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Obama to veto extending tax cuts for those making over $250K

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    Small business owner Michael Fredrich speaks out

  • Duration 3:00
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Did you today seven hours and now counting of fiscal -- it's coming and so far -- we're -- -- a lot of rhetoric here.

Harry Reid's -- of the -- when Republicans talk about small business they are really trying to protect millionaires like Donald Trump news to my next guest who is clueless owner.

And says the Democrats have little wrong Michael what do they get a.

You know I'm not surprised at anything that comes out -- Harry Reid's mouth I'm really not but.

I you know does stop with that is.

Stop with the class warfare I mean to me Donald -- -- a man that should be admired I mean -- he's built a lot he's done a lot of good.

He's -- created jobs and this Abdullah find successful people in this country.

Is is enough I mean I've had enough of you have heard it -- through the whole election is now well I guess we're not done with it.

You don't part of what I think the senators saying what the president seems to be -- is that.

This fear that raising its operating again.

Will hit small businesses will not that it it's you know -- only that the top 3% I know.

In reality administration doesn't it is it affects that 40% of the jobs -- Leave that issue out but they're trying to equate it -- this is just something that would affect Donald Trump and not like guys that Q what do you say that -- That's that's not so I mean I've heard this -- in -- can we can keep repeating it that the majority of the small business owners.

Pay their chances in the company's earnings flow through to their personal tax return.

So far company makes 500000 dollars.

I again 500000.

Dollars worth of income on my tax return.

Which doesn't mean I get 500000 dollars worth the cash I don't get any cash but yet I have to pay any income tax on 500 thousands -- it.

And take the money -- -- -- pay the taxes but.

It affects every small business owner and yes you know you know we provide the majority of the jobs in this country.

Now do you think real quickly that the way around us.

Is to just keep the tax rates where they are let them hash this out in the new year.

Body either extending those rates and then getting a simplified tax code -- -- -- There -- gonna say it's -- we have a revenue issue and my answer to that is very simple.

You look back over the last 100 years in this country in every time we've lowered the tax rates we have increased tax revenue.

Why is that not on the table I mean president Kennedy did it President Reagan did it President Bush did it every time every time -- Tax income goes up you raise the tax rates you'll have lower revenue not -- -- Kind of always happens that -- these little Brussels and Washington and spend all last revenue and and one more -- but you're quite right Michael you're quite right.

Very good that -- there will -- works out.

OK -- -- slap in the meantime the president.

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