans up now is to hit them where it hurts so they learn the lessons they need to learn. There are so many ways to be informative and they just choose to ignore it.

So much of blitz ads and things going on that people are ignoring how all these laws affect their lives and could really land innocent people in troubles that they dont want to be in.

 

[Amelia]

Romney nailed Obama in that portion of the debate, and he needs to keep hammering that going forward.

 

[Clementine]

The thing is, not even Obama believes what he is telling us. He says what people want to hear in order to continue with his agenda. I urge people to read Alinsky's Rules for Radicals and brush up on Marxist tactics.

The country is deliberately being destroyed. There is a clear method of how it's being done and Obama has followed the formula to the letter. He will continue to do so, if given the chance.

Obama is not inept when it comes to carrying out his agenda. You might say that his presidency has been a raging success, if you understand the endgame in this case. When he says he intends to fundamentally change America and rebuild it from the bottom up, he means it.

It's no accident that this is the first time we haven't seen a measurable improvement after a recession or depression. If the intent was to create policies that helped America recover from the financial crisis, we'd be much better off right now. Fixing things was never part of the agenda. It was about not letting a crisis go to waste and using it to bring about the far left agenda. They've been looking for this opportunity for years and they finally saw their chance and took it.

The left has been waiting for years for this opportunity. Taking down a strong America was impossible and they've done their best since the inception of the Great Society to overload the system and cause it to break under the weight of government programs and a weakened private sector.

Obama will attack Romney and continue to pretend that he wants a strong middle class and a strong economy. He doesn't, but even now he knows the majority of people in this country would reject his radical policies, as we always have.

The left has steadily expanded a class of uneducated dependent people by dumbing down our schools and enticing people with increased welfare benefits. Behind closed doors, they are no doubt happy about the growing number of useful idiots who will cede any right or freedom as long as they are taken care of for life. The far left has known the importance of ensuring that the takers outnumber the makers. Once that happens, people will keep the socialists in power and the constitution will be rewritten with only a small minority objecting.

What needs to happen now is for those people still standing on their own feet to wake up and stop this from happening.

 

[Amelia]

I personally don't think it's as sinister as that. JMHO. I don't think Obama is happy about the high unemployment. I just think he is clueless to the core about how to encourage growth.

Sometimes he says the right thing, like in 2010 when he said it would be wrong to raise taxes when growth was so slow. But he only said it to cover his spinelessness when he rolled over on his promise not to extend all the Bush tax cuts. He just has no comprehension.

When he said he had put in place 18 tax cuts for small business as if such a high number meant he was doing things right, I laughed because that was part of the problem. Here a little, there a little, with no sound guiding principles, and he's mystified why more people aren't taking advantage of the crumbs he randomly tosses to them.