I am a tax planning attorney with more than 15 years in the profession. I assist families of all shapes and colors. I represent small business: the engine in our national economy. I have had the opportunity to witness, from a professional perspective, the impact of tax legislation upon families.
The impact of tax legislation occurs in "real time," based on short-term projections. If I am a small business considering hiring the next marginal employee, the decision to hire is made now. If I am projected to have insurance costs or if taxes are expected to go up, I will tend to reserve more cash. Money can simply stay in the bank account instead of paying for a new employee.
However, I find myself mystified by journalists who make some esoteric explanation that the upcoming tax increase is somehow not a "tax increase" because the law was temporary. Clearly, these journalists do not live in or understand the real world. This is simple stuff first-year business students learn.
I write this letter in support of extending our current tax legislation. The unemployment rate continues to climb. We complain about the lack of domestic jobs but penalize, admonish and scorn the private capital necessary to pay for labor.
I pray for our families and hope we can return to tax policies that encourage investment, growth and the jobs created thereby. Uncle Sam can only pay for a limited time.
God bless America.
Douglas S. Delaney