News & Policies >
For Immediate Release
Office of the Press Secretary
September 25, 2006
President Bush Discusses the Economy in Ohio
Meyer Tool, Inc.
4:22 P.M. EDT
THE PRESIDENT: I've come to this company because, first of all, I like to honor the entrepreneurial spirit. We've got a father and a son who are running this company, and making sure of two things: One, they're on the leading edge of technological change; and two, they got a work force that is trained and prepared to be able to provide product.
This is a company that has benefitted from the tax cuts. They've increased their employment by about 125 over the past 12 months. They've expanded because of the bonus depreciation schedule -- in other words, the tax cuts encouraged them to buy equipment, and when you buy equipment you expand your business. Plus this is a company that benefitted from the cut in the individual income tax rates -- this is a subchapter S.
This economy of ours is strong. And one of the main reasons it's strong is because of the tax cuts that we passed. And the fundamental question facing the country is, will we keep taxes low. Some have advocated that we ought to raise taxes on individuals, which would take money out of the pockets of this company. If you take money out of the treasury of this company it means it's less likely somebody is going to find work. So I think we ought to keep taxes low so companies like this can continue to expand and grow.
This is an important debate facing the United States of America. I believe that small businesses are the backbone to economic vitality. I know that most new jobs are created by small businesses just like this one, and I know the tax cuts we passed have helped this small business expand. Congress needs to make the tax cuts we passed permanent, so these entrepreneurs can plan. You hear people say, well, we're not going to extend the tax cuts -- that means they're going to raise taxes on the small business, just like this one. And it's bad economic policy and it will be bad for our country.
Anyway, I want to thank you all for letting us join you. I'm impressed by your company. I know your work force is vibrant, growing, well-trained. I know you know that you couldn't be doing what you're doing without a good work force. So I want to thank you for taking time -- as well. Thank you.
END 4:25 P.M. EDT