VIDEO: Italian Restaurant Owner Paints Grim Picture on Tax Increase
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House Majority Whip Rep. Kevin McCarthy has a new video to highlight the effects of President Barak Obama’s planned tax hike on a small business owner in Washington, Pennsylvania.
Besides featuring gorgeous imagery that has given us a serious craving for a cannoli, “Taxation Nation: Angelo’s Story,” introduces us to third generation restaurant owner-operator Michael Passalacqua of Angelo’s Restaurant.
“My family has been in business for 73 years and I truly see us as a fabric of the community,” Michael says in the video. “This economy is just absolutely teetering and raising taxes on anybody at this particular time seems to me to be relatively foolish.”
Michael paints the grim reality facing an industry whose sole source of income comes from consumer spending, saying: “It’s just going to be tons of money dropped right out of the economy immediately.”
“The people who writes these regs, and vote for these things, they don’t live in this world. They don’t understand it. They think we’re all some rich fat cats who don’t want to help our people…. There’s just got to be a point where you can’t keep going to the well after the same people over and over again to cure all your problems.”
On July 9, Obama returned to the Angelo’s well, reviving his proposal to extend existing tax cuts at the end of the year, but only for those who earn $250,000 or less annually. His plan would increase taxes on almost a million small businesses, and according to independent analysts at Ernst & Young, result in 710,000 fewer Americans jobs and reduce economic output by 1.3% in 2013.