I've Talked To A Guy Who Has A Very Small Business. He's In The Electronics Business In...in St. Louis. He Has Four Employees. He Said He And His Son Calculated How Much They Pay In Taxes, Federal Income Tax, Federal Payroll Tax, State Income Tax, State Sales Tax, State Property Tax, Gasoline Tax. It Added Up To Well Over 50 Percent Of What They Earned. And Your Plan Is To Take The Tax Rate On Successful Small Businesses From 35 Percent To 40 Percent. The National Federation Of Independent Businesses Has Said That Will Cost 700,000 Jobs. - SearchQuotes

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I've talked to a guy who has a very small business. He's in the electronics business in...in St. Louis. He has four employees. He said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax. It added up to well over 50 percent of what they earned. And your plan is to take the tax rate on successful small businesses from 35 percent to 40 percent. The National Federation of Independent Businesses has said that will cost 700,000 jobs.

Mitt Romney

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8 Comments

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Well, President, you're...Mr. President, you're absolutely right, which is that, with regards to 97 percent of the businesses are not...not taxed at the 35 percent tax rate, they're taxed at a lower rate. But those businesses that are in the last 3 percent of businesses happen to employ half -- half of all the people who work in small business. Those are the businesses that employ one-quarter of all the workers in America. And your plan is to take their tax rate from 35 percent to 40 percent.

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The reason is because small business pays that individual rate; 54 percent of America's workers work in businesses that are taxed not at the corporate tax rate, but at the individual tax rate. And if we lower that rate, they will be able to hire more people. For me, this is about jobs. This is about getting jobs for the American people.

1 Likes

There are all these studies out there. But let's get at the bottom line. That is, I want to bring down rates. I want to bring the rates down, at the same time lower deductions and exemptions and credits and so forth, so we keep getting the revenue we need. And you'd think, well, then why lower the rates?

1 Likes

Number two, I will not reduce the share paid by high-income individuals. I know that you and your running mate keep saying that and I know it's a popular thing to say with a lot of people, but it's just not the case. Look, I've got five boys. I'm used to people saying something that's not always true, but just keep on repeating it and ultimately hoping I'll believe it. But that...that is not the case. All right? I will not reduce the taxes paid by high-income Americans.

2 Likes

So if the tax plan he described were a tax plan I was asked to support, I'd say absolutely not. I'm not looking for a $5 trillion tax cut. What I've said is I won't put in place a tax cut that adds to the deficit. That's part one. So there's no economist that can say Mitt Romney's tax plan adds $5 trillion if I say I will not add to the deficit with my tax plan.

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I do want to reduce the burden being paid by middle-income Americans. And I...and to do that, that also means I cannot reduce the burden paid by high-income Americans. So any...any language to the contrary is simply not accurate. LEHRER: Mr. President?

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I'm not looking to cut massive taxes and to reduce the...the revenues going to the government. My...my number-one principal is, there will be no tax cut that adds to the deficit. I want to underline that: no tax cut that adds to the deficit.

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I like coal. I'm going to make sure we can continue to burn clean coal. People in the coal industry feel like it's getting crushed by your policies. I want to get America and North America energy independent so we can create those jobs.

1 Likes

Mr. President, all of the increase in natural gas and oil has happened on private land, not on government land. On government land, your administration has cut the number of permits and licenses in half. If I'm president, I'll double them, and also get the...the oil from offshore and Alaska. And I'll bring that pipeline in from Canada.

2 Likes

The third area, energy. Energy is critical, and the president pointed out correctly that production of oil and gas in the U.S. is up. But not due to his policies. In spite of his policies.

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The second area, taxation, we agree, we ought to bring the tax rates down. And I do, both for corporations and for individuals. But in order for us not to lose revenue, have the government run out of money, I also lower deductions and credits and exemptions, so that we keep taking in the same money when you also account for growth.

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The president mentioned a couple of other ideas I'll just note. First, education. I agree: Education is key, particularly the future of our economy. But our training programs right now, we've got 47 of them, housed in the federal government, reporting to eight different agencies. Overhead is overwhelming. We've got to get those dollars back to the states and go to the workers so they can create their own pathways to get in the training they need for jobs that will really help them.

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