Saying it was about “helping job creators,” Barack Obama pushed a tax hike on individuals making over $200,000 a year and families making over $250,000 a year yesterday.
A study of Treasury Department records shows that this tax hike would hit 1.2 million businesses that file taxes as flow-through entities on personal tax returns, and that these are specifically the types of businesses that create jobs.
This is in addition to the massive taxes and regulations coming into play with Obama’s Health Tax Law. But who needs jobs when there’s class envy, hate and warfare to spread in an election year?
According to the Treasury study, 4.3 million of these small businesses employed workers in 2007 (the most recent year for which data are available). The Treasury report shows that 1.2 million, or 28 percent, of them earned more than $200,000—the income threshold over which President Obama’s tax increase would apply. More importantly for job creation, those 28 percent of businesses earned almost all—91 percent—of the income earned by flow-through employer-businesses.
Yet, yesterday the President said “this isn’t about taxing job creators, this is about helping job creators.” Not exactly, Dubay says:
By pinpointing his tax increase on incomes over $200,000, Obama has maximized the detrimental impact that his tax increase would have on job creation. A higher tax bill would deprive the most successful flow-through employer-businesses of resources they would otherwise invest back into their businesses—and into hiring new employees.