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Small business expert Carol Roth on the impact of fiscal cliff concerns and the health-care law on how small businesses plan for the future.
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The -- affecting the company and everywhere especially in the small business world small business confidence plunging to one of the lowest levels in history.
And it's all -- of the election and believe it or not this according to latest report by the National Federation of Independent Businesses.
Now they found that owners are fearing the worst when it comes to congress in the fiscal cliff.
With more on the president's bad for business policies small business expert Carol -- -- Carol I'm glad you're with -- you know I actually had the pleasure.
Interviewing bill double -- the NFIB.
Chief economist.
And he said that he you know what he would have -- confidence was down because of sandy.
It wasn't it was because of the election people fear the future small businesses this these are job creators.
They have it absolutely is and they're paralyzed I think that that's the the worst thing is that they're not only fearing it they're actually not doing any -- because they're not sure what to expect.
Still the longer we go on with this fiscal -- non fans.
And then of course we've got Obama care which is attack that they know a lot of them are going to have to -- in some way shape or form everybody is very concerned about that in the face of uncertainty the choice is do nothing it's very difficult to play -- game if you don't know where the rules are as though the small business community is just kind of sitting on the sidelines and waiting and that's not what we want.
From the job creators from.
For our country and it did you think is -- not capex spending for big companies basically come to a screeching halt.
And we are starting to see it with small businesses now -- so what this is seeing -- is that everybody is just in his holding pattern aren't.
We.
Absolutely I mean you have to remember small business owner -- expense for them -- capital investment hiring and and individual person.
Is such.
A long term you for that it is -- -- bigger impact than it is for a big company so they're taking those decisions and making them a lot more slowly because they don't know what's coming up ahead and so you're seeing on the the big business side you're seeing it on the small business side.
And I think one of the things that's really overlooked here Tracy is how many small business owners are being affected because you keep hearing the rich the rich the rich.
And the rich are.
Based on need 200000 or 250000.
Dollar cut -- it's a lot of these small business owners who get tax through pass through entities attacked as.
Income days -- And to put this is important point out because when you are small business especially when you're starting out you file a schedule C that schedule C as part of your individual tax return.
That is why when you start to talk about 250000 dollars for -- family plus you bringing in some business income that's a lot of my.
-- the -- of the day.
It's not a lot of money it's completely arbitrary and handed the number of small business says and family that are -- -- about a million or so of the three point eight million households that they're saying our quote unquote rich.
Over 26% of those are small business owners so I don't understand how taxing those small business owners were supposed to create jobs we'll help spur the economy and I think that that's where the disconnect at this.
It's it huge in part of -- -- of course is we all know.
Small businesses does don't have powerful lobbyists backing them up at the end of today although they do have you -- -- There -- one tax that you like myself do you agree that should be should go back up.
Yes that is the and the payroll tax cut.
The extension and that I think that that -- have to come off the table because that is basically taking money away from Social Security I don't know why they -- in Social Security with the rest of the general -- well actually I do know why they shouldn't -- ads and the fact of the matter is that you would pay in to your pension would -- engineer for a one K we need for people to pay into their future is a Social Security is such -- -- we cannot afford to have that come off the table but I will tell you -- -- that if you take that and you take the Obama -- tax.
That's almost 1% of the GDP in terms of tax hikes I cannot afford to have much more than that especially with the kind of growth that we have.
-- I'm with use of securities drowning as it is we can't take anymore with met all about your point they do -- -- -- -- -- are so there's that -- rob thank you very much.
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