Democrat Tim Ryan: Raise Taxes on Small Businesses
Rep. Tim Ryan (D-Ohio) is an advocate of more government spending as a way to strengthening the economy. He believes that raising Americans’ taxes is necessary to pay for big-government spending. Ryan supports the tax hike on small businesses which will go into effect on January 1.
HUMAN EVENTS caught up with Ryan after a press conference in the U.S. Capitol on Wednesday. He was unabashed in his liberal views on the economy.
Ryan said raising taxes on small businesses is necessary “because we have huge deficits. We gotta shore up Social Security. We gotta shrink our deficits.”
“Where are we going to get that money?” he asked.
“Cutting spending,” I responded.
“Where?” asked Ryan.
“I’m not on the Appropriations Committee. That would be your job,” I said, referring to his position on the powerful House committee that determines spending for the federal government.
The lower tax rates signed into law by President Bush in 2001 and 2003 are set to expire on December 31, at which point, every American will pay higher taxes. Speaker of the House Nancy Pelosi (D.-Calif.) and Senate Majority Leader Harry Reid (D.-Nev.) adjourned both houses of Congress this week, without voting on whether to extend the tax rates.
While the Democrats claim that they may vote during a lame-duck session Congress to extend the tax cuts for the middle class, they do not support extending the lower tax rates those with over $250,000 of income. Democrats consider these people as “rich,” so raising their taxes will bring in necessary revenue to pay for their big-government spending.
“We need to ask the wealthiest people in our country to chip in, help us pay down the deficit,” said Ryan. “They all of a sudden say ‘No, no, no! Where are we gonna get the money?’ I mean where are you gonna get it from? Are you gonna get it from poor people?”
However, more than half of those “rich” whose taxes will go up are actually small businesses that file as individual taxpayers, instead of a corporation.
An estimated 20 million to 30 million Americans’ jobs depend on these individuals’ companies. With unemployment at over 9% and holding, crushing higher taxes on small businesses could force a scale back in employment. Also, these small business employers are vital to economic recovery because they create an estimated 60%-80% of all new jobs in the U.S.
Ryan’s radical liberal economic worldview is clear in the statement his campaign released this summer entitled, “Spend Now, Save Later.”