Cantor: ‘Buffett Rule’ Is a Tax on Small Business Job Creators

By Christopher Goins | September 20, 2011 | 5:59pm EDT

House Majority Leader Eric Cantor (R-Va.) (AP Photo)

Washington ( -- House Majority Leader Eric Cantor (R-Va.) told reporters Tuesday that President Obama’s call to raise taxes as a part of his debt-reduction plan is a tax on investment and small-business job creators.

“He called it the so-called ‘Buffett Rule,’ and that name insinuates that somehow it is a tax only on millionaires,” Cantor said at a news conference. “But frankly what it is -- it is a tax on investment. It is a tax on small business job creators.”

Cantor said he doesn't understand why the president thinks this is a good idea. "Maybe he thinks its good politics. I just think the policy is so wrong for the times.”

Cantor, the number two Republican in the House, opened the briefing with a video clip of President Obama in 2009 saying that raising taxes in the middle of a recession is a bad idea.

On August 5, 2009, during an interview with NBC’s Chuck Todd, Obama said: “The last thing you want to do is raise taxes in the middle of a recession because that would suck up -- take more demand out of the economy and put businesses in a further hole.”

“I guess now after [what] we’ve seen yesterday (Monday), the president now disagrees with himself,” Cantor said after the clip ended.

Cantor said the president’s plan will raise taxes on charities and limit the ability to deduct mortgage interest.

“We know he’s raising taxes on charities,” he said. “We know that. That’s the effect of the limit on the ability to itemize deductions. And again, who thinks that is a good policy when you need charities to be there for people who are out of work and on bad times?”

Cantor objected to comments made by White House Communications Director Dan Pfeiffer on Monday that the White House is beyond the phase of "legislative compromise."

“I take exception with that position,” Cantor said, “I don’t think it is responsible. What the American people are looking for are results. And we've got to figure out how to work together to get some results.”

Cantor said the House leadership is willing to work with the White House on reforming unemployment insurance, regulatory relief, and small business tax relief.

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