This presidential campaign has had more than its share of mistruths. One of these misrepresentations is Sen. Obama's constant declarations that his tax plan will help small businesses.
Running a small business is one of the few arenas in which this writer might have a modicum of expertise, having run three small corporations for four decades. We don't claim to be in the genius category, but in all those years we have never missed a payroll (and never got a bailout). This is a better record than the "managers" in Washington.
The purpose of this discussion is not about our expertise or lack thereof; however, it is discuss Obama's "plan" to help small business.
The discussion will be incredibly short - there is nothing in Obama's program to help small business - period.
If Obama wants to help small business there are three things he could do immediately:
1. Get rid of just a few of the ridiculous federal regulations that serve no purpose but to soak up vital and scarce small business time and resources.
2. Get rid of the death tax. A typical small, family-owned business works for decades trying to be successful - paying full taxes on everything that is earned and all assets accumulated - and then when the older generation dies, the kids have to pay taxes on the same earnings all over again. More often than not, these taxes force the sale of the small business.
3. Get rid of the dividend tax. If a small business is lucky enough to make a profit in today's tough business climate, it has to pay tax. OK, we'll go along with that, paying tax on profit, but if the owner of a small business wants to take some of that profit home he has to pay a dividend tax. He has to pay tax all over again on the same profit. One tax is OK, double taxation is just not right.
Many economists and politicians proclaim that small business is the "back-bone" of our economy. Indeed, statistically, more new jobs are created by small businesses than any other sector.
Mr. Obama, we understand that politicians have to make campaign promises, and we understand that most of the promises are not made to be kept, but please don't insult us folks trying to run small businesses by telling us you are going to help us.
Most of us did not just ride in on a pumpkin wagon last night. Some of us have a little sense.
©The Democrat 2008
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