I recently had a conversation with an intensely conservative businessman whose first foray into politics was fighting for a tax hike on his business and others like it. The little town where he lived as a young man had no paved roads, waterworks, or sewage facilities, and the men who had the most invested in the town knew that it needed these to grow, which of course it did. That’s part of what Barack Obama and Elizabeth Warren are referring to with their “you didn’t build that” rhetoric, though they draw the wrong conclusions. They are also sometimes wrong in the specifics, too: The gentleman I was speaking with organized a few other businessmen to install streetlights at their own expense, with the understanding that the town fathers would pay them back when they could afford it. If you’re looking for an example of how small government is good government, a handshake deal to put in streetlights is a pretty good one. That is government at a scale that people can control, manage — and keep an eye on. Continue reading
“New incentives to save, invest, and take risks, so more wealth will be created at every level of our society.”
by Scott L. Vanatter
President Ronald Reagan dedicated his May 14, 1983 radio address from Camp David “the importance of entrepreneurs and how we’re trying to help them.”
He began by citing George Gilder’s book, Wealth and Poverty, where he developed the important idea that “… most successful entrepreneurs contribute far more to society than they ever recover. And most of them win no riches at all. They are the heroes of economic life. And those who begrudge them their rewards demonstrate a failure to understand their role and their promise.” Reagan went further, “Too often, entrepreneurs are forgotten heroes. We rarely hear about them. But look into the heart of America, and you’ll see them. They’re the owners of that store down the street, the faithfuls who support our churches, schools, and communities, the brave people everywhere who produce our goods, feed a hungry world, and keep our homes and families warm while they invest in the future to build a better America.” Continue reading
President Obama has been running around lately claiming he’s cut small business taxes more than a dozen times. That no doubt would be news to the nation’s small business owners.
Obama’s been bragging about these tax cuts lately because his soak-the-rich income-tax hikes would hit plenty of small businesses, most of whom file taxes as individuals.
Obama has tried to downplay this, claiming just 3% of small businesses would face higher tax bills. (Even if that were true, it would mean 900,000-plus small firms would see their tax bills climb.) Continue reading