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News & Politics News & Politics

Business Leaders to Washington: Tax The Rich!

Posted by on Nov. 17, 2012 at 5:13 PM
  • 9 Replies


Business Leaders to Washington: Tax The Rich!

| Thu Nov. 15, 2012 7:23 PM PST

Not to be outdone by the pack of millionaires who swept through the nation's capital this week demanding higher taxes on the rich, two groups of business leaders are asking lawmakers for the same—becausethey didn't build that.

The American Sustainable Business Council and Business for Shared Prosperity, which represent hundreds of thousands of entrepreneurs, investors, and managers—people John Boehner had claimed would be hurtby higher individual tax rates—made their case to Congress in a letter. They are urging Congress to let the Bush tax cuts expire on incomes exceeding $250,000 and to "put that money toward programs that help the economy and business."

Signed by some 600 business owners and executives, the letter explains that it's not pretty when you starve the beast:

The large and growing budget cuts approved by Congress and supported by the President have had a severe impact on business, particularly micro and small business and job creation—reducing funding for infrastructure improvements, community economic development programs, housing, job training, and much more. America’s failing infrastructure is starved of funds and falling further behind our global competitors'. These cuts have hurt America’s small- and medium-sized businesses and our communities.

One of the signatories, Rhiza Labs' president and CEO Josh Knauer, piled on in a statement: "My business would be hurt far more by allowing the tax cuts for America's most fortunate to continue and instead slashing budgets for things like public education, research and infrastructure to pay for them." 

"Those who claim that tax cuts help small businesses are guilty of identity theft."

For historical evidence of trickle-down #fail, one need only look to the six years between the 2001 Bush tax cuts and the Great Recession—employment grew just 4.8 percent during that period, versus 16.2 percent in the six years following President Clinton's 1993 tax hike.

The groups also slam the GOP for making specious arguments on their behalf: "Those who claim that tax cuts help small businesses are guilty of identity theft." A recent Treasury analysis found that only 2.5 percent of small-business owners would pay more if the Bush tax cuts expired on high earners. And as my colleague Adam Weinstein recently pointed out, that 2.5 percent includes quite a few wealthy executives and investment firms.

"Wall Street wheelers and dealers would get no sympathy saying that ending the high-income Bush tax cuts would hurt them," Camille Moran, a Louisiana small-business owner and signatory to the letter, said in a statement. "So instead they pretend it would hurt Main Street small business and employment. Don't fall for it."

by on Nov. 17, 2012 at 5:13 PM
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Replies (1-9):
SallyMJ
by Ruby Member on Nov. 17, 2012 at 5:26 PM

And the hundreds of businesses large and small who have laid off thousands of employees since Election Day, or announced layoffs due to Obamacare, effective 1/1/13, agree - taxing businesses is exactly the right way to grow the economy and create jobs! - and eliminate Twinkies.

gsprofval
by Gold Member on Nov. 18, 2012 at 11:57 PM

“All the fiery rhetoric of the Founders was directed at a ‘tyrant’ who taxed his subjects at a rate of about three percent. Today, we in ‘the land of the free’ are taxed at about 50 percent when you add federal, state, and local taxes. What kind of government would do this? A dictatorship would.” – Doug Newman

_Kissy_
by on Nov. 19, 2012 at 6:57 AM
People with brains and a heart. Awesome
Posted on CafeMom Mobile
emeraldangel2.0
by on Nov. 19, 2012 at 7:27 AM


Quoting SallyMJ:

And the hundreds of businesses large and small who have laid off thousands of employees since Election Day, or announced layoffs due to Obamacare, effective 1/1/13, agree - taxing businesses is exactly the right way to grow the economy and create jobs! - and eliminate Twinkies.

Twinkies going under is the fault of Hostess. They have been going under for years. Since 2003, actually.


NancSBRN
by Bronze Member on Nov. 19, 2012 at 9:48 AM
1 mom liked this

It doesn't take a rocket Scientist to realize that 97% of small businesses would benefits from getting tax breaks and 3% would pay a little more in taxes.

As far as lay off I am sorry they where planned for some time no company just decides over night to do layoffs. This is always the time of year that this shitty stuff happens almost every year, there are some businesses that announce layoffs has more to do with the fiscal year then anything else.

I personally think this is a Knee jerk reaction from a bunch of big corporations that did not get their own way, and found out that they could not buy an election. The 30 Billionaires, and the Millionaires that back the GOP found out that America is not for sale to the highest bidder.

The Fact is If Congress wants to do the right thing they will make sure that the Middle Class and Small Business do not go over the fiscal cliff. Huge Corporation will always cover their own butts and do not need protection. It is Small business that will be the Job Creators in our Country, in your communities where the jobs are needed.  There has been a surge of small business created locally in Eugene OR, I would bet if you look at your own communities you would see the same thing. And when we shop local those dollars stay in your communities, instead of going to Share holder and Big Executive bonuses.

You aught to be worried about the Small businesses in your own communities and not these big corporatoins.







SallyMJ
by Ruby Member on Nov. 19, 2012 at 10:36 AM

Perhaps. But no one can deny the nail in the coffin was having their entire workforce play hooky for an extended period of time - meaning the company has had to pay employees for zero production - a double financial loss to an already financially struggling employer - a non-employer now. I bet unemployment payments are jawdroppingly less than a union salary with full benefits, minus 8% of pay - 8% less pay much better than 130% (including benefits). Good going, workers - the Hostesses now with the leastest. 

Quoting emeraldangel2.0:


Quoting SallyMJ:

And the hundreds of businesses large and small who have laid off thousands of employees since Election Day, or announced layoffs due to Obamacare, effective 1/1/13, agree - taxing businesses is exactly the right way to grow the economy and create jobs! - and eliminate Twinkies.

Twinkies going under is the fault of Hostess. They have been going under for years. Since 2003, actually.


emeraldangel2.0
by on Nov. 19, 2012 at 10:40 AM

so we're going to ignore the gross pay raise their executives gave themselves?

Quoting SallyMJ:

Perhaps. But no one can deny the nail in the coffin was having their entire workforce play hooky for an extended period of time - meaning the company has had to pay employees for zero production - a double financial loss to an already financially struggling employer - a non-employer now. I bet unemployment payments are jawdroppingly less than a union salary with full benefits, minus 8% of pay - 8% less pay much better than 130% (including benefits). Good going, workers - the Hostesses now with the leastest. 

Quoting emeraldangel2.0:


Quoting SallyMJ:

And the hundreds of businesses large and small who have laid off thousands of employees since Election Day, or announced layoffs due to Obamacare, effective 1/1/13, agree - taxing businesses is exactly the right way to grow the economy and create jobs! - and eliminate Twinkies.

Twinkies going under is the fault of Hostess. They have been going under for years. Since 2003, actually.




SallyMJ
by Ruby Member on Nov. 19, 2012 at 11:00 AM
1 mom liked this

Wow, sounds like you may be envious of successful people. I believe that falls under the the 10th Commandment. You do know economic envy is an unhealthy obsession, right - that leads elected leader and citizen alike, to a life of pickpocketing, under the guise of generosity and equality.  So you are advocating government-sponsored armed residential robbery. A longstanding American value, destined ultimately to turn America from a country with a free market economy to one with a state dictated one and perpetually high unemployment, where each generation's financial condition is worse than the one before. I seriously doubt that any Poles, Romanians, Hungarians, or Ukrainians who lived before 1989, Alexandr Solzhenitsyns, or Jews or intelligentsia under Nazi Germany would agree with you.

I think the important thing to realize is that if you were to today confiscate 100% of the wealth of job creators, it would run the government for about 80 days. And would cause those individuals to flee the country for those with less Machiavellian tax policies. Similar to killing the goose that lays the golden eggs. Sounds like a brilliant idea to me.

Quoting emeraldangel2.0:

so we're going to ignore the gross pay raise their executives gave themselves?

Quoting SallyMJ:

Perhaps. But no one can deny the nail in the coffin was having their entire workforce play hooky for an extended period of time - meaning the company has had to pay employees for zero production - a double financial loss to an already financially struggling employer - a non-employer now. I bet unemployment payments are jawdroppingly less than a union salary with full benefits, minus 8% of pay - 8% less pay much better than 130% (including benefits). Good going, workers - the Hostesses now with the leastest. 

Quoting emeraldangel2.0:


Quoting SallyMJ:

And the hundreds of businesses large and small who have laid off thousands of employees since Election Day, or announced layoffs due to Obamacare, effective 1/1/13, agree - taxing businesses is exactly the right way to grow the economy and create jobs! - and eliminate Twinkies.

Twinkies going under is the fault of Hostess. They have been going under for years. Since 2003, actually.




blues_pagan
by on Nov. 19, 2012 at 11:08 AM

Small business should definitely be given tax cuts and incentives to hire more people.  Big businesses and corporations need to have their tax loopholes taken away.  Taxing business is a double edged sword.  On one side you can not tax them but that takes away a lot of revenue that could be generated by the likes of those on Wall Street.  On the other you can tax them but then you hit the small businesses that are barely getting by as is.  

I say tax big business, tax the rich and cut the budget.  If you bring in more money and spend less that is a sure way of getting out of this mess.

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