Obama has proposed, as part of the second massive spending bill he has sent to congress, eliminating the Bush tax cuts, which essentially raises taxes on those making $250,000 or more a year. If allowed to pass, this will be devastating to an already beleaguered economy.
The most important thing that everyone needs to understand about all businesses is that they do not pay taxes. Taxes on business are paid for by consumers or the workforce. This comes in the form of lay-offs and price hikes on products and services. So if you are one of those people who hate the rich for having more money than you, and you feel good about the idea of making the mean rich people pay more, think again dummy.
I know a couple who owns a niche business restoring and providing parts for first generation automobiles, like Ford’s Model T. They are extremely worried about Obama’s plan to raise taxes. Although their business makes more than $250,000 a year, this money is used to pay their employees, business bills, etc. This was Joe the Plumbers problem by the way. Now, this wonderful couple already knows how they are going to deal with Obama’s coming tax hikes. They are going to have to lay-off one or two employees that have been working with them for over a decade. They simply have no choice. Now explain to me how this helps the economy? How does having two more unemployed workers bring us out of the current economic woes?
Let’s take one more example, this one hypothetical (soon to be reality). Let’s even focus on the much hated by the left, evil Walmart. Obama’s tax hikes raises taxes on Walmart and the evil rich CEOs. Now, a roll of toilet paper goes up, they lay-off employees, and freeze hiring. Good job Obama, you’ve done it again.
Americans, businesses, big and small, are what our economy is built on. When you tax the “rich,” those taxes get passed off to you, the little guy. A lot of you need to wise up and stop falling for the left’s class warfare tactics. Oppose this massive budget.