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.
TTT (Tiny Timmy Turbo) is totally UNQUALIFIED to espouse any kind of opinion regarding taxes or the economy. He’s a joke and a bad one at that....
Long passed time for goooberment to get that "high-speed rail" they've been pushing for!
The less money put into the hands of government the better. That is why I never support tax increases on anyone ever!
Whenever I hear that I always scratch my head. How do you DIG your way out of a hole? If you’re in a hole - put the shovel down! Get a ladder, maybe?
So says Mr. Geithner, known tax cheat.
If Mrs. Obama wanted to really CARE about black people in Africa, she would highlight the shame of the CONTINUATION of hundreds of years of slavery in West Africa.
That's exactly the same logic used when "fairness" is used as an excuse for stealing money and property from generations that haven't yet been born.
Indeed it seems beyond Tax Cheat Tim’s comprehension that we might want goverment to shrink.
This is a great example of the incoherent thought process that got us in 14 trillion of debt.
Bottom line; The governemnt is the parasite, business is the host. They don’t have that straight - which is incoherent. We will never get the economy fixed with this kind of incoherent thinking. People need to understand the government is a leech, literally sucking the lifeblood out of the goose that has layed golden eggs. That is why the goose is not laying golden eggs any more. It is uterly asinine to suggest the solution is to leech more blood out of the goose. I’m flabbergasted at how flat out stupid some of these elected “officials” are. Can’t even call what goes on in they’re heads “thinking”. I don’t know what it is but it is sure not what any coherent person would call “thinking”.
Tell the damned Tax Cheat that the government needs to shrink. It’s too damned big. Shrink, Shrink,Shrink, Shrink,say the people. Tell BHO and the DemoNazis to leave the USA.
Geeez...if this government does not shrink it will surely collapse under it’s own weight. The producers in society are getting crushed.
Destroy the engines of job growth to support people suckling off the public teat. Pure insanity. Any wonder unemployement is at Depression levels?
Translation: “Limits on freedom must grow so that government doesn’t shrink.”
When the government grows, freedom shrinks. When the government shrinks, freedom grows.
The time for that globetrotting crap is OVER and she better know it.
Small business is the only dependable source of jobs for Americans. We should be cutting taxes on small businesses.
When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.
Giethner has never worked in the private economy.
All his jobs have been govt, think tanks, or foundations.
That added to an Ivy League education produces a faulty line of reasoning.
If I was POTUS, my Treasury Sec would be the head honcho at some small bank in the Midwest that’s been in business for 150 years.
Good rant. Is it a quote? If so, from whom?
What a dope. People making 50K working their butts off for a a small business have to take it in the shorts, so that government slackers can get their 100K for standing around the water cooler singing hallelujah to Obama. Sick.
How can he with a straight face say the following:"Geithner conceded the point, but then suggested the administrations planned tax increase on small businesses would be good for growth.
He's either a complete moron or he thinks we are!
Geithner is an Ivy Leaguer (Dartmouth) -- as so many of this administration are.
I'm becoming convinced that the Ivy League specializes in moron training. And that an Ivy League phD equals idiocy.
This should be a huge red flag for any candidate or appointee:
Ivy League education + lifetime in academia / govt jobs
Unemployable...in the real world.
I heard that EPA is releasing an additional 2600 pages of regulations that business must comply with.
Timmy needs a month at the meanest Dude Ranch we can find.
Someday they’ll be nothing left to tax but the salaries of government workers, and they’ll have to use the revenue from that tax to pay those salaries.
That ought to work out quite well. As well as any other socialist scheme in history.
Well I guess “Turbo Tax Whiz” beat out favorite Slow Joe Biden for the lead in the stupid contest!
Pencil neck overpaid university bubble boy prick...just one punch. Never worked an honest day in his life telling us small business owners we need to pay more taxes.
If I could...just have one...