25 Percent Tax Hikes Killing New York

The New York Post reports that massive new tax hikes are killing small businesses in the Empire State. Of course, if you are a conservative, this does not come as a big surprise. I mean, if you voted for tax and spend fascists just what exactly did you think was going to happen? But some people are surprised it seems and most of them are liberal.

By one estimate, the effective tax rate on the 26 million small businesses across the country -- which in the past have accounted for more than half of the job growth in the US -- has jumped to 50 percent from 40 percent, sucking valuable cash from the businesses

These dollars could have been used to add to payrolls or make capital improvements -- but instead will be siphoned off by Uncle Sam, state and municipal governments.

"The impact of these higher taxes and reduced hiring will be a recovery cycle that will be much longer, be slower to take hold and be without much job growth," said Al Angrisani, founder and CEO of Angrisani Turnarounds and former US Assistant Secretary of Labor under President Reagan. A survey of 200 small businesses across the US by the economist found 51.5 percent of business owners in March were concerned about the viability of their businesses -- up from 49.5 percent in February.