Skip to comments.Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’
Posted on 06/23/2011 7:38:28 PM PDT by Bigtigermike
(CNSNews.com) - Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to shrink the overall size of government programs.
The administrations plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per yearincluding businesses that file taxes the same way individuals and families do.
We're not doing it because we want to do it, we're doing it because we see no alternative to a balanced approach to reduce our fiscal deficits, said Geithner.
If you don't touch revenues and you leave in place the tax cuts for the top 2 percent that were put in place by President Bush, if you leave those in place and you're trying to bring our deficits down over time, then you have to do exceptionally deep cuts in benefits for middle-class Americans and you have to shrink the overall size of government programs, things like education, to levels that we could not accept as a country, said Geithner.
So to do a balanced approach to reduce our deficits you have to make modest changes in revenues, he said. There's no realistic opportunity to do alternatives to doing that.
(Excerpt) Read more at cnsnews.com ...
If this nation is to survive, government MUST shrink!!!
Hey Geithner, I don't give a damn whether your government survives. It is already painfully clear that you don't give a damn whether We the People survive.
The Great Oppression...double dip.
Typical Ivy moron. Clueless but dogmatic.
This administration wonders why businesses are reluctant to hire new employees. Statements like this will prevent any recovery from happening in the near future.
what “cuts”? There are never any “cuts”. How about we just stop increasing the spending? Just keep it flat. Just stop. Make ‘em stop, Mommy.
Libtards must punish the producers and achievers even if it means destroying the country.
I'm good with that, Tim ... but then, my family isn't dependent on a check from the government - either for working or just for breathing.
Here you go my friend. Enjoy
Democrats are bloodsucking jackals.
Shrink government by 80% and cut taxes!
This guy is another clueless liberal ass clown. If we dont get a SERIOUS HARD CORE CONSERVATIVE in the WH next election this country is gone .
Three years ago this nation got along fine with the govt spending 2 trillion less than it spends now.I suppose the govt just found super important reasons to spend those trillions.Why can’t one GOPer ask Geithner to explain how this nation survived with the govt spending 2 T less than it does today,just three years later.
There will be NO RECOVERY, JOBS, IMPROVEMENT until this incompetent president and his administration of thieves, thugs and goons are sent packing back to academia, community organizing, the pits of hell or wherever they came.
And the problem with government shrinking is...?
Our Ivy League elites have learned themselves stupid. It’s sad to know that flakes like Geithner have been given so much to become leaders of industry, finance and government. No wonder everything is so screwed up.
And this attitude, to make a long story short, was why guillotines were erected in France during its revolution.
Every congress critter voting against a balanced budget should be required to contribute 100% of their wealth just to show how much they support this self destructive idea.
As it is, the government is malignant.
This Administration does NOT wonder why about anything because it’s all going according to plan - no recovery was ever intended in the first place - this is intentional sabotage and the sooner everyone understands it, the better. The Repubs are obviously in on the FIX because none of them are doing anything of substance. Even the Big “R” Talkers have no sense of urgency that our Republic is sinking and extraordinary ACTION is needed NOW. I despise the lot of them...even the new crew - what the heck is going on with them???
Seriously, manure was once used by farmers as fertilizer. Now the government uses it for brains.
Liars and damn liars. Don't you get it Timothy, you damn fool, it is over! You damn libtards have destroyed the nation and with it the world, in good time. We are living on the coast down. I hope your government folds up around you like a cheap suit and takes you with it.
Timmy just signaled small businesses to hunker down. Don’t hire, don’t expand, don’t prosper so as to not create taxable income.
Oh, right, this country exists for the benefit of the government. How could the rest of us have missed that?
Good question. On energy, spending, economy, the "environment", states rights, the destruction of constitutional limits on government, the tyranny of the federal courts, you name the subject, a moderately intelligent, aggressive pubbie could beat the dims like a drum. Yet they don't do they? I had hopes for Hermin Cain and Newt. Herman b/c of his passion and Newt b/c of his intellect. But alas there doesn't seem to be enough junk yard dog in the entire male field to compete with little Michelle.
IMHO, Geithner should be in Leavenworth for tax evasion.
(Didn't he miss paying some of *his* taxes? Shouldn't the person in charge of the IRS know the laws? Isn't "ignorance of the law is no excuse" the first thing the IRS always says?)
Yep. Most people have no idea the violence that will come about if government at all levels isn't significantly reduced. There will come a point of no return. The blow back against the elites will be breathtaking.
The parasite class is hell bent on pushing capitalism into collapse. God help us all if they succeed.
2012 is the last chance we have to turn this Republic towards Liberty.
I saw this on video off of Drudge. I swear Timmy’s mannerisms reminded me of a lying teenage drug addict trying to explain why he needs more money. GOOD GRIEF!
Has anyone else here noticed that the newer $1,$10,and $20 bills bear his signature?
“...its all going according to plan - no recovery was ever intended in the first place”
I was hoping this was not true. Pretty diabolical ...and scary.
Shrink? More like dissolve. The Government insanity has to stop! It is coming down to them or us.
Timmy boy’s and his butt buddies in large corporate business love higher taxes on small business. The democrats prefer that we all work for large corporations where we can be “easily controlled” versus succeeding in our own business where we decide what is good for us ! I am sure George Soros approves this !
They should be sent to prison !
> There will be NO RECOVERY, JOBS, IMPROVEMENT until this incompetent president and his administration of thieves, thugs and goons are sent packing back to academia, community organizing, the pits of hell or wherever they came.
GE pays no tax but the local barber has to pay more?.....
A progressive all ways has it backwards.
The Pharaoh also makes pronouncements: “So let it be written. So let it be done.” (The Ten Commandments 1956)
Increase taxes for the working: Is more like a mandate.
"...Obama administration believes taxes on small business must increase so the administration does not have to shrink the overall size of government programs."
If there has ever been such a simple socialist defining statement about over sized government and it's failed philosophy on basic economics, along with it's engrained belief that more government is better government, this is it!
Well, at least they're out of the closet. THIS STATEMENT SHOULD BE A HEADLINER IN THE COMING ELECTION YEAR!
Incredible - like a line out of Atlas Shrugged...
From an early age, smart people are reminded of their intelligence, separated from their peers in gifted classes, and presented with opportunities unavailable to others. For these and other reasons, intellectuals tend to have an inflated sense of their own wisdom. It is thus arrogance, and not intelligence, that leads them into trouble. Theyre so smart, hubris compels them to believe, that they can run everyone elses life. But no one is that smart. Whats more, theorists devising systems for the rest of us to live under often have a difficult time running their own lives. Mundane tasks are to them what quantum physics is to the rest of us. - Daniel J Flynn
What never fails inside the mind of an intellectual never works outside the confines of his head. The worlds stubborn refusal to vindicate the intellectuals theories serves as proof of humanitys irrationality, not his own. Thus, the true believer retrenches rather than rethinks; he launches a war on the world, denying reality because it fails to conform to his theories. If intellectuals are not prepared to reconcile theory and practice, then why do they bother to venture outside the ivory tower or the coffeehouse? Why not stay in the world of abstractions and fantasy? - Daniel J Flynn
One of the surprising privileges of intellectuals is that they are free to be scandalously asinine without harming their reputation. - Eric Hoffer
Not only have intellectuals been insulated from material consequences, they have often enjoyed immunity from even a loss of reputation after having been demonstrably wrong - Thomas Sowell
Geithner has it backwards.
Government and taxes must Shrink so Small Business can rise.
Our family has owned a business for almost 40 years. I started paying the bills for the business about 7 years ago and I was alarmed to learn the cost to run a business.
Our small business pays.......
FEDERAL INCOME TAX
STATE INCOME TAX
FEDERAL UNEMPLOYMENT TAX
STATE UNEMPLOYMENT TAX
7% SOCIAL SECURITY TAX FOR EMPLOYEES
(this is in addition to the 7% the employee gives the government)
PERSONAL PROPERTY TAX
UTILITY TAXES ON GAS, ELECTRIC, AND PHONE
SALES TAX TO THE STATE FOR EVERYTHING WE SELL
APROXIMATELY 7% SALES TAX ON EVERYTHING WE BUY
PLUS WE PAY.......
VARIOUS LICENSES AND PERMITS
Im sure Ive forgotten a few things.
THE GOVERNMENT GETS MORE OF OUR MONEY THAN WE DO!
Its easy to see why some businesses hire undocumented workers to avoid the tax burden. Or worse yet they just pull up stakes and move out of the country.
And now obamacare will tax us more? Our governments over taxation and interference has caused small businesses to be reluctant to hire more employees.
Under the Obama regime well see businesses leaving the country droves. It is no wonder that our countrys economy is on a downward spiral.
Plus 15.2% social security on your selves as you are self employed.
‘Smart’ has many meanings and manifestations. For the same reasons that someone who has studied violin and music theory from a young age may or may not be able to create new compositions, doing well in standardized educational settings does not guarantee that one will be creative or have any better ideas for problem solving than does someone who took a different path in life.
“Smart has many meanings and manifestations”
It is not necessarily true, and likely is not, that intellectuals have common sense.
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