Small Business Owner Confronts Obama on Tax Cuts

During a backyard chat this morning in Des Moines, Iowa, President Barack Obama was pressed to defend his plans to limit the soon-to-expire Bush tax cuts to only those who make less than $250,000/year.  David Greenspon, owner of Competitive Edge Advertising Specialty Manufacturing Co. prefaced his question by telling the president he didn't mean to be confrontational, but asked the president to explain his plans to continue taxing "that elitist 2 percent."

Any increase in taxes -- even if it’s just five percent -- “that's 5 percent that would create a job,” he said. “Five percent on millions of dollars of profit creates many jobs. Nobody's putting it in their pocket on a corporate level. They can sit with their piles of cash. But on a small-business level, which is, you know, the essence of this country…”‪

President Obama interrupted Greenspon, saying he was “thrilled" he'd been able to build his success. "I have signed eight small- business tax cuts since I came into office. And the package that we signed this week cut taxes in eight more ways. So your taxes haven't gone up in this administration. Your taxes have gone down in this administration," he claimed.

After the chat, Greenspon joined Fox Business to give his reaction to the president's remarks: