The Geithner Plan's Assault on Small Businesses | RealClearPolitics

The Geithner Plan's Assault on Small Businesses | RealClearPolitics

Last Thursday, the White House proposed their “solution” to address our country’s debt crisis in the form of a widely panned plan delivered to Capitol Hill by Treasury Secretary Timothy Geithner. Openly mocked as “absurd” and “unserious,” this plan and its messenger reveal more about the true priorities of the administration than they may have realized it would. While Republicans have offered proposals to protect small businesses (and the Americans they employ) from tax rate increases, Geithner -- the champion of Wall Street whose financial services “reform” enshrined “Too Big to Fail” as law -- is once again advancing proposals to protect the corporate elite at the expense of the taxpayer.
In addition to billions in new “stimulus” spending that our country can’t afford, the Geithner plan also contains billions in tax increases on small and family-owned businesses while protecting the tax preferences of wealthy, multinational corporations. In short, the Geithner plan benefits Costco at the expense of the locally owned corner store. Small businesses already struggle to compete with big businesses that enjoy the luxury of a tax code filled with corporate loopholes. The Geithner tax policy, if implemented, will further devastate our local communities and ultimately the middle class.