House Majority Leader Eric Cantor (R-VA), fresh off a legislative victory with his fraud-inducing JOBS Act, is pushing another bill aimed at helping small businesses. The legislation is supposed to give small businesses a tax cut but instead, it cuts taxes for millionaires, professional sports franchises, and businesses like Oprah Winfrey’s production company. While giving millionaires a $45,000 tax cut, many small businesses actually wouldn’t qualify for the tax cut Cantor proposed.
Those facts, however, aren’t stopping him from running advertisements in his Richmond-area district touting the bill, as the Richmond Times-Dispatch reports:
Cantor rolled out the Small Business Tax Cut Act of 2012 on March 21, and he’s promoting the plan in a TV ad featuring a half-dozen local businesspeople. The ad is airing in his district.
The 30-second spot, released by his campaign operation, opens with Mark Oley of Westwood Pharmacy, followed by Suzanne Wolstenholme of Homemades by Suzanne.
Four others also make appearances in the ad, which is expected to run for the next two to three weeks.
“If we believe in free markets, if we believe that small businesses really are the growth engine, we ought to just empower them by allowing them to keep more of their money so that they can retain and hire more workers,” Cantor said Thursday. But as Pat Garofalo noted last week, Cantor’s bill “fundamentally misunderstands the problems facing actual small businesses, which is that there’s no demand in the economy for their goods or services.” Without demand, businesses have no incentive to expand and hire.
Once again, Republicans are betting that its single trick of cutting taxes for every millionaire (“small businesses” and “job creators,” to borrow from their parlance) will stimulate job growth. The problem is, there’s no evidence that it will.