Obama plan to lift top tax rates would plague millions of small businesses, study warns
Obama’s true intent with his raising of taxes on those who make $250,000 or more annually is to crush the middle core of this country which stands firm as the last vestige of production so as to instate neo-feudalism and the reign of the ulra rich over the extremely poor.
Make no mistake about it- Obama will raise taxes on the smallest of businesses but leave exempt all the ‘big boys’ like General Electric and the various corporations that folks like Warren Buffett own. This is outright market manipulation and hence a prime example of corporate fascism at its worst.
I say, tax Bill Gates, Monsanto, the whole of Wall Street, the Rand Corporation, J.P. Morgan Chase and Co., and others at a rate of 99%. Ruin these leaches but leave small business alone!
Grant J. Kidney
Washington Post — Should Congress allow the tax rates for the nation’s highest earners to expire at the end of the year, millions of small businesses could be forced to cut jobs and wages, placing an enormous strain on the already sluggish economic recovery, according to a new study.
A bitter debate has recently swept the Hill over the future of the Bush-era tax rates, which are scheduled to increase in January. President Obama has proposed extending the cuts for another year, but only for mid- and low-income families, allowing the cuts to expire for households that annually bring in more than $250,000.
Republicans, on the other hand, have beenpushing to extend the current rates for all Americans, many arguing that increasing the tax burden on the wealthy would put less capital in the hands of — and thus discourage investments by — those who run and help fund job-creating businesses.