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GLENN: From Radio City in Midtown Manhattan, third most listened to show in all of America. Hello, you sick twisted freak. Welcome to the program. I'm glad you're here. Hmmm, you'll have to excuse my voice today. I am I have to tell you, yesterday I said on the radio that if Obamacare comes through, just an initial pass at it, my small company will not employ five to ten additional people. We are a company that has done very well in the last few years and I have, I don't even know, 20 something employees that are full time. We cover everything, full health insurance. They don't even have to pay for anything. We've got dental, we have you know, you make a charitable contribution, I match it. I mean, it's a good little company. "Little" is the key here. That is exactly who is going to get hurt. Why did the Dow go up yesterday about 280 points? Because the big companies aren't going to be hurt. Stu, would you do a quick search on CIT? CIT, it's one of these threads that's been bothering me and I just looked up again at the TV and I saw CIT is begging for a bailout. I think CIT is a small business bank. This is the first one that Obama has decided to take a stand in and say no more bailouts. A bank that nobody has really heard of but is actually quite important to the economy. But they are saying not essential to the economy. I believe it's a small business loan bank. Is it? Do you know enough about it? Look it up and when you know enough, you just let me know. I could be wrong on that one. Just, it's sticking out that it's bothering me and it would make sense. The ones who are going to get hurt by this by healthcare are the small businessmen. Who are the small businessmen? They are only the people that created 70% of all jobs in America, 70%. When I say I believe in America, I say I believe in the entrepreneur. I believe as long as there is a free zone or region or state, at least one in America that we will be able to survive. But if they shut down free zones, if they shut down entrepreneurs, if they shut down the small businesses, we will not survive. We will become Europe at its at best we will become Europe. Well, why don't we just move to Europe. I thought that's what all these people who love Europe so much and love Canada so much, that's what they wanted to do. That's where they were going. No, no, no. They want to change us into what they have.
Healthcare is going to you know how Barack Obama said, I am just going to revert back to the Clinton days; that's all I'm going to do. Now he's reverting back to the Reagan days, you know, right before Reagan came in and cut everything. I'm just going to go, what, the rich were paying these taxes, you know, under Reagan. Well, Reagan went and finally got the tax cuts that he wanted. He closed the loopholes. When Reagan was in office, they were paying 56% taxes, the rich, but you had loopholes like every bit of interest, whether it was your credit card or your house or whatever, that was all part of it. Remember Barack Obama wants to cut your homeowners interest, your mortgage interest off of your taxes. He wants to close even more loopholes. He wants to cut the loophole of being able to deduct charitable givings. The rich under Obama would have no deductions and now we are looking at a 57% tax on the rich. 57 cents on every dollar made goes to the government. That's not including your property tax or anything else. 57%.
Now, yesterday I said if healthcare happens, it is going to cost my company five to ten jobs because I and God forbid. I mean, I hate to break it to my staff, but that healthcare, I can't afford the healthcare that I'm providing. I can't afford the dental. You're going to have to you'd make the copay. You're not going to have the system that we have. I can't afford it. If we want to try to keep a healthy business. Okay. I said this on the air yesterday I have 127 letters from small businesses that listen to this program, one from Hawaii, just put the last name or just put the last letter J, owner of a performance auto care center. He says, I work at a small repair shop with three full time mechanics, one part time mechanic and one part time office work myself. We have been hoping to hire one more full time mechanic. My accountant says that any increase in taxes and I will have to forego hiring that other mechanic and may have to let go of the part time mechanic or the office clerk.
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Gary in California says, I run a small business in California. Due to the current and future conditions, I will be laying off and hiring no new employees in the foreseeable future. You can only tax me so much. By the way, I, too, provide full benefits to my employees. This is soon going to have to come to an end.
Suzanne in Florida says, I'm a small business owner. If Obamacare passes, this would force me not to add anyone, which I had plans of hiring three more people in 2010. Plus I may need to fire one to two other people. So this would be a total loss of five people. I know it doesn't seem like many, but they all add up, don't they?
Scott in Pennsylvania writes, Glenn, I manage a 15 employee shop, now a 7 employee furniture manufacturing company in Pennsylvania. If you could only imagine, we have more money than we just know what to do with at this moment. I admit I don't completely understand Obamacare but does anyone including Obama? But there is no way I can afford to pay healthcare or a higher tax for healthcare. I am guessing the last seven of us will be gone if this goes through. I'm sure the Chinese are going to be happy to make all the products that we make now in Pennsylvania.
Dr. J in District of Columbia, he says, I have nine employees now. I need two more but instead will have to let one go and take a salary cut as well myself.
Brett, he says, we currently employ three people, expect to hire four to five new employees January 2010. However, if Obamacare goes through, we will not be able to afford to create but maybe one job. Additionally, my business partner and I may have to stop growing our company soon in order to avoid additional taxation.
Let's see. This comes from Nancy: Glenn, we're a small business owner in South Florida. We have already let two of our employees go since January. If Obamacare goes through, I will have to lay off the remaining three employees and just have contract laborers.
That's where we're headed, gang.
I can no longer afford to pay the rent, the utilities and the new taxes. Both my husband and I have gone off the payroll to try to save our company. We're right with you there every night and every morning. Keep up the good work.
This is from Charlie in South Bend, Indiana. I have a small HVAC R service company. We have ten people. We are not going to be able to hire at least three additional employees.
Ashley: I own a small subcontracting company. We currently have six employees. I will have to fire at least one, maybe two or three depending on what this health insurance is going to cost and all the rules and stipulations that are put on it, which means I may have to reduce my workforce by half. I will also probably have one employee take a pay cut. Worst case scenario, I close down.
I mean, the letters go on and on and on.