"(Obama's) plans fail to recognize that Americans are not an endless source of tax dollars to pay for government spending.Read the full transcript at the link below:
"The President's proposed budget raises taxes. For the vast majority of people who earn less than $200,000, raising taxes on higher earners might not sound so bad.
"Yet a lot of small businesses are in that category. The landscaper or the general contractor with a dozen employees could land in the bull's eye.
"Tell these business owners their taxes will go up. Odds are, they'll cut spending. They'll cancel orders for new equipment, cut health insurance for their employees, stop hiring, and lay people off.
"These small businesses happen to create 74 percent of all new private sector jobs in the United States.
"Meanwhile, the President's budget includes a tax increase on more than half of small businesses with 20 or more employees. Businesses of that size account for two-thirds of the small business workforce. The tax increase is equal to 20 percent of the marginal tax rate paid by those small businesses.
"Ask people what number of jobs they're willing to sacrifice right now. To a person, they'll tell you zero.
Senator Chuck Grassley (R-IA) Delivers Weekly Republican Address
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