Forbes: Harry Reid Can’t Find ‘Job Creators’

Senate Majority Leader Harry Reid is having a hard time finding job creators, according to Forbes Magazine. It’s part of a pattern, the magazine reports, in which one of the nation’s top Democrats continues to fail at locating American entrepreneurs and the jobs they help generate.

Reid “makes patently inaccurate, outrageous and bizarre claims on an important tax-policy issue without any heads being turned? I guess this is what we have come to expect of Congress. No wonder citizens with favorable opinions of Congress are as rare as unicorns, to borrow a phrase,” writes Forbes contributor Paul Roderick Gregory on the magazine’s website.

“Harry Reid’s statement on December 6 on his proposed 1.9 percent surtax on million-dollar incomes has kicked up some dust. Here is his statement:

“Millionaire job creators are like unicorns. They’re impossible to find, and they don’t exist… Only a tiny fraction of people making more than a million dollars, probably less than 1 percent, are small business owners. And only a tiny fraction of that tiny fraction are traditional job creators…Most of these businesses are hedge fund managers or wealthy lawyers. They don’t do much hiring and they don’t need tax breaks.”

National Public Radio parroted Reid in a recent report, saying their formidable staff of taxpayer-subsidized reporters were also unable to local a single millionaire job creator. They announced:

“NPR requested help from numerous Republican congressional offices, including House and Senate leadership. They were unable to produce a single millionaire job creator for us to interview.”

But the IRS’s Table 1.4 — “Sources of income, adjustments, and tax size of adjusted gross income, 2009” gives this information to anybody seeking it on the Internet, Forbes found.

“There are 236,883 tax filers with incomes of a million dollars or more. By Harry Reid’s count, only one percent, or 2,361 of them, are business owners, and a tiny fraction of them create jobs. I do not know what Harry means when he says “a tiny fraction of a tiny fraction.” If we let 5 percent represent Harry’s “tiny fraction,” we are left with 118 businesses owners who earn a million or more and create jobs.”