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
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
I’ve never seen it delineated. Does that “2%” mean all those who earn over $250,000, which seems to be o’bama’s magic number?
If that 2% is the millionaires, then those folks probably ought to pay more because MOST (but not all) are GAMING the system and getting more off the peasants than they would get if the system weren’t purposefully put in their favor