Tim Griffin’s campaign is forwarding around portions of this article detailing the fears of “small business owners” that the Bush tax cuts will be allowed to expire. The full email:
Karen Port of St. Louis fears that President Barack Obama’s plan to let tax rates rise for top earners will be a double whammy for her hot-tub dealership.
Not only would the company—which takes in between $1 million and $3 million annually in gross sales—pay taxes at a higher rate, but the tax increases could leave less money for customers to spend on her high-end products, said Ms. Port, co-owner of Mirage Spa & Recreation, Inc.
Democrats say the tax cuts for the wealthiest must be allowed to expire in order to begin to reduce the federal budget deficit, expected to top $1 trillion next year.
But some business owners—and even some Democratic politicians like Sen. Kent Conrad of North Dakota—are questioning the wisdom of doing so when unemployment remains at a discouraging 9.5%.
“I am the guy who is supposed to be responsible for creating the jobs,” said Ryan Robinson, co-owner of Irving, Texas-based Signal Metal Industries Inc., a maker of heavy machinery for the steel and mining industries.
“When the economy is teetering, and you’re worried about having a double dip [recession], is it really smart to not renew those tax cuts?” said Mr. Robinson.
Some firm owners just want Congress to make up its mind. “It’s August, and we still have so much uncertainty. How can I plan on what I want to invest next year?” said Ron Bullock, owner of St. Charles, Ill.-based Bison Gear & Engineering Corp.
It’s the same old line-if the regressive tax cuts are allowed to expire (and Griffin’s team fails to mention that Obama has proposed extending the tax breaks to middle-class Americans, which the article notes), then the sky will fall, small business will suffer, the economy will tank, etc.
Yeah, let’s review a little-Bush pushed these tax cuts through. What happened? Oh yeah, the economy tanked and not a single job was created on his watch. Yeah, such a big help they were. Clinton increased taxes on the rich to address the budget deficit and the economy boomed. It’s the great thing about supply side economics-it’s been refuted time and time again by a little thing called reality.
Oh and those “small business owners?” Yeah, they were doing pretty good under the Clinton tax rates as I recall.