It is quite a stretch for President Obama to argue that he wants to cut taxes for small businesses. In reality, he is proposing to increase taxes on small businesses by around $49 billion.
President Obama has touted his treatment of small businesses repeatedly over the course of the campaign, and last week’s presidential debate was no exception. “I also lowered taxes for small businesses 18 times. And what I want to do is continue the tax rate — the tax cuts that we put into place for small businesses and families,” argued Obama.
While in the strictest sense it is true that the president has lowered taxes for small businesses 18 times, this does not accurately reflect the totality of his small-business tax policy. In fact, on net, the president’s policy proposals will inflict significant harm on small businesses.
Read the full article at The American.
Stan Veuger is a research fellow at the American Enterprise Institute.