RNC - Obama-Biden Tax Increases Will Hurt Small Business

 President Obama’s Tax Plan Will Disproportionately Hurt Small Businesses And Kill Hundreds Of Thousands Of Jobs:

According To Ernst & Young, President Obama’s Tax Hikes Would Subject Many Business Owners To Higher Taxes And Jeopardize 710,000 Jobs. “Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs.” (The Washington Post, 7/17/12)

President Obama’s Tax Plan Will Increase Taxes On Small Businesses To As High As 41%. “But Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. If the Bush tax rates expire as scheduled on December 31, rates on the top two income brackets will jump to 39.6% from 35%, and 36% from 33%. Add the scheduled return of income phaseouts for exemptions and deductions, and the rates go up another two-percentage points – to at least 41% and 35%.” (The Wall Street Journal, 7/9/12)

President Obama’s Tax Plan “Would Hurt Small-Business Job Creators In Particular.” “New research, released today by the National Federation of Independent Business, shows that allowing tax relief on the top individual rates to expire will hurt job creation and the economy. The report, published by top accounting firm Ernst & Young, shows raising top individual rates would hurt small-business job creators in particular.” (NFIB, Press Release, 7/17/12)

President Obama’s Insistence On Raising Taxes Threatens Small Businesses Around America Due To Looming Defense Cuts:

Recent Study: Small-Business Workers Will Suffer Half Of The Job Losses Under Sequestration. “Stephen S. Fuller, Ph.D. and director of the Center for Regional Analysis at George Mason University, testified small businesses workers will suffer more than 50% (51.6%) of the projected 2.14 million job losses due to spending reductions in the Budget Control Act of 2011.” (Fox Business, 9/21/12)

States That Will Be Hit Hard By Small-Business Job Losses From President Obama’s Defense Cuts Include Virginia, Florida, Pennsylvania, California And Texas. (Stephen S. Fuller, House Small Business Committee, Testimony, 9/20/12)

Obamacare – Which Contains Numerous Tax Increases And New Regulations – Will Also Hurt Small Business Owners And Impede Job Creation:

Nearly Three-Quarters Of Small-Business Owners Blame Obamacare For Hurting Job Creation. “As part of the explanation for the general economic pessimism, 78 percent of small businesses believe that taxation, regulation and legislation from Washington make it harder for businesses to hire more employees – and 74 percent blame the recent health care reforms passed by the Obama administration for creating an impediment to job creation.” (Tim Mak, “Chamber Poll: Small Biz Blames D.C.,” Politico, 1/18/12)

According To The Small Business And Entrepreneurship Council, “Business Owners Remain On Edge Regarding The Tidal Wave Of Federal Government Regulation.” “‘Business owners remain on edge regarding the tidal wave of federal government regulation that has been advanced or proposed over the past two years. … The pain of the harsh recession was intensified and lengthened by this hyper-regulatory environment,’ Karen Kerrigan, president of the Small Business and Entrepreneurship Council, wrote in a Jan. 12 letter to Issa.”  (Philip Rucker and David S. Hilzenrath, “GOP Eyes Rules That Firms Say Hurt Jobs,” The Washington Post, 2/7/11)