Yesterday President Obama reiterated his position that he supports extending the Bush-era tax cuts for the lower 98% of all taxpayers for another year. Of course, that also means that he supports allowing those same tax cuts for the top 2% of tax payers to revert back to the Clinton-era levels (you remember the 90’s when the economy was soaring and we actually had a budget surplus)—a position shared by most Americans.
Sound familiar? It should. We’ve been having this debate since 2010 when all the tax cuts were set to end. The South Carolina Small Business Chamber, the American Sustainable Business Council, Business for Shared Prosperity, the U.S. Women’s Chamber of Commerce and other business groups support allowing the tax cuts for the upper 2% to expire and to use the new revenue for deficit reduction and investment in the nation’s infrastructure, first responders and teachers.
Plus, businesses do not hire workers based on the business-owners income tax rate. Businesses hire workers when the demand is there for products and services.
The traditional line against the tax rates going up for the wealthy is that it would hurt the small business job creators. This argument recognized that small businesses create most new jobs but distorts the reality of the income of small business owners. As indicated above, very few have incomes that would cause them to see a tax increase if the Bush-era tax credits on the top 2 tax brackets increased.
AND??? Is Mr. Romney now making a distinction between “job creators” and “small businesses”?
This is apparently now the official position of the Romney campaign. Small businesses are now not to be recognized as the same as job creators.
If there is now an official effort to decouple job creator status from small businesses, we are in deep trouble. The billionaires and multinational corporations that are trying to buy this election to totally control our economy and government will have driven the final stake into our hearts.