SmallBusinessNewz

U.S. Representative John Boehner (R-OH) today challenged statements made by Vice President Joe Biden on Wednesday about the economic effect of raising taxes.

According to the New York Times, “[a]t a forum in a pizza restaurant in Washington on Wednesday, [Vice President Biden] said, “To extend those tax cuts costs $700 billion over 10 years at a time when we are worried about the economy, when long term, we have to be worried about deficits.”

“With all due respect to the vice president, Americans know we won’t solve the deficit until we cut spending and have real economic growth, and we won’t have real economic growth if we raise taxes on small businesses,” said Boehner. 

“The nonpartisan Joint Committee on Taxation estimates that the tax hike endorsed by President Obama and his economic team will increase taxes on 50 percent of the small business income in America. To get our economy moving again, we need to rein in government spending, stop the tax hike, and end the uncertainty for our nation’s small businesses so they can get back to creating jobs.”

In a letter sent earlier this year on ways to boost private sector job creation, more than 100 U.S. economists urged President Obama to take immediate action to rein in government spending, stop the coming tax hike, and end the barrage of new federal rules that are causing uncertainty for small businesses.