Hendricks County Flyer, Avon, IN

Columns

November 14, 2008

Advice for Obama: Eliminate small business taxes

I have a plan for how to fix the economy. It’s a little strange sounding at first, but then, most simple ideas are.

I think President-elect Obama should declare a complete and total moratorium on taxes for small businesses for at least two years, until the economy begins to recover. No payroll taxes, no capital gains taxes, no income taxes. None.

Our government is currently considering yet another bailout for yet another failed industry. This time, it’s the American auto industry, which slit its own throat by ignoring its labor costs and trying to market unappealing, unsustainable products to consumers who were showing clear indications that they wanted something else.

As they ask the government for billions in bailout money, we’re hearing the same arguments we heard with the banks — these businesses are too big to fail. The three million jobs they supply to Americans are too many to let disappear.

Maybe. But as long as we’re throwing chunks of the government’s revenue at the economy, how about we throw it at the body responsible for nearly 80 percent of America’s jobs? That would be small businesses, which create 78.9 percent of all new jobs, according to the Small Business Association.

And under my plan, we wouldn’t be giving money away to failed, irresponsible businesses that the market is actively trying to kill off. We’d be giving relief and opportunity to businesses which, by definition, are doing well — start-ups, entrepreneurs, and rapidly growing companies. And if they don’t do well, no amount of tax relief will save them anyway.

Entrepreneurs are the driving spirit of this country, and of the economy. It is from small businesses that innovation comes, and it is from small businesses that our Next Big Things come. We should make it as easy for those businesses to thrive as possible.

But just like with the big bailouts, this shouldn’t be a blank check for people who don’t need it. I would go even further than Obama in limiting the tax moratorium. Where he limits his tax cuts to the 98 percent of businesses and individuals making less than $250,000, I would suggest limiting the moratorium to businesses with fewer than 20 employees, plain and simple.

Just as Obama’s tax plan reflects, we shouldn’t be in the business of pampering thriving companies. We should be in the business of encouraging new ones.

Now, this may seem like an odd suggestion for Obama, whose tax plan was accused of being harmful to small businesses. But in fact, Obama already has special considerations for small businesses built into his tax plan, which he tried to explain in his now-famous conversation with Joe the Plumber.

According to Obama’s platform, these considerations include a 50 percent tax credit to help cover costs on things like employee health care, and the complete elimination of capital gains taxes for small businesses.

So already, it seems as though the president-elect is kicking around the same sorts of ideas that I am. This is good news for my plans to run for president in 2016. But the problem is, during the PR wrangling of the election, Republican spin masters — including Joe the Plumber — convinced a lot of people that Obama wants to take everyone’s money and give it to communists in the Middle East.

A gesture like a total moratorium on small business taxes would go a long way to shore up confidence in investment, not to mention confidence in Obama’s economic prowess.

And if the recent skittishness of the stock market is any indication, it seems as though investor confidence is the end-all, be-all of our markets.

Powerful, simplistic messages may be the best weapon we have to calm a fretful economy.

— Mark Casey is a freelance writer from Brownsburg and winner of the Flyer Idol competition.

Text Only
Columns
  • holmes.jpg ‘Dixie Swim Club’ is fun for all

    When I headed out to Beef & Boards this weekend to see “The Dixie Swim Club” with my mother, I thought it would be one of those fun shows to watch with your best gal pals. Boy, did I get a pleasant surprise.

    January 16, 2012 1 Photo

  • From the bench ...

    A judge sentencing a criminal defendant takes many factors into consideration. I cannot describe them all in one article, so this article will have a sequel.

    November 7, 2011

  • Holmes, Brenda.jpg Donation gives boost to this volunteer

    Most people I come into contact with know that I am a board member for Susie’s Place, Hendricks County’s Child Advocacy Center.

    October 25, 2011 1 Photo

  • From the bench ...

    I have written prior articles on sentencing alternatives, meaning a sentence other than prison.

    April 29, 2011

  • From the bench ...

    Who was on probation last year?

    April 19, 2011

  • Senior moment: Folk songs and my heart

    Once again, PBS has inspired me. I love the pledge weeks when it lures me into giving them my money. It seduces me by giving me what I want — great music and TV shows from my youth.

    March 18, 2011

  • Technology takes on tedious tasks

    Gosh, what difficult lives we lead. We get up in the morning, take a shower, drive to work, do our jobs, drive home, do some housework, cook dinner, take the kids to activities, and go to bed, only to start over the next day. If only someone would develop a way to make life easier.

    March 11, 2011

  • Let sleeping woolly mammoths lie

    Several gazillion years ago, dinosaurs roamed the earth. In case you are unfamiliar, they were very large animals with very small brains. Then they became extinct.

    January 21, 2011

  • lib carter, joanna.jpg Download a book or song ... free and fast

    If you were out and about during the holiday season you probably saw a few people cheerfully gazing into the glow of their smart phones or tablets. They were busy and on the go, checking work e-mail, texting friends, listening to music, or searching for the closest Thai restaurant.

    January 17, 2011 1 Photo

  • In the event of an emergency, whip out your bra

    Emergency! This is not a test. Please remove your bras and place them over your face.

    October 12, 2010

Facebook
Twitter Updates
Follow us on twitter
Follow me on Twitter
Poll

Has Indianapolis done a good job of hosting the Super Bowl?

Yes
No
Not sure
     View Results
AP Video
Pop Music Superstar Whitney Houston Dies at 48 Police: Houston Found Dead in Her Hotel Room Paul Suffers Narrow Loss to Romney in Maine Recording Superstar Whitney Houston Dead at 48 Maine GOP Chairman Says Romney Wins Caucuses Palin Brings Anti-Washington Message to CPAC Obama Scraps Birth Control Mandate US Airmen's Killer Sentenced to Life in Germany Navy Names Ship for Gabrielle Giffords Raw Video: Deadly Blasts in Syria Romney Slams President Obama at CPAC Gingrich: Pres. Obama 'waging War on Religion' 5 Killed in Wrong-way Crash on I-10 in La. Uzbek Man Pleads Guilty in Plot to Kill Obama Denver's Largest-Ever Drug Bust Nets Dozens Marines: No Punishment for Nazi-like Flag Vets Look to Translate Military Skills Into Jobs Raw Video: School Bus Burst Into Flames LA School Reopens Amid Sex Abuse Scandal $25B Settlement Reached Over Foreclosure Abuses
Community Calendar
Loading…
Events by eviesays.com
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Popular Searches
Powered by Local.com