Meet? Has the president even read his Jobs Council’s report? If he has, his mild obsession with a job-destroying tax hike on small businesses would be even more disturbing. With the president playing defense for insulting every entrepreneur in America, he has labored to reassure the country his tax scheme would not hurt U.S. small businesses. The president would have you believe his tax hike is only hitting the likes of Warren Buffet and Justin Beiber. Truth be told, as his Jobs Council points out, it would mean a massive tax increase on the very businesses we need to lead us to recovery:
“About half of business income now accrues to pass-through entities such as S corporations and partnerships; although the income of such pass-through entities is subject to tax at the individual level, it is excluded from the corporate tax.” – the President’s Council on Jobs and Competitiveness (Road Map to Renewal, Page 47)
In other words: many small businesses file their taxes as individuals, not corporations. Yup – right there in their report. As the Jobs Council alludes to, a full 53 percent of small business income is taxed through the individual code. So what would the president’s tax increase on small businesses mean for our economy? An estimated 710,000 jobs destroyed. Put us down as opposed.
It’s well documented that the president is at odds with his hand-picked advisory group of job-creators. On everything from regulations to corporate tax reform to energy production, he has thrown cold water on their recommendations (which mirror GOP solutions). But with 8.2 percent unemployment, the president can’t continue to keep their ideas shoved in a locked drawer somewhere. The 191 days since he last met with the Jobs Council is far too long – maybe he can start by simply reading the report he asked them to produce.