Obama’s statement in the Rose Garden today is the kind of thing that makes we want to EAT MY CHAIR.
I mean it. Don’t say I didn’t warn you. I’m going to EAT MY CHAIR and sit on the floor from now on.
OK, I’m trying to calm down. Give me a second.
Here’s what the president said. Tell me if you don’t want to eat your chair too.
Ultimately, our goal is to make sure the people who are looking for a job can find a job. And that’s why it’s so important for the Senate to pass the additional steps that I’ve asked for to cut taxes and expand lending for America’s small businesses, our most important engine for hiring and for growth. And a small business jobs bill that contains these measures may come up for a final vote in the Senate in the next few days . . . To unlock the growth of our entrepreneurs, we’ll finally do what I’ve been advocating since I ran for President, which is to eliminate capital gains taxes entirely for key investments in small businesses.
You know, the small businessmen and women who write to me every day, and the folks who I’ve met with across this country, they can’t afford any more political games. They need us to do what they sent us here to do. They didn’t send us here to wage a never-ending campaign. They didn’t send us here to do what’s best for our political party. They sent us here to do what’s best for the United States of America and all its citizens, whether Democrats or Republicans or independents. In other words, they sent us here to govern. And that’s what I hope we will do in the remaining days before the Congress takes its August recess.
Now he’s done it. I’m sure people across this great land are practically in tears over the president’s love for small businesses. But I am now physically eating my chair. I’m typing from the floor since I’m starting with the legs. I’m leg man, especially when it comes to chairs.
If small businessmen and women are writing to the president every day, then the president’s problems is that HE CANNOT READ.
Here’s what Obama is doing for small business.
This is what Dan Danner, the head of the National Federation for Independent Business, wrote last month in National Journal about Obama’s health care law. Yes, the NFIB is a bunch of Republicans, but they are by far the largest small business group in the country – actually the only serious one in Washington. There are reasons why labor unions are Democratic, and there are reasons why small business groups are Rpeublican.
This law adds new costs (outside of their already skyrocketing premiums), paid for on the backs of small businesses. Examples include: new 1099 reporting requirements, new payroll taxes and new Medicare taxes. And, since I’m sure someone else here will mention it, yes, the new Medicare taxes are on incomes of $200,000 or more ….But what so many don’t know (or ignore) is that approximately 75 percent of small business owners file their taxes as individuals. These taxes will be levied on the capital a business owner has to re-invest in his company or put aside to hire a worker in the coming year . . . the law actually creates incentives to NOT grow your business, hire a worker or be successful.
So, okay, let’s snip out a piece of this and go further. Danner notes that 75 percent of small business owners file as individuals. And Treasury Secretary Geithner just reiterated yesterday that Obama is committed to raising all of their taxes – at least the ones that are making any money – on January 1. Otherwise known as “rich” people, successful small business owners are going to get walloped as top bracket income taxes revert to pre-Bush era levels.
How many small businesses really pay these capital gains taxes Obama is cutting for them?
Capital gains are paid on earnings from stuff you don’t normally sell. Small businesses need their stuff, because they’re small.
Are they going to sell their chairs? Or maybe they’ll just eat them, like I am.