Taxing small-businesses and their owners to pay for health care “reform” will undoubtedly lead to higher unemployment and lower productivity. This AP report, which details the plans being bounced around, notes that small businesses “tend to be the ones that employ the most workers, according to data from the National Federation of Independent Business.”
Other interesting facts from the report:
For a family of four making $450,000 a year, the initial tax increase would be $1,000, according to the Deloitte analysis. But for the super rich, like a single filer making $5 million a year, the tax increase would be $452,000.
This year, 47 percent of filers won’t owe any federal income taxes — including some families making as much as $50,000 a year, according to separate projections by the Tax Policy Center and Deloitte Tax.
“Right now, if you are middle class or below, you are not expected to help pay to solve these problems,” said Stretch, the tax policy adviser.
The bulk of such “reform” (the substance of which is dubious at best) will be paid for by the wealthy — those who typically create jobs. The expected result is naturally less job creation — something highly undesirable at any time, but a prospect that is especially troubling in a time of recession where unemployment is already high.
There’s only so much the goose can take.