Raise small business taxes? No way.
In another election-year ploy to fire up his political base, President Obama announced this week that he’s going to block efforts to extend what he calls "tax cuts for the wealthiest Americans," but the president isn’t being totally honest with you. Here’s a look at the facts:
- Under our current tax system, many small business owners file their taxes as ‘individuals.’ Nonpartisan analysts estimate that next year, 940,000 small businesses will be hit with a tax increase if President Obama succeeds in raising their rates. ("Obama Plan Means Higher Taxes On Business Profits: Study," Bloomberg, June 19, 2012)
- With the latest disappointing jobs report, "the unemployment rate, still 8.2%, has been stuck above 8% for 41 straight months, the longest streak since the Great Depression." ("Obama’s running out of excuses on economy," CNN, July 11, 2012)
- The National Federation of Independent Business reports that, based on U.S. Census data, small businesses "employ more than 25 percent of the total workforce." The tax increases on small businesses would hurt job growth.
Small businesses -- the engines of our economy -- can’t afford an increase in taxes this year. It’s simply the wrong thing to do for our economy as it struggles with its recovery. Just last Friday we learned that the unemployment rate is frozen at 8.2 percent under the failed policies of Barack Obama who’s burdensome regulations and taxes are strangling our economy.
Whether its in Europe or here in Wisconsin, we've seen the economic disaster of higher taxes and more regulation on real job growth. During my opponent's one term in the Wisconsin State Senate, he doubled down on this philosophy and it left Wisconsin with record deficits and high unemployment.
That’s why I’m going to stand strong against President Obama’s plans to raise taxes on small businesses. I hope you’ll see through his rhetoric and recognize this is nothing more than election year politics at a time when we can least afford it.