Graves: President Obama's Slam on Business Owners a Move to Prep Americans for Tax Increases
Jul 18, 2012 -
WASHINGTON – Rep. Tom Graves (R-GA-09) released the following statement on the heels of President Obama’s comments about business owners during a campaign speech on July 13.
In that speech, President Obama said, “If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business, you didn’t build that. Somebody else made that happen.”
As an entrepreneur and former small business owner, Rep. Graves contends the President’s statement was a political tactic to sway the American people to support his plan to raise their taxes.
“President Obama has things completely backwards. It’s the blood, sweat, and hard work of courageous Americans who have a dream and take a risk, starting a business and hiring workers who create the tax revenue for the federal government. And, that revenue then pays for infrastructure. It doesn’t just magically appear. Taxpayers foot the bill. Perhaps if President Obama had spent time working in the private sector; he would understand how it works.”
“The President has already cast his vision for America as one of debt, dependency, and an expansion of the welfare state. We know he wants to punish America’s job creators by increasing taxes. The problem is -- the American people aren’t buying what the President is selling. They’ve seen what three years of an Obama economy looks like, and they don’t like what they see. It’s clear his slap at business owners is an attempt to get Americans to buy into his plan to raise taxes. But, the American people are too smart for that.”
The current federal income tax rates expire at the end of this year. President Obama proposes raising taxes for households and businesses making more than $250,000 a year. A study released this week by Ernst & Young LLP states that allowing taxes to increase on high earners would result in the loss of approximately 710,000 jobs, costing the United States an estimated $200 billion in economic output. The study also found that, under President Obama’s plan, 2.1 million business owners would be subjected to higher tax rates and workers’ pay would be cut by 1.8%.