President Obama has previously urged tax hikes on wealthier Americans, only to back down two years ago in the face of a brittle economy and a resistant and resurgent GOP. That won’t happen again he assured the country today in his first news conference since securing a second term last week. - Read more at The Fiscal Times
SMALL BUSINESS ‘DISSES’ GOP
Though House Speaker John Boehner, R-Ohio, and other Republicans have argued that small businesses would suffer most if the Bush-era tax cuts are not extended to the top wage earners in this country, small business owners say, in fact, that they’re more concerned about other provisions and cuts expiring at the end of the year.
According to a new Small Business Majority survey, the majority of respondents believe massive cuts to education, health care and infrastructure would be more harmful to the economy than raising the income tax rate on the wealthiest 2 percent.
The survey shows that small business owners are mostly focused on expiring provisions that would target their businesses, with 76 percent concerned about the expiration of the 2-percent cut in payroll taxes, and 81 percent worried about the reduction in investments that small businesses can expense, both slated to expire on Dec. 31. - Read more at Small Business Majority