Seeman/morguefile.com
Part of the American dream is to become an entrepreneur, to own ones business, work hard and then enjoy the fruits of their labor. Obama is smashing that dream by aiming his tax program against the 3 million high-earning families and business by making them the tax goat.
Many small business owners are wary as they watch Obama's initiatives which is targeting them. They are expecting that somewhere in the health care overhead small business will be asked to carry the burden, something he talked about during the campaign.
According to the Washington Post (04/27/2009), there will be new limits on the ability of corporations to automatically defer U.S. taxes on earned income overseas, repeal of a form of inventory accounting that tends to reduce business taxes, and a mandate that investments partnerships pay the regular income tax rate instead of the lower capital tax gains.
Many small business families make much less than 200,000 a year, however there are 750,000 taxpayers that will face the higher taxes imposed by Obama. The result will be that there are the business owners who will cut their spending, lay people off and hire few employees.
The irony is that many of these business owners voted for Obama, not bothering to read or listen to his plans to tax small businesses. It might have been until the tax season arrived and they sat down with their accountants and realized what they had done to themselves.
Anyone looking at the empty store fronts where business have been hit by the recession and remembering how many people these small operations employed one can only wonder if taxing the small business that are left will soon follow.
Unfortunately, many of those applauding the additional taxes on these small business may soon learn that instead of giving them a job and paying their wages, that small business owner will be giving the money to the Obama government.
For more articles
Obama creating communal society to replace free enterprise
Obama's plan for America: a political class and a lower class
Tax increases coming to many U.S. states
Obama creating the next Great Depression?
Millionaires get fewer IRS audits?
Bailed out companies owed millions in back taxes
Obama's tax hike on $250,000 could create job losses
Obama rewards losers, taxes winners
Want to read more articles by the National Watchdog Politics examiner?
Subscribe at the top of this column to receive e-mail updates.
Want to add a comment?
Previous articles by examiner Watchdog Politics
Comments
Somewhere in the middle of the political race, "We the people" got lost. The would-be dictator cares less about those he was suppose to help than any president before him. If we are fortunate enough to have another election, in this country, people will 'hopefully' pay more attention to what is being said and who is making the promises.
i still cant wrap my head around the fact that people ACTUALLY voted for this man.he was supposed to "change" this country and thats all anyone cared about...well he sure is "changing" America: but, certainly not for the better. i feel like America is completely losing ALL of its values and we as the American people aren't taking our place as a self-governing society and DOING SOMETHING ABOUT IT. our government was founded by we the people, a hard working group of persons who werent afraid of giving a little elbow grease, their time, and some honest to God compassion for the good of the future generations. our country has not been like that for a very long time. we have people that would rather live on welfare than to put forth an effort and become a functional part of society. we have people thinking that its ok for the government to step in and take away hard earned success from people that have struggled all their lives to earn that business. we should be giving these businesses a taxbreak! NOT AN INCREASE!!! these businesses are what keep America going...not everyone works for multi-billion dollar corporations! when you raise taxes on a business, the first thing that happens is the hours of the workers get cut as well as the price of your merchandise DO YOU UNDERSTAND??? HIGHER TAXES IS FEEDING A RECESSION, not helping an economy.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!