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 administration’s 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 year—including 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 ...
"...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!
sfl
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. They’re so smart, hubris compels them to believe, that they can run everyone else’s life. But no one is that smart. What’s 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 world’s stubborn refusal to vindicate the intellectual’s theories serves as proof of humanity’s 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)
PROPERTY TAX
PERSONAL PROPERTY TAX
UTILITY TAXES ON GAS, ELECTRIC, AND PHONE
GASOLINE TAX
SALES TAX TO THE STATE FOR EVERYTHING WE SELL
APROXIMATELY 7% SALES TAX ON EVERYTHING WE BUY
PLUS WE PAY.......
MEDICAL INSURANCE
AUTO INSURANCE
PROPERTY INSURANCE
LIABILITY INSURANCE
WORKMAN’S COMP
VARIOUS LICENSES AND PERMITS
I’m sure I’ve forgotten a few things.
THE GOVERNMENT GETS MORE OF OUR MONEY THAN WE DO!
It’s 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 government’s over taxation and interference has caused small businesses to be reluctant to hire more employees.
Under the Obama regime we’ll see businesses leaving the country droves. It is no wonder that our country’s 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”
No doubt.
It is not necessarily true, and likely is not, that intellectuals have common sense.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.