An op-ed in yesterday’s Wall Street Journal lays out one of the best cases I’ve seen about why small businesses are concerned – and rightfully so – about higher taxes. Most folks aren’t aware of the excessive burden that small manufacturers already face – payroll taxes, unemployment insurance taxes, federal and state income taxes. Now they’re facing a myriad of increased costs related to the health care bill such as onerous new reporting requirements and higher health care premiums. Add on to that the expiring rates from 2001 and 2003 and the numbers get downright scary. That’s why businesses aren’t hiring – and it’s why Congress needs to wake up and take action to keep rates low.
The op-ed is “Why I’m Not Hiring” by Michael P. Fleischer, sub-headlined, “When you add it all up, it costs $74,000 to put $44,000 in Sally’s pocket and to give her $12,000 in benefits.”
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