– Lew Prince is managing partner of Vintage Vinyl, an independent music store in St. Louis. He is also a member of Business for Shared Prosperity, which has circulated a petition against extending the Bush-era tax cuts. The views expressed are his own. –
As a small business owner for more than 30 years, I have to be reality based.
I budget and make decisions that consider both short- and long-term realities. My company wouldn’t last a week if we kept repeating mistakes.
The Bush tax cuts for the richest Americans were a big mistake. We should let them expire, not repeat the mistake by extending them. It’s an illusion that it will be easier to end them after a two-year extension.
High-end tax cuts haven’t trickled down as job creation. President Bush had the worst job creation record since 1939. The only thing trickling down was economic meltdown, foreclosures, unemployment, business closures and budget cuts.
Contrary to myth, my tax rate doesn’t affect hiring. If I think I can do more business, I hire more workers. The costs of finding, hiring and paying new employees are business expenses. They’re deducted up-front from our taxable income.