President Obama claims that his jobs bill cuts taxes for small business, yet national businesses groups are rejecting the tax increases included in this President’s proposal that will damage job creation and economic growth.
President Obama: “It [The American Jobs Act] will cut taxes for every small business in America.” (Remarks, 9/22/11)
- US Chamber: Targeting Proven Small Business Job Creators Is Not The Way To Drive Economic or Job Growth. “... real tax reform is different than simply subjecting businesses to tax increases,” says Caroline Harris, U.S. Chamber chief tax counsel. “Raising $1.5 trillion in new taxes will not produce economic growth or prosperity ... small businesses already pay more than their fair share of federal tax revenue, Harris says. “Targeting proven job creators is not the way to drive job or economic growth.” (U.S. Chamber, 9/20/11)
- NFIB: The President’s Proposal Send A Bad Message To Job Creators. “New tax increases on America’s biggest job creators are the last thing this economy needs to get back on track. At least 75 percent of small businesses file taxes on business income at the individual rate, and reinvest those earnings to grow the business and hire workers. With small businesses still struggling to recover and grow, this plan sends a bad message to job creators.” (Press Release, 9/19/11)
- NAM: Raising Taxes On Small Business Would Be A Devastating Blow. “President Obama’s call for tax increases on small businesses, individuals and investors is a poison pill for our economy. The bottom line is that manufacturers need policies that enable them to hire more workers, make capital investments and expand their businesses. More than 70 percent of manufacturers operate as S-corporations and pay income tax at the individual rate, so higher taxes on these job creators would be a devastating blow. The President’s proposal is short-sighted; we should not attempt to solve our nation’s fiscal ills on the backs of businesses striving to expand and add jobs.” (Press Release, 9/19/11)
- Business Roundtable: The Uncertainty Created By The Threat Of Even Higher Taxes Helps Neither Job Creation Nor Growth. “With the current, anemic economic conditions, the unemployment rate will remain consistently high and tax receipts will remain low unless the focus shifts to long-term policies and economic growth,’ Engler said. ‘The uncertainty created by the threat of even higher taxes helps neither job creation nor growth.” (Press Release, 9/19/11)