Sometimes you see a headline so silly you have to wonder if it is really accurate. Please consider this headline of an exchange between first-term Rep. Renee Ellmers (R.-N.C.) and the Secretary of the Treasury: "Geithner: Taxes on Small Business Must Rise So Government Doesn’t Shrink"
Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.”Mr. Secretary, You are Wrong
The administration’s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year—including businesses that file taxes the same way individuals and families do.
Geithner’s explanation of the administration's small-business tax plan came in an exchange with first-term Rep. Renee Ellmers (R.-N.C.). Ellmers, a nurse, decided to run for the U.S. House of Representatives in 2010 after she became active in the grass-roots opposition to President Barack Obama’s proposed health-care reform plan in 2009.
When Ellmers finally told Geithner that “the point is we need jobs,” he responded that the administration felt it had “no alternative” but to raise taxes on small businesses because otherwise “you have to shrink the overall size of government programs”—including federal education spending.
|The Ticker||Daily Market Commentary|
|Cliff Ennico||The Right Way to Advertise Your Securities? Don't!|
|Chris Poindexter||A Short Supply of Confidence|
|John Ransom||Report: Boomer Fiscal Policies Lead World to Cliff|
|Mark Baisley||ACLU Attacks God and Children, Again|
|Lincoln Brown||Geithner's Big Idea: Small Business Should Be Smaller|
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 23rd, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Tuesday April 22nd, 2014 | John Ransom