Friday, September 3, 2010

Tax Cuts - Fall Elections 2010 - #2097 - The Small Business - The 97% Fallacy - Wall Street Journal

When Congress returns from its summer recess, members will face a pivotal decision about the expiring Bush tax cuts. President Barack Obama has called for their permanent extension for singles with incomes below $200,000 and married couples with incomes below $250,000, but has proposed that most of the tax cuts for households with higher incomes be allowed to expire. To buttress this position, the president and his supporters have repeatedly asserted that the expiration of these cuts will have little impact, because they affect only a tiny fraction of the wealthiest Americans, people who "can afford it." Recently, for example, Vice President Joe Biden harshly rejected House Minority Leader John Boehner's assertion that the hikes would harm small businesses, saying that "he has created this myth that a tax cut for millionaires is actually a tax cut for small business. There aren't 3% of small businesses in America that would qualify for that tax cut." House Speaker Nancy Pelosi flipped the number around, saying that the planned tax increases would exempt "98% of American families and about 97% of small businesses."  Read more.......
Commentary by Steve Peters:  Talk about laying an egg. Obama and his team want to cut taxes for small business and individuals that DO NOT create most of the jobs. Democrats purport to love workers (NOT TRUE), but we know they hate business. If those pesky successful businesses would just work for nothing to create jobs, all would be fine in the White House and Congress! Democrats pick the pockets of all Americans workers as they yell about class warfare against " The Rich." Obama, his economic team, Harry Reid, and Nancy Pelosi are killing the golden goose that produce most of the jobs in this country and MUST be stopped on November 2nd (Judgement Day), before they succeed. The best stimulus plan I see on the horizon is judgement day, because they are ALL ideologues and will not change, we must change who is in charge of these important decisions that effect all of our lives.

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