- NFIB on the Fiscal Cliff:
“It’s unfortunate that some business leaders are so cavalier in asking the government to raise taxes on someone else – namely, on small business – while protecting corporate profits and Wall Street. Avoiding the fiscal cliff is critical, but America’s books should not be balanced on the backs of small business.” - LikesSee All
- Fox BusinessMedia/News/Publishing
- Ewing Marion Kauffman FoundationNon-Profit Organization
- Congressman Robert HurtGovernment Official
- Townhall.comWebsite
- Chairman Sam Graves on NFIB's Small Business Optimism Report:
"Hopefully the president takes note and chooses to address small business concerns, rather than pursue an agenda that has noticeably made entrepreneurs more pessimistic. As fisc...al cliff negotiations continue, I hope the president ends his campaign to raise small business taxes and instead focuses on tax reform and creating a more business-friendly regulatory environment."See More - Phil Gingrey in highlighting our table outlining how the President’s healthcare law will affect small businesses:
“Under President Obama’s health care law, small businesses will be hit particularly hard by higher taxes and onerous regulations.” - The NFIB’s small business optimism suffers its biggest one month drop since 1986; optimism rating is lowest in 3 years. This is another sign that small businesses continue to suffer as we approach the Fiscal Cliff.
- Flashback to July, 2011 when the President claims $1.2 Trillion in tax revenue can be accomplished by tax reform and not raising rates. If this was true last year what has changed?
- The House voted in a bipartisan manner to repeal the Medical Device Tax this summer. It is important to repeal this tax on job creators and I am encouraged to see my colleagues in the Senate agree that the tax will harm medical device businesses.
- POLITICO on the need for tax reform:
“The high rates, the confusion, the exemptions — is all further evidence that in order to have robust growth, America’s Tax Code needs to undergo comprehensive reform.” - Congressman Scott Tipton on the death tax and its affect on family run businesses:
"When a farm is passed from one generation to the next following the death of a family member, it can be extremely difficult to continue operations and pay ...employees when facing the crippling estate tax. Families intending to continue the family business and maintain valuable jobs should have the opportunity to do so without being crushed by a punitive tax measure."See More - Democrats “adopting a deliberate strategy to slow-walk Republicans to the edge of the fiscal cliff” while National Association of Manufacturers and Gallup show the cliff is already harming our economy and small businesses.
- Fiscal Cliff leading to negative outlook for small business:
“In a sign of deep pessimism about the economy, U.S. small-business hiring plans plunged to their lowest level in four years last month, a survey released Thursday said.” - Owner of Performance Polymer Solutions echoes what he told our Open Mic earlier this week on the impact of raising taxes on small businesses:
"What it absolutely means is less cash for growth in my business. In the worst-case scenario, it means we let someone go or have to reduce benefits." - Gallup: More small businesses expect to lay off workers than to hire in the next 12 months. Small business owners expect to add fewer new jobs over the next 12 months than at any time since bottom of the 2008-2009 recession.
- Chairman Sam Graves in The Hill Newspaper:
"The healthcare law has been a drain on private sector job creation, but our committee will strive to help America’s small businesses overcome their compliance difficulties. I want to help [businesses] be successful, no matter what the national regulatory climate is. With this report, we are trying to give them some tools to plan ahead.” - With the election over it is important for small businesses to know what to expect and learn how to comply with the Affordable Care Act. Click the link below to see the consequences of the law for small businesses.
- USA TODAY on the Republican proposal to avert the Fiscal Cliff:
“Obama and fellow Democrats would do well to treat it for what it is: a credible bid to start dealing with runaway deficits. In fact, it is superior to the offer Obama put on the table last week.” - Chairman Sam Graves on Reuters, don’t push small businesses off the regulatory cliff.
- The Wall Street Journal summarizes what small firms told us about the impact of tax rate increases on their small business.
- Small business owners shared how raising their tax rates to avert the fiscal cliff will slow their growth.
- Another example of the President’s plan to increase tax rates affecting small businesses: Colorado small business owner who takes home $70,000 per year shares with our Open Mic how he will be affected by plans to raise tax rates incomes over $250,000.
“I own an S-Corp that designs, installs, and commissions systems that provide cell phone and radio coverage inside of buildings. We have been doi...ng this for 12 years and finally reached the 250K profit margin that the President doesn't like. We used the money to pay off the loans that we had to take out to keep operating in this recession and keep our 6 employees hired. As a result, I am paying taxes as if I made more than 250K, but really only paid myself 70K. The result is we are broke, but I feel like I am being punished for working hard. It is hard to describe.”See More - Tulsa, Oklahoma small business on raising taxes on small businesses to avert the Fiscal Cliff:
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 pe...ople 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.See More - Texas small business owner to our Open Mic about being taxed on the income of her small business:
Yes, I had to pay taxes on $250K of income last year, but very little of that went into my personal bank account -- and I was working a full time consulting job last year in addition to managing our small business (because our small business can't afford to pay me enough). We certainly are not RICH a...nd we work a lot more hours than most people work to earn what we have. The profit we earned from our small business went back into the company to fund payroll and other investments for our growing business. If we don't grow, we'll go out of business. There is nothing quite as frustrating as having to pay taxes on money we don't actually have in hand. We're already working on a plan to keep our profits under $250K -- until Congress realizes that this type of policy is preventing small business from retaining the profits they need to reinvest in themselves and grow.See More - Huntington, West Virginia small business owner to our Open Mic on raising tax rates to avert the fiscal cliff:
“My small business just turned 10 years old. I am an electrical distributor specializing in wire and cable. I am an S-Corporation. The new taxes will keep me from hiring this year, even though I could use another employee. I pay more in taxes already than I take home. I, like many other small business owners, reinvest in the company and employees rather than taking the money for personal use. The new taxes are going to be very hard on my company. We cannot afford any more taxes or restrictions.” - Small business owners share how raising tax rates in a Fiscal Cliff deal will affect their business on our Open Mic.
- National Association of Manufacturers on the impact of the Fiscal Cliff:
“We’re going to lose jobs, we’re going to probably go into a double-dip recession, and it’s going to set us back about 10 years.” - via ABC News small businesses:
“not investing in their businesses or hiring” because of the looming fiscal cliff.” - The Wall Street Journal, manufacturing contracts for the first time in 3 years, Fiscal Cliff and possibility of tax increases are slowing growth:
“Uncertainty over the fiscal cliff is the big worry right now. People are taking any and all measures to reduce costs and risks.” - Chairman Sam Graves: GSA restructuring may result in fewer opportunities for small businesses to compete for government contracts.
- Read the Republican counter offer to the White House to avoid the Fiscal Cliff.
- Kevin McCarthy on increasing tax rates on small businesses:
“These businesses employ the majority of Americans and will be the most adversely affected by an increase in tax rates.” - Small business owner: Tax hikes on small businesses means fewer opportunities for middle-class workers.
"I’m a co-owner of a neighboring business and have witnessed the success and growth of the Rodon Group for more than 20 years. The comp...any has prospered because of great leadership, innovation and probably some good luck along the way, but largely because the family ownership has elected to reinvest the bulk of the business income to grow the company. The growth of Rodon is what has provided job opportunities for middle-class workers, and that’s what the president just doesn’t seem to understand."See More - The Washington Post on the ”maze of other fine points that small business owners are trying to decipher” in the President’s healthcare law and the incentives for small businesses to remain under 50 employees.
- Flashback to when the President wanted to cut $2.50 for every new $1 in tax revenue. His current proposal of $1.6 trillion in new taxes, no specified cuts and $50 billion in new spending is far from the balanced approach promised.
- The White House “not serious at all” in Fiscal Cliff talks. The Wall Street Journal reports that the White House is demanding $1.6 trillion in more taxes (including tax hikes on small businesses) and $50 billion in MORE spending “ no amounts or details on spending cuts.”
LIKE and SHARE if you don’t believe this is the “balanced approach” that was promised. - “We’ve Got Your Back” via Kevin McCarthy
- Founder of MADE Kids on the fiscal cliff tax hikes facing small businesses:
“I am legally established as a corporation, and earn a wage through my business. If they raise taxes in any form, the less returning investment I have.”
“We can p...robably get a higher return on investment than the government can. The hardest thing to do is save. Income for those in the middle class is disposable income. By taxing them more, you are taking food off their table. In my small business, I won’t waste it. The government will parade it.”See More - Fiscal Cliff tax hikes “will make it difficult for small, family businesses and entrepreneurs to hire new employees, potentially hindering growth and expansion”
- Dr. John Paglia of Pepperdine University on the Fiscal Cliff:
“Driven by real economics or fear, the consequences of inaction are grave for businesses – particularly small businesses. However, privately held small business owners do not ha...ve the megaphone awarded to politicians. If they joined the chorus, I’m sure they would say the best solution is resolution.”See More
I am committed in providing small businesses their “megaphone” to ensure their concerns are taken into account. - Chairman Sam Graves: GSA’s proposed contract restructuring will not improve efficiency or result in cost control, proposal "demonstrates a lack of understanding of how small businesses operate in relation to the federal market.”
- Chairman Sam Graves on being re-elected as Small Business Committee Chairman for the 113th Congress:
“I deeply appreciate this opportunity to serve and the confidence my colleagues have placed in me. I look forward to another productive tw...o years as Chairman of the Small Business Committee. The Committee will keep fighting for small businesses and working to protect them from too much government interference. The Committee will continue to solicit input directly from small business owners and seek solutions to their concerns. Thriving small businesses are essential to the strong economic recovery this country so desperately needs.”See More House Committee on Small Business asked a question.
- The Washington Post on the potential impact of Fiscal Cliff tax hikes on small businesses:
“So much of the discourse on the fiscal cliff has focused on the likely effects of rasing taxes on the middle class and the wealthy, which has overs...hadowed the bigger issue at hand: how to avoid raising taxes on the one vehicle that can get the economy moving — small businesses.”See More
“What policymakers fail to realize is that most small business owners, who also employ most of the country’s workforce, declare their business profits on the owner’s personal income tax return and are taxed at the personal income tax rate. Given that the net income number for many will be over $250,000, the proposed tax hikes could have a dramatic effect on small businesses and the growth and hiring decisions they will make.” - I stand with the 40 trade groups representing millions of small businesses in asking Congress to reform the tax code and not to raise tax rates on small businesses. Their letter is below:
“In taking on these challenges, we call on Congres...s to avoid raising marginal tax rates on employers, either as part of negotiations over the fiscal cliff, or as part of larger effort to reform the tax code. Instead, Congress should seek to enact comprehensive tax reform that simplifies the tax code and encourages economic growth for both pass-through businesses and corporations.”See More - The Pittsburgh Tribune-Review on Fiscal Cliff tax hikes:
“Taxes are definitely a concern. It’s going to affect all businesses” - I applaud the President for finally meeting with small businesses on the Fiscal Cliff. It is my hope that he takes their concerns on deficit reduction and taxation seriously.
- NFIB: Small Business Saturday led to $5.5 billion in sales. Did you participate and support small businesses last weekend?
- SBA Administrator Mills says she hasn’t heard of any small firms who strain to comply with Obamacare requirements, click below to see what small businesses have told us about their struggles to comply.
- The Wall Street Journal on the regulatory backlog that is set to hit the economy:
“This new regulatory flood will increase costs and uncertainty”
Small businesses pay a regulatory cost that is 36% higher than big businesses and need to be considered when regulations are proposed and implemented. - Subcommittee Chairman Congressman Scott Tipton in The Durango Herald:
“Small businesses are responsible for the creation of seven out of 10 new jobs (on average) in this country, and are vital to our economic recovery. ‘Small Business Saturday’ is a great way to get a jump on holiday shopping while supporting those community businesses, stimulating the local economy and strengthening Main Street.” - Via John Boehner, Small business owners express concerns over Fiscal Cliff:
"Possibly it would affect every business because people would have to be paying more in taxes and probably would not have as much disposable income to be shopping.” - NFIB on Small Business Saturday:
“America’s small businesses contribute to their communities in innumerable ways—creating half of private sector jobs, generating the revenue that spurs continued growth, and supporting the families they emp...loy; it’s no surprise that American consumers have a deep trust in, and admiration for, the small-business community. Small Business Saturday gives us a chance to show our appreciation and to help America’s job creators in a very real way, by patronizing small shops, restaurants and service providers. Anything that helps with sales is certainly appreciated by small-business owners, many of whom have struggled to stay afloat in a rough and uncertain economy.”See More - Last year 103 million people supported small businesses by shopping on Small Business Saturday, will you shop small business this Saturday? Take our poll above.
- via The Wall Street Journal: The Fiscal Cliff will increase taxes on 90% of American families, including many small business owners and reduce incentives for small businesses to grow. The Fiscal Cliff must be averted to avoid significant damage to our economy. This is also a call for tax reform, our taxation by temporary exemptions and provisions needs to be replaced by a system that provides certainty across the economy.
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