Huge 25% hike for small businesses kills New York jobs
New York Post ^ | 04/04/10 | JOHN AIDAN BYRNE and RICHARD WILNER
Posted on Sunday, April 04, 2010 9:06:43 AM by AtlasStalled
America's jobs growth engine is being choked to death.
A record 25 percent increase in the taxes against US small businesses -- from costs associated with new health care law, to an increased Medicare tax, increased capital gains taxes and higher state and city taxes -- is repealing any ability of these entrepreneurs to add jobs to their payroll.
And the numbers for New York's small- to medium-sized business are just as harrowing.
By one estimate, the effective tax rate on the 26 million small businesses across the country -- which in the past have accounted for more than half of the job growth in the US -- has jumped to 50 percent from 40 percent, sucking valuable cash from the businesses.
These dollars could have been used to add to payrolls or make capital improvements -- but instead will be siphoned off by Uncle Sam, state and municipal governments.
"The impact of these higher taxes and reduced hiring will be a recovery cycle that will be much longer, be slower to take hold and be without much job growth," said Al Angrisani, founder and CEO of Angrisani Turnarounds and former US Assistant Secretary of Labor under President Reagan.
(Excerpt) Read more at nypost.com ...
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And people wonder why small businesses hate this admn like no president ever before?
