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National Federation of Independent Business member reacts to tax cut battle
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The latest survey out the NFIB.
Indicates now.
That small business optimism is at its lowest level since October.
80% of the small businesses surveyed said they aren't gonna make any hiring changes anytime soon and even more than that say that they're not going to be hiring.
Any time soon.
So here we have a situation with the economy is stalled.
And there is a lessening of confidence each and every -- and what does the president did he doubles down on his own.
Failed policies.
That was just moments ago the house majority leader Eric Cantor way to end.
Republican lawmakers are now blasting president Obama's push.
To raise taxes on high earners those making over 250000.
Dollars a year because they say that it will hurt.
America's small business owners out there the President Obama says that he -- always been focused on helping small businesses here's what he says about that.
-- -- -- Folks who create most new jobs in America are America's small business owners.
And I've cut taxes for small business owners eighteen times.
-- -- -- The president says he wants to extend the bush tax rates for families earning under 250000.
Dollars that move.
Would affect 3.5.
Percent a small business owners.
But while that figure may seem small that 3.5 percent actually counts for more than 50%.
Of the one point three trillion dollars that are earned a -- small businesses so it's a small percentage but it accounts a lot of business in this country.
I am very happen to be joined now this morning by Marty David -- who is a small business owner.
He's also CPA and tax attorney Marty welcome good to have you here this morning good morning.
You know I've heard the president say that quite often you know in his own defense he says look I have done great things for small businesses in this country.
I've cut their taxes eighteen times are you feeling that -- your business do you know what the benefit of those cuts.
Well some of those cuts most of those cuts I'm not feeling but some of them I am.
There was a cut that it took care of allowing me to deduct health care insurance against my Social Security taxes.
And that was something that from the white house conference on small business in 1996.
Was -- -- most important issues and that has helped a lot of the other cuts are.
Temporary cuts.
It.
One is for health care.
But I have to have -- average wage is under 50000 might I pay my people better than that.
Know it you know what's reaction sort of in general -- to the president sort of looking a small businesses saying I'm pretty dumb I'm gonna do for you guys I mean.
How do you feel about that.
Well I feel that that small business needs a really big kick.
We need we need capital we don't necessarily need tax cuts they're always nice.
We certainly don't need tax increases but we need capital we need the the rather than jobs credits we need.
Capital -- we need the government -- and say we're gonna do hundreds of thousands of loans to small business.
Over a seven year period three or 4% tax rate and allow them even if they don't have perfect credit will give people have no credit.
Money is what gets people hired not just job -- You know when you look at this over 250000.
And that they reaction from the Republican side was that you know that's gonna heard a lot of small businesses.
And then Democrats jumped on that.
And they say oh no it is in -- that number actually includes a lot firms and hedge funds will what is your take on that will it affect a lot of -- business says what he's just done.
Well it depends where -- -- -- 250000 in New York City is different than 250000.
Shore in the midwest.
It it will affect.
It's small business reinvestment and a look fact.
Our leisure spending by slump -- into the -- now.
The tax cuts combined with the three point 8%.
Three point 8% that's gonna come -- the health -- plus another point 9%.
It's gonna be eight point 3%.
Increases which is a 23% increase -- the base.
That's a huge laughing prefer for small business and -- they economic locomotive as you indicated the beginning there aren't in my opinion.
If it's gonna slow down a little bit especially from 250 to 500000 in those businesses maybe a threshold need to be at a million not 250.
It seems that it in a small business owners that I speak with talk about the overall climate.
A lot that that they're concerned about how can -- concerned about regulation and that may be why we see this optimism index for small business owners that came out today.
At its weakest since.
I believe -- since.
Last October.
It's at 91 point 4%.
You know when you talk to other small business owners things really tell you why pretty depressed -- optimism that well I.
Not seeing -- -- -- -- a -- something summer optimistic summer pessimistic but when I'm -- in hiring that I'm able to hire people better now -- only three months ago.
Three months ago I ran ads and got no qualified candidates I just recently ran -- a week or two ago I got three great candidates.
-- that I mean that that's an improvement.
By the say it would show that more people are seeing a bad economy and therefore more willing to come where candy.
Rather rather earlier there was a little harder to find employs Sonya I think I think I did some satellite business -- doing well but some are are feeling the pain.
Lesson number one thing that you think that that you know the president.
Or governor Romney who would like to be president that they could do to sort of -- the engines of business in this country.
Provide low interest long term loans for small businesses to buy stuff.
To buy -- hard hard hardware and technology right.
-- -- -- a good luck TO -- in your business is very nice to have -- today thanks so much welcome.
