Skip to comments.Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’
Posted on 06/24/2011 9:42:39 AM PDT by GreaterSwiss
Geithners explanation of the administration's small-business tax plan came in an exchange with first-term Rep. Renee Ellmers (R.-N.C.). Ellmers, a nurse, decided to run for the U.S. House of Representatives in 2010 after she became active in the grass-roots opposition to President Barack Obamas proposed health-care reform plan in 2009.
Overwhelmingly, the businesses back home and across the country continue to tell us that regulation, lack of access to capital, taxation, fear of taxation, and just the overwhelming uncertainties that our businesses face is keeping them from hiring, Ellmers told Geithner. They just simply cannot.
She then challenged Geithner on the administrations tax plan.
Looking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners, said Ellmers.
Geithner initially responded by saying that the administrations planned tax increase would hit three percent of your small businesses.
Ellmers then said: Sixty-four percent of jobs that are created in this country are for small business.
Geithner conceded the point, but then suggested the administrations planned tax increase on small businesses would be good for growth.
No, that's right. I agree with that, said Geithner. But just to put it in perspective, it's important to recognize why are we doing this. You know, our deficits are 10 percent of GDP, higher than they've been since any time in the postwar period really. We have a big hole to dig out of, and we have to figure out how to do that in a way that's balanced, good for growth, fair to people as a whole.
Government must shrink, so individual liberties can be restored.
>Government must shrink, so individual liberties can be restored.
We are living in Bizarro World.
Please Shrink, Please, Please, Please
Hey Timmy, that's the objective. Fire all you assholes and set Americans and American enterprise free.
PS: It's interesting that you want to increase taxes, but you yourself should be in jail yourself for tax fraud.
We are in a depression and MO goes to Africa and wastes OUR money ro promote some race thing and do this?
Looks like you failed ECON 101 when you went to college.
Translation: blah, blah, blah...blah, blah..growth...fair, aack....
And to have that happen with smaller taxes, would be a double win.
Its corallary is the mudslim approach to "their" lands: Once mudslim, ALWAYS mudslim.
“When I entered the data into Turbo Tax, it said businesses will hire more people if we tax them at higher rates.”
stop funding those working against your best interests.
help shrink the out-of-control progressive government
“...we have to figure out how to do that in a way that’s balanced, good for growth, fair to people as a whole.
Mighty fair of you.
Let’s take that a step further and ask all Americans to contribute their fair share.
On Food Stamps? 10%
On section 8? 10%
On welfare? 10%
Not working? 10% of median income tax obligation under my new plan.
LOL - Under my new plan, taxes for freeloading deadbeat democrat voters will necessarily skyrocket to 10%!
You got that right...but we’re peons. They know much better and we should never expect their empire to get cut or eliminated. They have no problems at all burdening everyone else but themselves.
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