This morning on NBC’s Today, RNC chair Michael Steele said that in order for banks to start lending to small businesses, the federal government should reduce the unemployment tax:
STEELE: Well, I think, first off, he should recognize that banks aren’t going to lend money to people who can’t pay them back. … So there’s — there’s this whole cycle of not understanding exactly how the economy works with respect to small-business owners. Take that pressure off of them. Let’s — let’s eliminate the capital gains tax. Let’s reduce the unemployment tax.
They have much more on why this is a terrible idea. Tax cuts and more tax cuts and the working class be damned. That's all these guys have got.
On CNN's Your Money, Maryland Business School Professor Peter Morici does the Republicans a favor and repeats their latest favorite talking point for them, that repealing the Bush tax cuts is going to raise taxes on half of small business income. I Read more...