President Obama’s Tax Hike & Excessive Regulations Holding Back Small Business Job Creation |

Small businesses are struggling because they have to contend with too many taxes and regulations,” Small Business & Entrepreneurship Council President Karen Kerrigan warned in an Associated Press interview this week.  At a recent hearing of the House Small Business Subcommittee on Economic Growth, Tax & Capital Access, several small business owners confirmed that the president’s small business tax hike and onslaught of excessive regulations are making it harder to create jobs.  As Doug Harmon, CEO of Twin City Die Castings explained:

“For manufacturers like me, this tax cliff or taxmageddon is a serious threat. Come January 1, 2013, some $500 billion in tax increases will hit the U.S. economy, which already suffers from a weak economy and an uncompetitive tax code. …

“Not knowing whether or not Congress will renew the [current tax rates] … is keeping many die casters and for that matter most manufacturers from investing as much as they could to grow their business, purchase new equipment and hire more employees. …

“Furthermore, if their taxes are increased, they will be forced to reduce wages and/or delay wage increases to their employees, as well as impacting their workers benefit packages.”   

Despite President Obama’s failure to lead, House Republicans are listening to small business job creators, and taking action to address the threat of a massive tax hike and blitz of burdensome regulations that are preventing them from putting more Americans back to work:

House Republicans are relentlessly focused on jobs, and will continue working to create a better environment for small businesses to grow and hire new workers.  President Obama ought to support that effort by calling on Senate Democrats to act on the nearly 40 House-passed jobs bills they are blocking, and working with Republicans to replace his sequester that threatens our economy and our security.