President Obama spoke at Florida Atlantic University today to discuss the so-called “Buffett Rule” that would significantly raise taxes on American job creators. Unfortunately, his comments continued the class-warfare rhetoric that has come to define nearly all of his efforts regarding our tax system.
Nearly two-thirds of manufacturers file as individuals, and the proposed tax hike on businesses will have a seriously harmful effect on them. The President is selling this proposal as a tax on millionaires, but it’s really a tax on manufacturers.
Businesses need certainty in the tax code so they may plan for the future. Pushing for job killing tax increases only serves to throw our economy into disarray and creates yet another road block to growth. The President’s proposal is extremely unlikely to get through Congress and would hardly make a blip on the radar when it comes to our national debt.
The President needs to stop pitting American’s against each other and instead embrace comprehensive tax reform that the NAM has vigorously supported through our Four Goals for Economic Growth.
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