Washington
(Dec 9)

Today, President Obama finally admitted that if the Democrats’ job-killing tax hikes are not stopped, “ Americans will see it in smaller paychecks that will have the effect of fewer jobs ,” just as Republicans have argued all year.  Unfortunately, despite the President’s admission that the looming tax hikes will kill jobs, many members of his party remain steadfast in their opposition to stopping the tax hikes - ignoring the will of the American people and putting their own agenda ahead of the need to prevent more American jobs from being destroyed.  Here is how Democrats’ job-killing tax hikes will have a devastating impact on America’s small businesses:
FACT: DEMS’ JOB-KILLING TAX HIKE WOULD AFFECT 50 PERCENT OF ALL SMALL BUSINESS INCOME :

According to a report issued by the Joint Committee on Taxation, the Democrats’ tax hikes will affect “ 50 percent of the approximately $1 trillion ” in business income reported each year. 

FACT: 750,000 SMALL BUSINESSES WOULD BE HIT WITH DEMS’ JOB-KILLING TAX HIKE:

According to a recent Associated Press fact check , the three percent figure cited by Democrats in defense of their job-killing tax hike “is statistically correct, but misleading.”  As the article explains, “that’s because the overwhelming number of small businesses are very small, even tiny.  And there are a lot of them - for instance, a house cleaner, a dog walker, an ice cream vendor, somebody who makes money selling things on eBay.  In reporting the raw numbers of tax returns that include business income, the Internal Revenue Service doesn’t distinguish between small homegrown businesses and far less common but extremely profitable ventures such as some hedge funds and doctor and lawyer partnerships.  That distorts the overall percentages and makes it appear that the impact of the White House plan on small businesses is extremely limited.  In fact, it would affect about 750,000 taxpayers who report business profits on individual income returns, according to the congressional Joint Committee on Taxation.”

FACT: DEMS’ JOB-KILLING TAX HIKE WOULD HIT SMALL BUSINESSES EMPLOYING 25 PERCENT OF THE U.S. WORKFORCE :

The results of an NFIB small business survey show that “the businesses most likely to face a tax increase by raising the top two rates are businesses employing between 20 and 250 employees. According to U.S. Census data, businesses with between 20 and 299 workers employ more than 25% of the total workforce.”

FACT: SMALL BUSINESSES ACCOUNT FOR 65 PERCENT OF NEW JOBS CREATED IN THE U.S.:

With the unemployment rate ticking up to 9.8 percent last month, leaving 15.1 million Americans unemployed, it is imperative – now more than ever – that small businesses be given the certainty and incentives they need to create jobs.  According to the Small Business Administration , “Small firms accounted for 65 percent (or 9.8 million) of the 15 million net new jobs created between 1993 and 2009.” 

A PLEDGE TO AMERICA .   According to a Gallup survey released yesterday, two-thirds of Americans agree that all of the job-killing tax hikes – scheduled to take effect in just 22 days - should be stopped .  Republicans are listening to the American people, and will continue pushing to permanently stop all the tax hikes, as called for in the Pledge to America .  Republicans understand that small businesses cannot put Americans back to work until Congress starts putting an end to the uncertainty that is making it harder to create jobs.  With the nation’s unemployment rate still rising and near 10 percent, Americans simply cannot afford any more needless delay.   As Speaker-designate John Boehner (R-OH) has stated , “if the lame duck Congress is unable or unwilling to cut spending and stop all the coming tax hikes, the new majority in January will.” 

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