Another example of the Liberals lunacy and non understanding of business and basic economics. These economic illiterates propose extending unemployment benefits by placing a surtax on millionaires.

We all know the typical refrain by now: “The wealthy can afford to pay a little more, they need to pay their fair share.” Unfortunately, the basic facts in this letter to Congress from a group of business leaders called the Tax Relief Coalition are completely ignored by these socialists:

• “According to a recently-released Treasury Department study, 392,000 taxpayers reported incomes exceeding $1 million in 2007, 331,000 of those returns included business income, and 311,000 were ‘business owners’ under the Treasury Department’s narrow definition. In short, the Obama Administration’s own data demonstrates that 4 out of 5 of the taxpayers who will face this surtax are business owners – and thus, increasing the tax burden on these business owners will reduce the amount of capital that they would otherwise have available to invest in their company or hire additional workers. In sum, the Senate legislation would raise tax rates on hundreds of thousands of business owners, a job killing tax hike to pay for a bill purported to strive for job creation.” (Tax Relief Coalition, Letter To Congress, 11/30/11)

Related:

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