Thursday, June 23, 2011

Geithner: “No alternative” but to raise taxes on small businesses

Jun 23, 2011 By Dan Cleary

Rep. Renee Ellmers (R-NC) did a fantastic job yesterday making Treasury Secretary Timothy Geithner squirm in front of the House Small Business Committee. Geithner claimed there was “no alternative” but to raise taxes on America’s small businesses, unless we wanted to (gasp!) shrink government programs like education. So, rather than make even the tiniest reduction in the size of our bloated federal government, the Obama administration instead would rather raise taxes on job-creating small businesses in the midst of a horrific recession.

And what good would that do? Not much, according to the CBO, which just reported that our deficits would be unsustainable even with Clinton-era tax revenue.

Ellmers wasn’t buying Geithner’s mumbo-jumbo, and she even got in a little zinger at the end!