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| Grover Norquist |
Conservative groups are less than amused with Republicans who are considering raising revenue in exchange for entitlement cuts in fiscal cliff negotiations.
Brent Bozell, chairman of For America, a conservative action group, wrote an angry letter to Republican leaders Tuesday, blasting the lawmakers for putting tax increases on the table.
“You led the Republican Party for two years claiming emphatically that the tax increase on “the wealthy”... is really a devastating tax hike on small business owners that would kill jobs and decimate any kind of economic recovery,” the letter said. “Now conservatives see daily stories asserting that the GOP agrees with the President that “revenues are on the table” and GOP elite are all over the airwaves asking if the Tea Party will care if “a few multi-millionaires pay more in taxes.”
The group said that by agreeing to raise revenue, Republicans are only emboldening Democrats to demand higher taxes. “Liberals feel comfortable making such outlandish proposals because they feel you are weak enough that you will continue to surrender to evermore higher taxes having capitulated once already. They will never be satisfied. You know that.” The letter was sent just days after a handful of senior Republicans publicly distanced themselves from conservative activist Grover Norquist’s anti-tax pledge. - Read the letter here
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Small businesses big enough to hit these thresholds incorporate to escape them.
The real target is the Corporate Executives of public corporations, who can now take their compensation in salaries plus benefits, because the top income brackets are now low enough, to make "raiding the corporate treasury via compensation and benefits packages", a viable option.
If taxes on the proceeds of these corporate treasury raids are high enough to prohibit them, then corporate executives will have to take their compensation in stock and options. The difference is that, to get and preserve the capital gains they get from stock and options compensation deals, they must ensure that the company performs well. That means that as the company performs well, not only do they get the high pay they seek, but shareholders get benefits too. That puts more money into the economy, than would happen if only these executives get higher salaries, which are paid them, regardless of company performance. Many taking herculean pay, even while the corps they manage sink beneath the waves.
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