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Geithner: Govt must hike taxes on small businesses so that government won't shrink

Discussion in 'U.S. Politics' started by Little-Acorn, Jun 25, 2011.

  1. Little-Acorn

    Little-Acorn Well-Known Member

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    Geithner: We must hike taxes on small businesses so that government won't shrink

    I have never seen a more candid admission of the leftists' screwed-up priorities than this. Their Government-Uber-Alles philosophy is increasingly on display with every passing day.

    The thought that government might actually be reduced, is far more terrifying to these liberal fanatics than any damage they are doing to small businesses or others who create jobs and prosperity, by their ever-increasing taxes and regulation.

    But it's more than a year before the 2012 elections. Who knows what they will admit to next?

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    http://www.cnsnews.com/news/article/geithner-taxes-small-business-must-rise

    Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’

    Thursday, June 23, 2011
    by Terence P. Jeffrey

    (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.”

    Geithner’s 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 Obama’s 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 administration’s 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.

    Ellmers then said: “Sixty-four percent of jobs that are created in this country are for small business.”

    Geithner, continuing, argued that if the administration did not extract a trillion dollars in new revenue from its plan to increase taxes on people earning more than $250,000, including small businesses, the government would in effect “finance” what he called a “tax benefit” for those people.

    “We're not doing it because we want to do it, we're doing it because if we don't do it, then, again, I have to go out and borrow a trillion dollars over the next 10 years to finance those tax benefits for the top 2 percent, and I don't think I can justify doing that,” said Geithner.

    When Ellmers finally told Geithner that “the point is we need jobs,” he responded that the administration felt it had “no alternative” but to raise taxes on small businesses because otherwise “you have to shrink the overall size of government programs”.


    (Full text of the article can be read at the above URL)
     
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