Small Businesses Need Customers, Not Tax Cuts for the Wealthy
Chuck Sheketoff
With the lame-duck congressional session under way, the expiration of the Bush-era tax cuts has come to the fore. Politicians and economists like to talk about the relationship between small businesses and extending the tax cuts that benefit solely high-income households.
Take it from the owner of small business: small businesses won’t benefit from an extension of the Bush-era tax cuts that are designed solely for the wealthy. Jim Houser , co-owner of Hawthorne Auto Clinic in Portland and a board member of the Oregon Small Business Council, writes in an OCPP opinion column:
I'm an auto mechanic, not an economist. But I know that small businesses like mine form a vital jobs engine for the nation.
Today that engine stands idle. Small businesses are not hiring, and the overall economy is suffering for it.
With that in mind, I have a message for Congress, one that I ask other small business owners to join me in delivering: small businesses need customers, not additional tax cuts for the wealthy.
Read the entire commentary Small Businesses Need Customers, Not Tax Cuts for the Wealthy and return here to discuss.
Chuck Sheketoff is the executive director of the Oregon Center for Public Policy. You can sign up to receive email notification of OCPP materials at www.ocpp.org.
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1:42 p.m.
Nov 19, '10
Let's remember that almost all hedge funds are small businesses, based on the number of employees. The fact that they deal in billions of dollars just seems to get lost in the discussion.
2:00 p.m.
Nov 19, '10
I'm also getting tired of how this debate is framed:
Either you pander to the rich, or you're a socialist. But I guess that's the reality of politics.
2:42 p.m.
Nov 19, '10
Even the rich will see the tax cut extended on their first quarter million. So everyone who pays taxes would not see a tax hike on the first $250k of their income if the GOP would simply vote yes on extending the cuts that the Democrats are proposing.
6:37 p.m.
Nov 19, '10
And, interestingly enough, under the Dem's proposal, families making under 250k/year would get a larger tax cut than under the Rep. Plan.
Seems like the Dem's should be pointing that out ALL THE TIME. Gives some people who think they have no dog in the 250+ argument a reason to support the D plan.
6:39 p.m.
Nov 19, '10
Forgot to add....
The framing is, The Republicans want to raise taxes on the under 250 taxpayer in order to reduce them on the under 250 taxpayer.
Its legit. As compared to the D plan, the R plan the under 250 taxpayers pay more. Thats an increase in the Republican playbook
6:40 p.m.
Nov 19, '10
oops meant..in order to reduce them on the OVER 250 taxpayer
3:11 p.m.
Nov 22, '10
I am seeing a lot of businesses sitting on their money, not hiring and not buying equipment. Nor will they until there is some more certainty in the future. Two years ago a business couldn't hardly find a creditor. Now there are a few lenders who will loan money, but the businesses aren't going to spend in this current economic climate. This economy was not created by the Democrats, but they have definitely exacerbated it.
The businesses don't know what their taxes are going to be, the Obamacare bill is raising health insurance rates and the regulations for that "voted-on-while-the-ink-was-still-wet" health care bill are a movable famine.
Sure, if the Obama tax hikes go into effect, the certainty will increase hiring a little.
But not raising taxes on S corps and individuals will cause hiring to go up more.