No one in business is holding off on hiring because of the fear of future taxes. Some of your bigger businesses may claim that, only for strategic purposes, but the hiring begins when the sales grow.
Tax increases are not needed. Massive government spending cuts are needed. Smaller government, not bigger government. Conservatives want to see a smaller government with less intrusion into our lives. Liberals want to see a huge bloated government with legions of mindless welfare voters casting votes in their favor. They want a rigged game and they've almost got it.
We were told with the Bush tax cuts that the federal debt would be paid off by the year 2011, hows that working for us, guess they had no economist back in the good ol days of 2001 n 2003. Business wont invest in a nation when taxes are cut and we let the place fall to pieces with no investments in infrastructure. That must be why business growth and hiring growth was so poor in the Bush administration. Corporations economist must indicate with a declining government investment in the infrastructure there must be a corresponding decline in corporate investments. Why double down on a broken down horse. As for the highest federal tax in the world, second to japan, we have a 35% federal tax rate that 9 out of 10 corporations dont even pay, less than 10,000 corporations even pay a federal tax, and for most of them its quite small, fox news parent corporation news corp paid 0%, G.E. paid 0% so its not a left vs. right thing. Its all about the green. Many still invest from over seas in the usa, oh we have a federal tax but although we are regulated, there are less regulations especially for financial corps in the good ol usa so there is money to be made here. I remember the debates concerning the bush tax cuts and we were told that when america had low debt that the economy didnt grow as quickly, I look at china sitting on 3 trillion in cash and know our economist are smirking with the knowledge that cash is NOT king, its leveraged debt that amplifies profits, or so were told. So were all waiting I suppose for the slow down of china and its cash machine to seize up. Soon our economist will be parachuting into china armed with statistics and history and fix their mess.
I would think the burden of proof is on Cantor as best job growth was during Clinton era when taxes were much higher.
And the sales grow when consumers have more disposable income. So either their wages need to be increased or their taxes reduced? I can't see employers raising wages during a recession.
If Obama's trillion dollar stimulus to create jobs, to keep us under 8% has failed why would higher taxes not?