Today Barack Obama's administration is going to announce plans to aid small business owners. Great. I think we all can agree that small business owners are the driving force in this economy, considering the fact that there are 27 million small businesses in the U.S. that employ more than 40 million workers.
From Barack Obama's $787 billion stimulus package, $730 million will go towards reducing small business lending fees and increasing government guarantees on some Small Business Administration loans to 90%. Along with this, $10 billion will go toward unfreezing the secondary credit market.
First of all, just like the rest of the $787 billion in this stimulus package .. the money has to come from somewhere. And that "somewhere" would be you, the taxpayers. There's a better way to stimulate small businesses by allowing them to keep more of the money they would otherwise pay in taxes .... But we know that the FairTax isn't on Obama's radar. It would allow the people too much power, and strip the power from the imperial federal government. If the politicians don't make you more dependent on them, then they are out of a job.
Moving right along ... while Barack Obama introduces this package to aid small business owners, hasn't he already promised to raise taxes on these very people by 2011? Obama plans to raise income taxes on people earning over $250,000 a year, the very small business owners who claim their income on their personal tax returns. In fact, half of the people earning over $250,000 a year are small business owners. So, while aiding them up front, those gains will be slashed once the government demands more of their earnings in just a few years time. We'll be right back to square one.