Wall Street Journal editors have nothing but scorn for President Barack Obama’s idea to create a secretary of Business.
“The reality is that most businesses don't want their own cabinet department,” the editors write in an editorial
. “They'll invest more and hire more workers if Washington would impose fewer costs, reform the tax code, and stop trying to allocate capital for political reasons. Rebuilding business confidence doesn't require a secretary of Business but a new President.”
Obama’s justification for the idea: "We should have one secretary of Business, instead of nine different departments that are dealing with things like getting loans to the SBA [Small Business Administration] or helping companies with exports. There should be a one-stop shop."
The president seems to forget that a cabinet department along the lines he recommends already exists, the editorial says. “It's called the Department of Commerce, with its very own secretary.” In its 2013 budget, the White House proposes a 5 percent increase in Commerce spending to $8 billion a year.
What Obama really wants is “higher taxes on business, especially small business,” Journal editors write. “His multiple tax increases would hit the S corporations, partnerships, limited liability companies, sole proprietors, and other pass-through businesses that employ 54 percent of U.S. workers and pay taxes under the individual tax code.”
Obama is so intent on increasing those taxes that the White house is threatening to veto any bill budget bill during Congress’ lame duck session that doesn’t do so.
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