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-- time in now time to go full throttle over something -- have to pass this notion that sequestration was going to drive the economy.
Off a -- now just -- Period way off.
Because since sequestration -- -- No hold on government hiring these inspectors are still inspecting Homeland Security folks are still for -- and annoying.
-- held today for sequestration might still happen but it clearly ain't happening now.
Maybe because those 85 billion bucks -- so called automatic cuts weren't really that big in the scheme of things and are actually spread out over many years I'm like let's say.
That payroll tax that snapped back at a place this year and -- was bemoaning -- stinging impact on sells pretty much told year.
More proof it's not the cuts account but the -- -- -- get down for the count.
And not just here.
They're just as sizes or Portugal or Greece.
Austere budget cuts didn't do -- -- policy -- an immediate tax -- did.
And dozens -- loses some energy markets know.
Heats up here as well Jeanne it's going.
One -- you know it's just let me be completely clear I mean I run a ten person small business outside of Philadelphia and we have about 600 clients all around the country I mean these are small and medium size businesses all over and I I get a chance to speak is about every one of them.
Over a period of one or two months and just be straight with -- you know.
No one is talking about the sequester no one is saying if the -- that's hurting our business are.
That's why we're not hiring -- that the topic really never comes up it's more about taxes.
And the possibility of increased taxes that's what I'm hearing from most of my clients and that's something in my business that you know from your perspective the National Taxpayers Union -- -- These taxes.
-- immediate art contests and win us every day every week every every -- Well yes and -- brings up an important point it's not just the payroll tax increase we're seeing now it's what's coming down the road.
This situation with the taxes is as good as it's going to get.
It goes downhill from here we've got the medical device excise tax taking -- fact.
That's associated with obamacare tens of thousands of layoffs taking place we have an increase in the income tax rate next year.
We have the increases associated with obamacare and the surtax we also have.
Complexity burdens I was looking through this in preparing a study NTU is about to release on tax complexity.
And it turns out one portion of the obamacare law.
In the last fiscal year actually 2011.
Is going to add forty million hours of paperwork burden.
Associated with a small health insurance tax credit.
For -- small sized employers that's forty million extra hours of paperwork on the private sector for one tiny portion.
Of the 2010 health care law imagine what happens when that thing takes full effect this year and in years to come.
And imagine being a -- like -- lasted.
And all is nonsense.
Yeah that's exactly right and I have to tell you mean what's giving my clients the biggest Paul's concern right now is obamacare I mean it's just now it's for -- -- 2013.
It yet the reality is hitting everybody and let me tell you there -- plenty -- small businesses with less than fifty people fair enough but.
I have many many clients have more than fifty people and they are struggling to figure out what they want to do.
Do they have to pay 60% of the healthcare costs in other words have you know health care insurance that covers that caused or you know do they just not do that at all and pay a penalty.
It's a -- big -- so.
Rather than hire people were all trying to figure out what to do first before you make our plans for next year.
It's guys thank you very very much.
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