A record 25 percent increase in the taxes against US small businesses — from costs associated with new health care law, to an increased Medicare tax, increased capital gains taxes and higher state and city taxes — is repealing any ability of these entrepreneurs to add jobs to their payroll.
And the numbers for New York’s small- to medium-sized business are just as harrowing.
By one estimate, the effective tax rate on the 26 million small businesses across the country — which in the past have accounted for more than half of the job growth in the US — has jumped to 50 percent from 40 percent, sucking valuable cash from the businesses.
These dollars could have been used to add to payrolls or make capital improvements — but instead will be siphoned off by Uncle Sam, state and municipal governments.
“The impact of these higher taxes and reduced hiring will be a recovery cycle that will be much longer, be slower to take hold and be without much job growth,” said Al Angrisani, founder and CEO of Angrisani Turnarounds and former US Assistant Secretary of Labor under President Reagan.
This nonsense about a “jobless recovery” is just that – nonsense. You can’t have a recovery without jobs, and the government is doing everything it can to prevent job growth. I guess it’s easier to control the population when the only employer left is the federal government …