New Taxes Crushing Small Businesses

[bijou]

For all the blather from Obama the other day that we're "turning the corner" from the recession with the addition of temporary government jobs, the reality if more and more small businesses are in danger of going under due to the onerous taxatation being piled on top of them.


    America's jobs growth engine is being choked to death.

    A record 25 percent increase in the taxes against US small businesses -- from costs associated with new health care law, to an increased Medicare tax, increased capital gains taxes and higher state and city taxes -- is repealing any ability of these entrepreneurs to add jobs to their payroll.

    And the numbers for New York's small- to medium-sized business are just as harrowing.

    By one estimate, the effective tax rate on the 26 million small businesses across the country -- which in the past have accounted for more than half of the job growth in the US -- has jumped to 50 percent from 40 percent, sucking valuable cash from the businesses.  ...

  link

[NHSparky]

Please tell me why anyone would want to open or continue to run a business in this O-conomy.

[ColonialMarine0431]

From the linked article...

* An increase of 4.6% in federal taxes from 35% to 39.6% (expiration of Bush tax cuts)

* An increase in capital gains taxes from 15% to 20% (expiration of Bush tax cuts)

* A new tax of 3.85% on investment income, dividends, rents, royalties mandated in the new health care bill

* An increase in the Medicare payroll tax to 2.35% as mandated in the new health care bill

Is this administration ignorant about basic economics, or is the Magic Kenyan hell-bent on destroying America??

[NHSparky]

From the linked article...
 

Is this administration ignorant about basic economics, or is the Magic Kenyan hell-bent on destroying America??

Yes and yes.

[zeitgeist]

From the linked article...
 

Is this administration ignorant about basic economics, or is the Magic Kenyan hell-bent on destroying America??

According to Brit Hume on FNS today, yes, they are just plain ignorant.  Brit launched on this during which I thought Juan Williams was going to burst into tears, he really had that deer in the headlights look.  Too funny. 

[SSG Snuggle Bunny]

Just more crypto-racist attacks on the president.[/DUmmie]

[ColonialMarine0431]

From what I've read, and I may be wrong, the whole Obama administration is full of academics and career politicians who have never run a company, met a payroll or even worked in the private sector. If this is true, then it's criminal that the country that essentially founded Capitalism is being run by egghead bloviating theorists.

[DefiantSix]

From the linked article...
 

Is this administration ignorant about basic economics, or is the Magic Kenyan hell-bent on destroying America??

Yes.

[thundley4]

From what I've read, and I may be wrong, the whole Obama administration is full of academics and career politicians who have never run a company, met a payroll or even worked in the private sector. If this is true, then it's criminal that the country that essentially founded Capitalism is being run by egghead bloviating theorists.

I've read the same thing and when you consider the socialist background of many of his closest people, t's no wonder that he does everything that he believes will spread the wealth.  He's too stupid to realize that you can't spread wealth, just destroy it. 

[NHSparky]

I've read the same thing and when you consider the socialist background of many of his closest people, t's no wonder that he does everything that he believes will spread the wealth.  He's too stupid to realize that you can't spread wealth, just destroy it. 

The problem with socialists like Obama is that they believe in "spreading the wealth" as long as it's not THEIR wealth that gets spread.