Dear Small Business, Have you any wool?
by Norman Adams on July 28, 2009 at 9:10 AM
The answer to that question is "NO" if you have gutted and flayed the sheep!
That is precisely the way President Obama's "economic plan" treats small business says Victor Davis Hanson in his essay "On Shearing Sheep":
Team Obama also talks of taxation as if it was slicing salami — a little slice here for new FICA taxes on income above $250,000 (or is it $200,000 or is it $150,000?), another little piece cut off for new income-tax rates of about 40 percent, an additional chop for a surcharge for health care, and then let the poor states have a go with more whacks for increased sales and income taxes. The result is that though each slice may seem tiny in itself, in the aggregate there is not much salami left. Paying out 50 percent of one’s income in taxes may not be socialism, but paying out 70 percent surely is.
For the wheat farmer, electrical contractor, and 20-person law firm, the strategic calculus now goes something like this: “I think I just lost about 20 percent of next year’s income to pay for more income, health-care, state, sales, and payroll taxes, so I won’t be buying that tractor, doing any more Saturday jobs, or hiring that new litigator.” Worse still, many may add, “I will begin reducing or hiding income, avoiding taxes, and dealing in barter to save my business — rather than paying for vast new dubious entitlements for someone else.” These reactions may be unfounded, even wrong, but they are based on logical conclusions nonetheless, considering the promiscuous rhetoric of taxation that emanates daily from the Democratic Congress and the White House.
Pity that Obama's intellectuals lack the common sense of a Victor Hanson.