While President Obama meets with big business CEOs today, Republican leaders are meeting with a group of small business owners who will get hit if President Obama raises tax rates instead of cutting spending. From The Hill:
“The Wednesday meeting will discuss the negative ramifications allowing the top-earners’ tax rate to expire would have on small businesses -- many of whom file as individuals.
“The small business owners set to meet with GOP lawmakers would have their taxes raised if Congress fails to act before January 1st. Republicans hope to contrast their meeting with small business owners to Obama’s recent talks with CEO’s from large corporations.”
The president’s plan for raising tax rates would hit nearly one million small businesses across the country, and destroy hundreds of thousands of jobs.
The House Small Business Committee has collected stories from several small business owners highlighting the impact higher tax rates will have on their ability to grow and create jobs. For example:
“The Fiscal Cliff, i.e. higher taxes, along with ACA is the only reason we decided to back off constructing a new building and expanding our business. The President thinks that those making over $250,000 can do more than we already do. First, how about the fact that I provide good jobs for over thirty people with benefits. Second, I don't believe that there are only 2% of small businesses that fall into this category. I would say most small businesses are S Corporations which means that company profits flow into their personal incomes. In my opinion, the President's plan is a perfect disincentive for companies to be more profitable and successful.”
- Clifford Laverty (Tulsa, OK) Total Radio, Inc. -12/3/2012