Reportedly in his upcoming jobs speech, President Obama will be proposing a$300 billion "jobs package" consisting of temporary tax cuts, infrastructure spending and aid to state and local governments. In order to offset these short-term measures he will reportedly call on Congress to raise taxes in the "later years."
In his Labor Day speech, Obama claimed to be responsible for the "biggest middle-class tax cut in history." If that statement left you scratching your head, this fact check in the Washington Post explains what the President really meant.
This is no time for word games that require interpretation and it is definitely not the time to be talking about tax increases. Americans need to know what proposed policies will mean to them, in real terms. Any tax increase, or promise of a tax increase at a later date, will have a negative effect on job creation.
Reports that the White House would be calling for a moratorium on some forms of regulation have now been put to rest. Unfortunately, excessive regulation is one of the biggest problems job creators today face. Just this week, John Schiller, Chairman and CEO of Energy XXI, said "If the government would get out of the way, from a regulation standpoint, and let us [XXI] do what we do good you'll see us continue to hire and grow this economy. I think that's a message from across the board." (More statements from business leaders regarding the effect of regulation can be found on the Majority Leader's blog.)
Again and again I have heard business owners say that one of the things hampering their ability to expand and hire is the uncertainty of how government policies will affect the state of the economy overall and their businesses specifically. America's job creators need to not only know what policies will affect them, but they need to be assured they will not be harmed by new regulations and big tax increases. Until they have some certainty that their government is going to enact pro-growth policies, their ability to create jobs will continue to be stifled.