Now let's take a look at the people being held captive, the people caught in Obama's tax the rich scheme, the people being held hostage to a plan that would fund government for eight whole days.
A number of news reports, polls and headlines I have come across while researching who would be affected by Obama's proposed tax hikes, plus those already struggling with the taxes they are already paying now, when seen together, show the massive amount of middle income Americans and small U.S. business owners that will be caught in Obama's tax the rich death trap.
The rest of America is being held hostage by Barack Obama.
These are the people that Obama isn't talking about but who Republicans are highlighting in the battle to prevent going over the fiscal cliff.
In the first post this morning, we saw Gallup's latest release showing that U.S. small business owners are pessimistic post-election, with the Wells Fargo/Gallup Small Business Index plunging to -11 in November from 17 in July. This is the most pessimistic that owners have been about their operating environment since July 2010
In that same Gallup survey they found that The Future Expectations Dimension of the index, in which owners rate their expectations for their business over the next 12 months, fell 19 points to -1 in November. Small-business owners' future expectations are at their lowest level since July 2010, when this dimension stood at -2.
U.S. small business owners are the life force of the nations economy, many of which file their taxes as individuals and would be caught in Obama's "tax the rich scheme".
Those small business owners are caught in Obama's tax the rich death trap.
George Haynes of Montana State University, who has conducted much research on small business using the SCF, took a look at the employment of small business owning households for me. In the 2007 SCF, his analysis showed that small business owning families earning more than $250,000 per year employ 93 percent of the people working in small businesses.
The message from these different data sources is clear: Letting the Bush tax cuts on households earning more than $250,000 per year won’t affect very many small business owners – just the ones who employ the vast majority of people working in small companies. (Source)
Obama is giving a lot of speeches lately where he highlights that letting the tax cuts on households earning more than $250,000 expire won't effect the majority of businesses, but what he hides, never mentions, is the rest of those findings, where those are the people that employ 93 percent of the people working in small businesses.
Those 93 percent of the people working in small businesses are caught in Obama's tax the rich death trap.
According to a study done by Ernst & Young, in an effort to predict the long-term economic impact of letting the top rates increase at year’s end, determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs. (Source- Washington Post)
Those 2.1 million business owners are caught in Obama's tax the rich death trap.
Then we hear Obama and Democrats say "it will only affect 3 percent of business owners.
From that same Washington Post article:
But Denny Dennis, NFIB senior research fellow, says those figures are based on “the absolutely most expansive” definition of small business, which includes marginal and part-time firms with no workers. By looking solely at businesses that have employees, he cited Department of the Treasury data that suggests the percentage of small companies paying the top two rates increases to as high as 24 percent.
Those 24 percent of small companies that actually employ people, are Obama hostages.
So, Ms. Blake, small business owners responsible for employing 93 percent of workers that work in small businesses, 2.1 million business owners, 24 percent of small companies that have paid employees, are all caught in Obama's tax the rich death trap for a plan that would fund government for eight days.
The rest of America, not mentioned above, are being held as Obama's hostages.
Related:
Boehner responds to Obam's unserious, laughable, fiscal cliff proposal.