Obama’s Jobs Plan and a Video
It is common knowledge that American business owners and managers are sitting on billions that could be invested in projects that would create jobs.
I ran my own business for 13 years; I have some idea of what a business owner considers when evaluating whether or not to make an investment that, as a side effect, will create more jobs.
The thousands of new regulations and the dozens of new taxes are having a massive dampening effect on this type of investment. Temporary gimmicks, like reducing the payroll tax on employees only and extending the Bush tax cuts only for a limited time, have no effect. Business owners want some certainty about the future environment, and all they see are the continued imposition of new regulations and the continued attempts to add new taxes and tax increases.
It is virtually impossible today for an entrepreneur to start a new business, as I did in 1968, because of the stifling and unnecessary regulations that are in place.
President Obama is being devious, or he simply has no conception of how business and our economy works!
This is what business owners face right now (21 new taxes):
1. A 156 percent increase in the federal excise tax on tobacco
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014)
3. Obamacare Employer Mandate Tax (takes effect Jan. 2014)
4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013)
5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018)
6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013)
7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011)
8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011)
9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013)
10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013)
11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013)
12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010)
13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013)
14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010)
15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately)
16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010)
17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014)
18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013)
19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012)
20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately)
21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately)
All tax information summarized from the Americans for Tax Reform website.
This whole mess isn’t a bit funny, but we all need a laugh sometime. Watch this Obama impersonator for some laughs: