Small Business

Marco Rubio’s Claim About Dodd-Frank at the GOP Debate Is Now A Thing

iStock 000016651896Small 2 300x199 What to Do When Your Bank Branch Closes There were 4 things I, personally, took away from the GOP debates yesterday.

1. Carly Fiorina may end up with a fairly responsible position should a Republican take office in 2016.

2. The whittling down process is going to be fun to watch, but only slightly less fun than listening to liberals and Democrats whine about these debates and how painful/annoying/useless/ugly/stupid/hateful/horrible and blah blah blah they are and how they yet somehow, still, can’t look away. All the feels for you. Really.

3. No one really cares about Trump and Trump really cares about no one.

4. The policy discussions will slowly emerge and the first one out of the gate (for me anyway) is Dodd-Frank, thanks to Marco Rubio.

Rather hilariously, Blake Hounshell of Politico wondered this aloud just after Rubio called for the repeal and replace of Dodd-Frank:

Well, I don’t know about Hounshell, but I had certainly heard it before. Here’s a bit from a US News & World Report piece back in January 2013:

Quit bashing the successful

If you spend enough time on Facebook, you’re bound to see some of the meme’s floating around about income inequality.  They point out how little one group of people make, then talk about how some CEO brings in so much more than they do.  These memes are designed to point out how gross the difference of income truly is and try to motivate people to oppose the discrepancy.

They’re also completely irrelevant.

Folks, I have run two businesses.  Both were classified as small businesses.  I own one, and was running a friends for a little while.  I know a little bit about business at this point.  Not a lot, but a little.  One thing I do know for sure is, it ain’t easy and not just anyone can do it.  This is also true of a lot of other aspects of business.  Here’s an example from Democracy for America.

DFA Meme

Now, it’s pretty obvious the difference in income.  Of course, it’s also irrelevant.  While Ray Dalio’s income really is pretty high, there are some key differences between what he does and what a teacher does.

First, teachers are far more common than hedge fund managers.  That automatically dilutes the market for their skills.  Second, Dalio works year round and most likely puts in some pretty insane hours.  That includes a lot of weekend and holidays, periods when teachers are off from work.  In addition, that summer vacation that teachers get?  Probably not a factor for Dalio.

Investigative Reporters Tackle the Small Business Administration

Written by Tad DeHaven, a budget analyst at the Cato Institute. Posted with permission from Cato @ Liberty.

When it comes to reporting on the Small Business Administration, it seems to me that most journalists simply assume that if a government agency exists to “help” small businesses then it must be good. So I was pleased to read a weekend piece from two investigative journalists with the Dayton Daily News that challenges the conventional wisdom on the SBA.

As the reporters explain, the SBA’s main job is to back loans issued by private lenders to small businesses that couldn’t get financing on market terms. The result is that taxpayers end up holding the bag when these naturally riskier loans go bad.

And quite a few go bad as this Cato essay on the Small Business Administration explains.

Lenders have little skin in the game so for them it’s heads they win, tails they win. Thus it was shocking – absolutely shocking – that a representative from the SBA and the head of the Ohio Bankers Association provided the reporters with the most favorable quotes.

The entire piece is worth reading, but the authors did a particularly good job of turning the spotlight on the racket that exists between the SBA, lenders, and national franchisors:

Democrats play tricks on 1099 provision, repeal fails

We’ve been covering the discovery of a provision in ObamaCare that would place a burden on small businesses by requiring that they file 1099 forms for expenditures over $600. Even Democrats realized that this requirement was bad for business, especially as President Barack Obama tries to convice voters otherwise.

Instead of voting on an outright repeal of the provision, Democrats tucked it away with other provisions that hiked taxes and it ultimately failed when it came up on the floor:

The House rejected a bill Friday that would have repealed the provision. The two parties disagreed on how to make up the lost revenue.

“This foolish policy hammers our business community when we should be supporting their job growth,” Sen. Mike Johanns of Nebraska said in the Republicans’ weekly radio and Internet address Saturday. “It’s only one example of how the administration’s promise to support small businesses really rings hollow.”

Democrats blamed Republicans for Friday’s failure.

“Despite all of their rhetoric about the need to eliminate this reporting requirement, Republicans walked away from small businesses when it mattered most,” said Rep. Sander Levin, D-Mich., chairman of the tax-writing House Ways and Means Committee.

Businesses already must file Form 1099s with the IRS when they purchase more than $600 in services from a vendor in a year. The new provision would extend the requirement to the purchase of goods, starting in 2012.

Obama Mocks Plumbers

See Video

Obama has run and, surprisingly, sustained one of the best managed campaigns since at least Reagan ‘84, but I believe he made a significant mistake by going after McCain with recent “Joe Plumber” attack lines. “A plumber is the guy he is fighting for”, Obama said sarcastically to a revved up crowd Thursday. Ironically, if Obama truly convinces the median voter that McCain is “fighting for plumbers”, then he will likely lose Ohio and Pennslyvania.

Big Business and big government cronyism is bad for taxpayers and consumers: Let the free market work

capitalism

There’s a common misconception that people in favor of free markets love corporations. That isn’t the case.

There’s nothing wrong with a business being highly successful and expanding operations. The question becomes what happens when their operations end up getting involved in government and when government tries to influence business.

This is an issue a lot of groups have struggled against. Both the original Tea Party and Occupy Wall Street protests were against the government-big business bailout of 2008/2009. The solutions were much different. The Tea Party wanted the government and businesses to be separated and not mix with each other. Occupy (outside of it’s not-top hits) wanted businesses taxed to eternity and capitalism destroyed.

The problem with Occupy’s solution is it expands the role government has in people’s lives. The idea of using higher taxes against businesses and “the rich” doesn’t work (just look at France). Burger King is also an example because of their plan to leave the U.S. if they merge with Tim Hortons. Paying taxes isn’t patriotic, despite what President Barack Obama thinks.

#IAmUnitedLiberty: Michelle Ray’s Fight To Grow The Liberty Movement

armed

Note: This is one of a series of profiles of UL contributors and how they became involved in the “liberty movement.” Share your story on Twitter using the hashtag #IAmUnitedLiberty.

I have my parents to thank for being libertarian, though I didn’t hear the word until I was almost twenty. I grew up in a military family, and while I didn’t realize it then, my parents took every opportunity to turn  life into learning and schooling into a real education.

If I am to be perfectly candid, there wasn’t an “aha!” moment that drove me to the liberty movement. I read Ayn Rand’s “Atlas Shrugged” when I was sixteen. By that time, I was finishing up high school and working two part-time jobs. My feelings after reading it weren’t necessarily different, but they were solidified into more concrete definitions: Men aren’t slaves. People aren’t an unthinking herd, but individuals with ambitions, desires, and rights. I carried those with me as I grew up, got jobs, got married, and had children.

I started my own small business in 2003. It was born with another name, but eventually became “Dagny’s Promise,” a personal affirmation of the oath made by the characters in “Atlas Shrugged.” The promise made when characters finally made the decision to stop allowing the regulations and expectations of society to rob them of their achievements. In 2008, Dagny’s Promise (and millions of other businesses) fell victim to the Consumer Product Safety Improvement Act.

AR Senate: Ad urges Pryor to listen to small business’ concerns over Obamacare

 Obamacare Hurts Arkansas Small Business

The National Federation of Independent Business (NFIB) has released a new ad in Arkansas featuring a family-owned small business trying to cope with added healthcare costs that have come along because of Obamacare.

“We’re a small business that has been part of the Central Arkansas community for four generations,” said John Parke, Chief Operating Officer of Democrat Printing and Lithographing Company. “Our employees are the backbone of our business.”

“What Obamacare means for Arkansas businesses is tough choices — the mandates, the increased costs, the increased taxes. Our premiums are increasing 19% for next year. Arkansans are counting on Washington to do the right thing. But we keep getting more empty promises,” he added.

The ad urges voters to call Sen. Mark Pryor (D-AR) and tell him that “Obamacare is broken” and to “stand up for Arkansas’ small businesses and workers.” The NFIB is spending $550,000 to, according to a statement on the ad, “educate Arkansans on the difficulties faced by small businesses due to Obamacare’s many failures, broken promises and increased uncertainty.”

Rand Paul proposes “Economic Freedom Zones” for Detroit, other challenged cities

Rand Paul

Sen. Rand Paul (R-KY) plans to introduce legislation that would empower impoverished cities to break the chains of big government tax and regulatory policies that have prevented economic opportunities.

In a speech in the heart of Detroit, arguably the most financially troubled city in the country, Paul detailed the principles behind the legislation — The Economic Freedom Zone Act — and explained that the resilience and optimism of its residents and economic freedom are a way to break the stagnation in which they currently find themselves.

“Detroit’s future…will not come from Washington. The magic of Motown is here in the city,” Paul said on Friday at the Detroit Economic Club. “It’s not in some central planner’s notebook. What Detroit needs to thrive is not Washington’s domineering hand — but freedom from big government’s mastery.”

“To thrive, Detroit needs less government and more freedom — less red-tape, less punitive taxes, more money left in Detroit,” he said. “The answer to poverty and unemployment is not another government stimulus, it’s simply leaving more money in the hands of those who earned it.”

“These ‘freedom zones’ will dramatically reduce taxes and red-tape so that Detroit businesses can grow and thrive,” he explained, noting that the idea is similar to one proposed by the late Rep. Jack Kemp (R-KY). “This bill will lower personal and corporate income taxes in Detroit to 5%. My bill will also lower the payroll tax — 2% for the employees, 2% for the employers.”

Kidney cancer patient loses health plan

Debra Fishericks

Here’s another sad story of someone facing the real world implications of Obamacare. Debra Fishericks, a kidney cancer patient who lives and works in Virginia, lost her health insurance after the employer-based coverage she had was canceled because it didn’t meet the requirements set under Obamacare:

A woman battling kidney cancer is losing her health insurance because her company’s health plan is being canceled due to Obamacare.

Debra Fishericks, who has been working for the past 10 years at Atkinson Realty in Virginia Beach, has been scouring HealthCare.gov for a plan that fits her, but is finding that current premiums and plans are out of her price range.

“They just go up high and higher when there is a pre-existing,” Fishericks told CBS News. “Will I have my same specialist? Will I have to search for other specialists? There’s so many unanswered questions.”

Owner Betsy Atkinson doesn’t understand why they have to lose their insurance since they were happy with it and it was affordable.
[…]
Atkinson added that she believes she won’t be able to afford company health insurance for her employees due to the Affordable Care Act.

Fishericks will continue to look for health plan in her price range via the federal Obamacare exchange website and hopes that she’ll be able to visit her grandson in Indiana. Here’s the video of the story:


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