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American Small Business League President Lloyd Chapman on the affect on small businesses of the potential tax hikes of the fiscal cliff.
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Ruling will do.
Right President Obama sitting down with business leaders as we just said to push his tax agenda.
But who didn't earn a seat at the table which is set at small business my next guest says big mistake Mr.
President Lloyd Chapman is the president of the American small business -- Would welcome to the show it is great to have you here.
I was shocked.
-- -- -- we have we have all big fortune 500 companies going into that room.
And the missing players were frankly Wall Street.
Small business small business the group of people who provide the majority of jobs in this country.
What would you say the president if you had a chance to talk -- about this issue.
I would tell something Albert Einstein said.
-- -- that we can't solve problems by using the same kind of thinking that we use to create the problems.
So Obama.
Went to big businesses couple years ago looking for solutions and couldn't find any you're right.
-- what you -- again that's what happen absolutely ignored -- -- small business.
-- -- -- -- -- Census Bureau says small businesses are responsible for not a percent on the net new jobs.
And we need to be looking at programs to channel existing federal infrastructure spending to small businesses -- are predicting that president Obama's gonna try to dismantle.
The Small Business Administration.
And every federal program to help small businesses.
I would say within six months so as opposed to helping small businesses like he should be doing.
I think he's gonna harm small businesses and federal small business program he's -- Absolutely SBA.
I don't what I -- your evidence.
I've got a bill in congress to allow him to combine agencies.
And for thirty years.
Anytime somebody wants to close the SBA they have one solution combined with a Commerce Department the Commerce Department -- the federal agency for fortune 500 firms.
The small this administration is for small businesses time and it's a federal law that says 43% of all government contract should go to small businesses.
And for thirty years the big corporations have been -- to close the SBA.
-- they want that money it's it's it's over 200 billion dollars a year.
And -- -- are addicted.
Men are predicted he would do that 2008.
Well and I have yet what we will keep our eyes open.
But I want talk about the taxes we have coming out for the fiscal clip which is where we started and what was discussed today at the white house with the president and -- big business leaders.
Here's what happens to small businesses if the tax hikes happen first of -- We wipe out 7101000.
Jobs 7101000.
Jobs unemployment goes up by a half percent.
We -- reduce after tax wages by one point 8% and GDP drops by 1% change.
This is -- sustainable if these taxes go up.
Is this something this country can take right now we know there were having financial problems we know we can't pay our bills.
It seems to me that this will be a very tough pill to swallow.
I think it's a crazy idea effect here I got a great idea Jerry.
My idea is that every corporation America particularly fortune 1000 corporations.
Pay a minimum tax right.
That is half the maximum tax rate the taxpayers are expected to pay.
On the Honda posted a story in August the -- the ten most successful all corporations in America paid an average tax of 9%.
IBM paid 1%.
So as opposed to raising taxes on the public I think even more appropriate reward corporations should just -- pay -- fair share.
Of their taxes well that is another kettle of fish.
At this highlight -- for coming on tonight it's a pleasure to talk to you and great to hear from small businesses cents.
We didn't hear from them earlier in the day frankly thank you.
Thank you.
