August 13, 2010

Obama’s Failed Policies Have Killed Jobs and Hurt Small Business In Florida

The Obama Stimulus

Since The Stimulus Was Passed, Over 152,000 Floridians Have Lost Jobs. (Bureau Of Labor Statistics,BLS.gov, Accessed 8/13/10)

And Florida’s Unemployment Rate Has Risen From 9.2 Percent To 11.4%. (ibid

Higher Taxes And Lower Income

The Average Florida Middle Income Family Will Pay $1,428 More In Taxes With The Dems’ Tax Hike. (“Effect Of Expiration Of Bush-Era Tax Cuts On Average Middle-Income Family, By State And Congressional District,” The Tax Foundation, 8/1/10)

Floridians Are Facing “Some Of The Nation’s Largest Declines In Income.” “‘There’s no living, there’s just surviving right now,’ Soucy said. That could be the mantra for millions of Floridians. Florida metro areas suffered some of the nation’s largest declines in income in 2009, the U.S. Bureau of Economic Analysis said Monday. Personal income in the Miami metropolitan statistical area, which includes Palm Beach County, fell 3.1 percent, ranking 332nd of 367 MSAs. Treasure Coast personal income declined 3.6%, ranking 346th.” (Jeff Ostrowski, “South Florida, Treasure Coast Near Back Of Pack In Income Growth,” The Palm Beach Post, 8/10/10)

Fear Of Higher Taxes As A Result Of The Dems’ Tax Hike Is Causing Fear Among Small Businesses. “Mom-and-pop firms, usually the first to resume hiring, are stymied by slow demand, the real estate slump and uncertainty about the future. ... Adding to the uncertainties for businesses of all sizes are the shaky global economy and the prospects of higher taxes to deal with the federal deficit and higher costs to deal with healthcare and the recent government overhaul of financial regulations. ... Joy Staveley of Flagstaff, Ariz., said it was clear to her why people are more scared to take a risk on a new business: There are more regulations, taxes and government-mandated costs -- and fears of more to come -- with President George W. Bush’s tax cuts expiring soon, new healthcare rules and pending legislation on energy.” (Don Lee, “Small Business Sidelined In Slow Recovery From Recession,” The LA Times, 7/3/10)

Obama’s Income Tax Rate Increase Will Hit Small Businesses That Create 60 To 80 Percent Of New Jobs, “Discouraging” Their “Growth Or Expansion.” “They want to restore the higher, Clinton-era tax rates on the top two individual income brackets, increasing the 33 and 35% rates to 36 and 39.6%. But these higher rates won’t just hit high wages; they’ll hit business income ... Depending on how we define ‘small business,’ these higher tax rates would raise taxes on 45 to 55 percent of small business income ... So why should we pay attention to the way our tax code treats small businesses? They are an important source of innovation and risk-taking, creating between 60 and 80% of net new jobs, employing over half the labor force ... Higher income tax rates reduce the investment spending of entrepreneurs and the likelihood that they invest at all, discouraging the growth or expansion of small businesses.” (Robert Carroll, “Small Business And The Personal Income Tax Rates,” Tax Foundation, 10/28/08)

Obama’s Higher Income Tax Rates Will Stifle Entrepreneurship And Hurt “An Important Source Of innovation.” “The impact of the higher tax rates on the entrepreneurial sector is also particularly troubling. An often underappreciated feature of our tax system is that roughly one-third of all business taxes are paid by owners of flow-through businesses ... when they file their individual tax returns. These businesses are an important source of innovation and risk taking.” (Robert Carroll, “The Economic Cost Of High Tax Rates,”Tax Foundation, 7/29/09)

Obama Vs. Small Business

Small Businesses “Sidelined” By Obama’s Reckless Agenda. “Mom-and-pop firms, usually the first to resume hiring, are stymied by slow demand, the real estate slump and uncertainty about the future. ... Adding to the uncertainties for businesses of all sizes are the shaky global economy and the prospects of higher taxes to deal with the federal deficit and higher costs to deal with healthcare and the recent government overhaul of financial regulations. … Joy Staveley of Flagstaff, Ariz., said it was clear to her why people are more scared to take a risk on a new business: There are more regulations, taxes and government-mandated costs — and fears of more to come — with President George W. Bush’s tax cuts expiring soon, new healthcare rules and pending legislation on energy.” (Don Lee, “Small Business Sidelined In Slow Recovery From Recession,” The LA Times, 7/3/10)

Small Business Owners Reluctant To Make Decisions Due To Uncertainty In Tax Laws. “Small business owners who want to give their companies a mid-year financial checkup might find it hard to forecast what the rest of the year will bring. It’s not just the economy that’s unpredictable; there’s also uncertainty about the tax laws… This might complicate the decisions that owners typically make at this time of the year, such as whether to buy equipment.” (Joyce M. Rosenberg, “Small Business Owners Face Uncertainty About Tax Laws,” The AP, 7/19/10)

87 Percent Of Small Business Execs Don’t Think Washington Understands Their Needs. “‘When we asked how they expect the economy to perform, they have lowered their expectations looking forward,’ said Curtin. The survey results indicate significant disillusion about governmental support of small businesses, with increased taxes and intrusive regulations topping the list of concerns. More than 87% of the CEOs polled feel the federal government doesn’t understand the challenges small businesses face well enough to help expand business opportunities.” (Franes McInnis, “Small Businesses Plan Fewer Layofss, But Worry About Outluck-Survey,”The WSJ7/12/10)

ObamaCare & Small Business

Florida Medical Device Company CEO Says ObamaCare’s Medical Device Tax Will Lead To “Layoffs And Less Investment” And Smaller Companies Will “Ow[e] More In Taxes Than They Earn In Profit.” “‘The way the bill is currently written, the impact of the device tax will have some smaller medical device companies owing more in taxes than they earn in profit,’ said Matt Solar, C2C’s chief executive officer. ‘The overall effect will be layoffs and less investment in research and development. This needs to be fixed.’” (Wayne T. Price, “Tax A Concern In Medical Device Field,”FloridaToday.com, 4/7/10)

Student Loan Takeover Attached To ObamaCare Forces Sallie Mae CEO To “The Unpleasant Task Of Reducing [The] Work Force By 2,500 Persons.” “SLM Corp, the student loan company known as Sallie Mae, reported net income on a core earnings basis of $212 million, or 39 cents a share, in the first quarter. ... ‘Ironically, one quarter before the government takes over loan originations, Sallie Mae broke its own FFELP origination record, a testament to the service provided by our talented employees,’ Albert Lord, chief executive of Sallie Mae, said in a statement. ‘Of more immediate concern, however, is the unpleasant task of reducing our work force by 2,500 persons and restructuring our operations.’” (Alistair Barr, “Sallie Mae Reports Quarterly Profit Of $240 Mln,”MarketWatch, 4/21/10)

700 Of Those Jobs Will Be Lost In The Florida Panhandle. “Sallie Mae will close its Lynn Haven facility by the beginning of next year, eliminating about 700 jobs in BayCounty... The company is restructuring and will start eliminating positions in about 60 days... ‘It’s just not a very good day for a lot of families in BayCounty,’ county Economic Development Alliance Executive Director Janet Watermeier said.” (Scarlet Sims, “Sallie Mae closing; Boyd Holds Out Hope,” The [Panama City] News Herald, 04/21/2010)

Area Director For The Small Business Development Center At The University Of North Florida Says ObamaCare’s Insurance Reforms Will “Drive Up Premiums.” “Reform contains the immediate ending of several practices health care insurance companies used to hold down costs. The law includes a requirement to cover children through age 26, ending of the rejection of people who have pre-existing medical conditions and the placement of caps on what policies pay out. ‘One of the things all this will do is drive up premiums,’ Hagan said.” (Kevin Turner, “Health Care Reform May Not Offer Enough To Small Businesses,” The Florida Times-Union, 4/25/10)

And Acknowledges That Higher Premiums Will Be Passed To Consumers, Says “It’s A Cost Of Doing Business. “And that has small business owners wondering if they’ll have to pass those costs along to their customers, lay off employees or cut back in other ways, she said. ‘It’s a cost of doing business,’ she said. ‘But we have a fairly high unemployment rate. Is this really going to help that cause?’” (Kevin Turner, “Health Care Reform May Not Offer Enough To Small Businesses,” The Florida Times-Union, 4/25/10)

Pharmacy Owner From Jacksonville, FL Says ObamaCare’s Tax Credit To Help Small Businesses Pay For Health Insurance “Isn’t Enough To Help.” Jacksonville small business owner Greg Carter said he favors health care reform but doesn’t think the reform bill President Barack Obama signed last month is going to help him. Between his two Jacksonville pharmacies, Carter employs 15, but he doesn’t provide health care insurance because he can’t afford it. And he said a tax credit in the reform bill designed for businesses like his isn’t enough to help.” (ibid)

Tags: Florida, failed policies, Obama Administration, killed jobs, lost business, To share or post to your site, click on "Post Link". Please mention / link to America's Best Choice. Thanks!

1 comment:

Job search freak said...

Administration is more interested in signing & passing bills,rather than looking into peoples woes or difficulties.