RNC Women

The Democrat leadership in the U.S. House – the same leadership that led their party to electoral ruin at the polls earlier this month – signaled this week that they will not allow a single vote to extend the Bush tax cuts for every American during the lame duck session of Congress. 

President Obama and outgoing Speaker Nancy Pelosi have both argued that the looming tax hikes on families making more than $250,000 per year will affect fewer than 3% of American small businesses.  These numbers are either misleading and obscure the real issue.  As a pair of economists recently showed in the Wall Street Journal, 48% of the net income of small businesses goes to businesses and families that would see their taxes go up under the Obama and Pelosi plan.  

Even more damaging is the fact that small businesses are responsible for between 60 and 80 percent of net job growth, and small businesses employ over half the total labor force.  Raising taxes on these job creators will reduce capital investment and slow job growth just when we need it the most. 

The Obama Administration and the Pelosi Congress spent hundreds of billions of taxpayer dollars on failed stimulus programs that grew the debt but did little to spur job growth.   Now they want to allow a $700 billion tax increase to hit the very sector of the economy that can help get America moving again and get people back to work. 

The Democrats lost their majority in Congress because they failed to lead on the pocket book issues and refused to take the common sense steps to help our economy grow.  Now, it seems their majority will go out the same way it came in – with higher taxes, fewer jobs and more uncertainty for small business and investors.