Thanks to Jason Becker of Orlando Florida for his letter in The Wall Street Journal today, reacting to last week’s op-ed by John Engler of the National Association of Manufacturers and Jerry Howard of the National Association of Home Builders on taxes. Letting business owners keep their income is NOT a cost to the federal government, Becker reminds us. From his letter, “They’re Not Taking Money Away From the Government“:
Democrats have suddenly become creative in generating ideas that let tax rates on the rich go up in exchange for other tax “giveaways.” Virginia Sen. Mark Warner, for example, proposes letting upper-income rates increase, but he dangles in front of business owners a more generous research-and-development credit, more generous business expensing and fine-tuning of depreciation allowances (in effect, giving businesses back the $65 billion that the federal government takes in higher income taxes). Other bipartisan groups are proposing more fundamental tax reform, with one group urging a 6.5% national sales tax in exchange for lower income tax rates. However, as Mr. Engler and Mr. Howard argue persuasively, what’s most needed right now is a simple, pro-business agreement to let all income tax rates stay exactly where they are for at least another two years.
Tax-planning certainty is a prerequisite for small-business confidence and the side benefit of keeping $700 billion of private earnings out of the hands of Washington isn’t so bad either.
The Engler-Howard op-ed is “Tax Hikes and the Small Business Job Machine.”
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