Yesterday, I heard the President say that he understood that small businesses create 60% of the new jobs in the U.S. The Department of Labor says it is 70%, but 60% is close enough to demonstrate that he understands the problem.
But then he said that his policy of tax breaks for small businesses would get them to hire new employees and therefore reduce the unemployment rate.
Yesterday, I also met a young guy who had a five person small business trying to get a new product off the ground.
When I explained to him that the government would not require him to pay payroll taxes on any new employees for the rest of the year, he gave me a totally blank look.
He was unable, for awhile, to comprehend that someone would think he would hire new people to get a tax break. When he finally got the idea, he just walked away shaking his head.
Now that is two of us just shaking our heads.
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