Leaving aside an 11th hour ‘conversion’ by Obama to seeing the value of (some) tax cuts, the cuts he does propose are targeted, temporary, and will primarily only benefit big business.
This ploy to pretend he is suddenly for business will not affect the largest component of our economy- small business owners.
If we convert the ‘Bush tax cuts’ into the ‘Obama tax hikes’ on top of this, things will get even worse. Small business owners tend to file taxes as individuals. They may make $500K in revenue/income, but if you plow $450K of that back into business expenses and taxes, the actual $50K you might use to live on is not much.
The bad news is that their income falls into the hate-the-rich category that Obama uses as examples of morally bad guys that owe money to his unskilled, unproductive, and/or un-ambitious core-constituency.
The punishment of small business owners will be in the form of increased taxes for govt welfare, subsidies and general, short-term vote buying. They will still have no long term (critical!) incentive or confidence they can, or should, risk their money to expand their businesses. The only long term-anything that Obama and his like-minded Democrats will accomplish is long term damage to our economy and founding principles with their collectivism.
Note to the Prez: 70% of our jobs come from SMALL businesses! So how will this current ‘tax cut’ ploy and higher taxes in Jan2011 create jobs? They won’t. Again.
And we’ll continue to suffer economically as a country for their lack of wisdom and leadership on this issue.
Somebody in White House should tell the President: It’s the results, stupid- not the rhetoric.