TAXES: Small business feels impact
If President Barack Obama gets his way and pressures Congress into approving a tax increase that could hit many small businesses hard, about 200,000 jobs will be erased by the action, the nonpartisan Congressional Budget Office estimates.
Obama’s proposal would increase taxes on many small businesses – while granting breaks to big corporations.
The office agrees that would affect the economy adversely.
How do those in Washington react to the estimate? Rep. Sander Levin, D-Mich., said Obama’s plan “will not stifle economic growth in any significant way.”
The 200,000 men and women who will get pink slips if Obama wins probably view themselves as “significant.” Clearly, the president and other lawmakers do not.