{"id":3148,"date":"2011-06-24T18:20:13","date_gmt":"2011-06-24T22:20:13","guid":{"rendered":"http:\/\/blog.beliefnet.com\/watchwomanonthewall\/?p=3148"},"modified":"2011-06-24T18:20:13","modified_gmt":"2011-06-24T22:20:13","slug":"geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html","title":{"rendered":"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn’t \u2018Shrink\u2019"},"content":{"rendered":"

Watchwoman Observation:<\/strong><\/span> I am incredulous! \u00a0This is the idiot without any brains on how to help the USA provide jobs. \u00a0Geithner thinks that taxing small business, the very backbone of the USA, must be done so that you can be out of a job! \u00a0Sixty-four percent of jobs that are created in this country are for small business.\u201d \u00a0Obama appointed this idiot! \u00a0How will the USA ever come out of this recession\/depression with idiots like this in charge. \u00a0How? \u00a0When the USA recognizes that it needs God’s blessings! \u00a0As long as the USA legally murders the unborn, God will never bless this nation with great and good\u00a0righteous\u00a0leaders having wisdom how to cause the USA to prosper. \u25ac Donna Calvin<\/strong><\/p>\n

Thursday, June 23, 2011
\n<\/span>By\u00a0Terence P. Jeffrey<\/a> <\/span><\/h1>\n
\n

 <\/p>\n

\n

<\/strong><\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

<\/p>\n

\"\"
Geithner (75th United States Secretary of the Treasury, Assumed office January 26, 2009) with Secretary of State Hillary Rodham Clinton at the opening session of the first U.S.\u2013China Strategic and Economic Dialogue on July 27, 2009.<\/figcaption><\/figure>\n

<\/strong> <\/strong> <\/strong>(CNSNews.com<\/a>)<\/strong> –\u00a0Treasury Secretary Timothy Geithner\u00a0told the House\u00a0Small Business Committee\u00a0on Wednesday\u00a0that the Obama administration\u00a0believes\u00a0taxes on small business must\u00a0increase so\u00a0the administration\u00a0does not have to \u201cshrink the overall size of government programs.\u201d<\/p>\n

The administration\u2019s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year\u2014including businesses that file taxes the same way individuals and families do.<\/p>\n

Geithner\u2019s explanation of the administration’s small-business\u00a0tax plan\u00a0came in an exchange with first-term Rep.\u00a0Renee Ellmers\u00a0(R.-N.C.). Ellmers, a nurse, decided to run for the U.S. House of Representatives in 2010 after she became active in the grass-roots opposition to\u00a0President Barack Obama\u2019s proposed health-care reform plan in 2009.<\/p>\n

\u201cOverwhelmingly, the businesses back home and across the country continue to tell us that regulation, lack of access to capital, taxation, fear of taxation, and just the overwhelming uncertainties that our businesses face is keeping them from hiring,\u201d Ellmers told Geithner. \u201cThey just simply cannot.\u201d<\/p>\n

She then challenged Geithner on the administration\u2019s tax plan.<\/p>\n

\u201cLooking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners,\u201d said Ellmers.<\/p>\n

Geithner initially responded by saying that the administration\u2019s planned tax increase would hit \u201cthree percent of your small businesses.\u201d<\/p>\n

Ellmers then said: \u201cSixty-four percent of jobs that are created in this country are for small business.\u201d<\/p>\n

Geithner conceded the point, but then suggested the administration\u2019s planned tax increase on small businesses would be \u201cgood for growth.\u201d<\/p>\n

\u201cNo, that’s right. I agree with that,\u201d said Geithner. \u201cBut just to put it in perspective, it’s important to recognize why are we doing this. You know, our deficits are 10 percent of GDP, higher than they’ve been since any time in the postwar period really. We have a big hole to dig out of, and we have to figure out how to do that in a way that’s balanced, good for growth, fair to people as a whole.\u201d<\/p>\n

Geithner, continuing, argued that if the administration did not extract a trillion dollars in new revenue from its plan to increase taxes on people earning more than $250,000, including small businesses, the government would in effect \u201cfinance\u201d what he called a \u201ctax benefit\u201d for those people.<\/p>\n

\u201cWe’re not doing it because we want to do it, we’re doing it because if we don’t do it, then, again, I have to go out and borrow a trillion dollars over the next 10 years to finance those tax benefits for the top 2 percent, and I don’t think I can justify doing that,\u201d said Geithner.<\/p>\n

Not only that, he argued, but cutting spending by as much as the \u201cmodest change in revenue\u201d (i.e. $1 trillion) the administration expects from raising taxes on small business would likely have more of a \u201cnegative economic impact\u201d than the tax increases themselves would.<\/p>\n

\u201cAnd if we were to cut spending by that magnitude to do it, you’d be putting a huge additional burden on the economy, probably greater negative economic impact than that modest change in revenue,\u201d said Geithner.<\/p>\n

When Ellmers finally told Geithner that \u201cthe point is we need jobs,\u201d he responded that the administration felt it had \u201cno alternative\u201d but to raise taxes on small businesses because otherwise \u201cyou have to shrink the overall size of government programs\u201d\u2014including federal education spending.<\/p>\n

\u201cWe’re not doing it because we want to do it, we’re doing it because we see no alternative to a balanced approach to reduce our\u00a0fiscal deficits,\u201d said Geithner.<\/p>\n

\u201cIf you don’t touch revenues and you leave in place the tax cuts for the top 2 percent that were put in place by\u00a0President Bush, if you leave those in place and you’re trying to bring our deficits down over time, then you have to do exceptionally deep cuts in benefits for middle-class Americans and you have to shrink the overall size of government programs, things like education, to levels that we could not accept as a country,\u201d said Geithner.<\/p>\n

\u201cSo to do a balanced approach to reduce our deficits you have to make modest changes in revenues,\u201d he said. \u201cThere’s no realistic opportunity to do alternatives to doing that.\u201d<\/p>\n

According to\u00a0historical budget tables<\/a> published by the\u00a0White House Office of Management and Budget, federal spending has climbed from $2.89 trillion in 2008\u2014the year President Obama took office\u2014to $3.82 trillion this year, an increase of approximately $930 billion.<\/p>\n

Meanwhile, according to the National Center for Educational Statistics,\u00a0although\u00a0federal education spending<\/a> in inflation-adjusted dollars has jumped from $71.64\u00a0 billion in 1995\u2014when\u00a0Bill Clinton\u00a0was president–to\u00a0$163.07 billion\u00a0in 2009\u2014when\u00a0Barack Obama\u00a0was president\u2014federal spending still\u00a0accounted for\u00a0only 8.2 percent<\/a> of spending for public\u00a0primary and secondary education in America in the 2007-2008 school year.\u00a0Historically and presently in the United States, local and state governments have\u00a0 funded the cost of public education.<\/p>\n

Source:\u00a0http:\/\/www.cnsnews.com\/news\/article\/geithner-taxes-small-business-must-rise<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Watchwoman Observation: I am incredulous! \u00a0This is the idiot without any brains on how to help the USA provide jobs. \u00a0Geithner thinks that taxing small business, the very backbone of the USA, must be done so that you can be out of a job! \u00a0Sixty-four percent of jobs that are created in this country are…<\/p>\n","protected":false},"author":403,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[599,1121,174,35,484],"tags":[1301,1300,1299],"class_list":["post-3148","post","type-post","status-publish","format-standard","hentry","category-big-government","category-failed-policies","category-jobs","category-obama","category-taxes-2","tag-64-of-jobs-are-in-small-business","tag-raise-taxes","tag-treasury-secretary-timothy-geithner"],"yoast_head":"\nGeithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn't \u2018Shrink\u2019 - Watchwoman on the Wall<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-\u2018small-business\u2019-must-rise-so-government-doesnt-\u2018shrink\u2019.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn't \u2018Shrink\u2019 - Watchwoman on the Wall\" \/>\n<meta property=\"og:description\" content=\"Watchwoman Observation: I am incredulous! \u00a0This is the idiot without any brains on how to help the USA provide jobs. \u00a0Geithner thinks that taxing small business, the very backbone of the USA, must be done so that you can be out of a job! \u00a0Sixty-four percent of jobs that are created in this country are…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-\u2018small-business\u2019-must-rise-so-government-doesnt-\u2018shrink\u2019.html\" \/>\n<meta property=\"og:site_name\" content=\"Watchwoman on the Wall\" \/>\n<meta property=\"article:published_time\" content=\"2011-06-24T22:20:13+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b0\/Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\/220px-Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\" \/>\n<meta name=\"author\" content=\"Donna Calvin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn't \u2018Shrink\u2019 - Watchwoman on the Wall","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-\u2018small-business\u2019-must-rise-so-government-doesnt-\u2018shrink\u2019.html","og_locale":"en_US","og_type":"article","og_title":"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn't \u2018Shrink\u2019 - Watchwoman on the Wall","og_description":"Watchwoman Observation: I am incredulous! \u00a0This is the idiot without any brains on how to help the USA provide jobs. \u00a0Geithner thinks that taxing small business, the very backbone of the USA, must be done so that you can be out of a job! \u00a0Sixty-four percent of jobs that are created in this country are…","og_url":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-\u2018small-business\u2019-must-rise-so-government-doesnt-\u2018shrink\u2019.html","og_site_name":"Watchwoman on the Wall","article_published_time":"2011-06-24T22:20:13+00:00","og_image":[{"url":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b0\/Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\/220px-Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg"}],"author":"Donna Calvin","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html","url":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html","name":"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn't \u2018Shrink\u2019 - Watchwoman on the Wall","isPartOf":{"@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html#primaryimage"},"image":{"@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html#primaryimage"},"thumbnailUrl":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b0\/Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\/220px-Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg","datePublished":"2011-06-24T22:20:13+00:00","dateModified":"2011-06-24T22:20:13+00:00","author":{"@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/#\/schema\/person\/1470e1ef6765f8a27f970307b0835df1"},"breadcrumb":{"@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html#primaryimage","url":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b0\/Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\/220px-Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg","contentUrl":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b0\/Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg\/220px-Timothy_Geithner_with_Hillary_Rodham_Clinton.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/06\/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesnt-%e2%80%98shrink%e2%80%99.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall"},{"@type":"ListItem","position":2,"name":"Geithner: Taxes on \u2018Small Business\u2019 Must Rise So Government Doesn’t \u2018Shrink\u2019"}]},{"@type":"WebSite","@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/#website","url":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/","name":"Watchwoman on the Wall","description":"Beliefnet Voices - Donna Calvin","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/#\/schema\/person\/1470e1ef6765f8a27f970307b0835df1","name":"Donna Calvin","description":"In sixth grade my teacher told us that we were going to be the first generation to see the year 2000 and all things would be different. He continued that God wasn't important, wasn't real, and our parents just used God to impose restrictions on us because they were inadequate to parent effectively. I knew then I was going to be involved in a war and that I would have to be in Jesus Christ's Army. Even then, I knew the United States of America would cease to exist without the vast majority of its citizens voluntarily submitting to the Perfect and Good Laws of the Holy Bible. I am a woman who loves the Lord Jesus Christ. I am tired of seeing our LORD denigrated from the school house to the White House. I search the Internet for items that ought to serve as a warning to Americans and Christians all through America, but the nation seems to be sleeping. Wake up America! You are losing your freedoms, your children and your country. Wake up and help stop it!","url":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/author\/dcalvin"}]}},"_links":{"self":[{"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/posts\/3148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/users\/403"}],"replies":[{"embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/comments?post=3148"}],"version-history":[{"count":6,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/posts\/3148\/revisions"}],"predecessor-version":[{"id":3154,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/posts\/3148\/revisions\/3154"}],"wp:attachment":[{"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/media?parent=3148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/categories?post=3148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/wp-json\/wp\/v2\/tags?post=3148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}