President's budget plan for tax hikes, job creation gets mixed reviews
President Obama’s proposed budget has a significant focus on job growth, particularly among the nation’s small businesses. Policy and business leaders argue that the budget proposal would hinder rather than help this primary objective.
Sen. Chuck Grassley, R-Iowa, a member of the Senate Finance Committee, contends that the proposed tax increases on the wealthy will actually hurt job growth.
“I see a real disconnect between the administration’s stated interest in helping small businesses and creating jobs and the response my colleagues and I get when we try to drill down on the real-world effects of administration policies, including choking small business with higher taxes, new regulations and mandates, and restrictive lending,” Grassley said.
The National Federation of Independent Business (NFIB), a national small business association, also expressed skepticism of the president’s small business jobs and wages tax cut proposals.
“Unfortunately, there isn’t a quick fix for job creation,” said Susan Eckerly, NFIB’s senior vice president. “A well-intentioned tax credit proposal is not going to convince small business owners to add jobs if they don’t have work for those employees to do.”
Eckerly concluded that, “The bottom line is that these proposals, if passed, are unlikely to have a wide-reaching impact on job creation. The best way to spur small business hiring is for Washington to provide small business owners with certainty that the cost of doing business will not increase.”
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