President Obama’s proposed tax hike on the top 2% of incomes will do next to nothing to close our chronic budget deficits, now running more than $1 trillion a year.
But it will have a major impact on one struggling part of our economy: small business.
In his Wednesday press conference, just before meeting with representatives of the nation’s largest businesses, the president again claimed his plan to reduce the deficit and avoid the fiscal cliff would mean that “97% of small businesses are not going to see their taxes go up.”
But this is, to put it politely, deceptive. By jacking up taxes on the most successful 3% of small businesses, Obama will destroy hundreds of thousands of jobs, shrink U.S. output and force companies to raise prices.
As usual, the data tell the story.
Read more at Investors Business Daily.
Photo credit: terrellaftermath
Related posts:
- Obama’s Stupid Moves Kill Jobs Over the years, it has been my privilege to own…
- Obama’s EPA Is Killing More Jobs Than Economy Can Create Obama says he will get focused on the jobs problem…
Get Informed! Read More About this topic::
- Election Results Quickly Takes Toll On Economy And Jobs Shortly before midnight on Tuesday, we all learned that Barack...
- Video: Obama’s ‘Rich’ Include Small Businesses Obama blathers non-stop about how the wealthy “need to pay...
- Video: Fiscal Cliff Tax Hikes On Small Businesses Will Result In More Unemployment Small business committee testimony reminds Washington that tax increases will...
- Video: Obama Purposely Torpedoed The Economy! Liberals wanted to destroy this economy so much so that...
- Obama’s In Texas To Talk Jobs? He Should Try Listening In February, I invited Barack Obama to come to...
[...] Obama Tax Hikes On The Rich Would Shrink The Economy, Kill Jobs President Obama’s proposed tax hike on the top 2% of… [...]