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Small Business Report: 11/17

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    President Obama stands strong on tax hikes as fiscal cliff looms

  • Duration 1:31
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In his first press conference after the election President Obama said he is willing to compromise with the Republicans on a deal to avoid the fiscal cliff.

But that it must include more taxes from families making more than 250000.

Dollars a year.

Including entrepreneur -- who make that much or more.

The budget battle centers on whether and how to extend all of the bush tax cuts before they expire at the end of the year.

The president said he wants to extend them for middle class families but -- not extend them for wealthier taxpayers.

Most important step we can take right now.

Think the foundation for.

A deal that helps the economy creates jobs.

Gives consumers certainty which means gives businesses confidence that.

They're gonna have consumers during the holiday season is if we -- away to -- 90% of Americans are not gonna see their taxes go.

97%.

Of small businesses are not gonna see their taxes go -- The problem with raising tax rates on the wealthiest Americans.

Is that more than half of them are small business -- We know from Ernst and young 700000.

Jobs would be destroyed.

We also know of that it was slow down our comments.

-- -- -- Republicans are open to higher tax revenues as part of a fiscal agreement as long as they come from tax reform and not.

Higher tax rates.

That's it for this edition of the small business report.

I'm Peter Barnes Fox Business Network.

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