Friday, November 16, 2012

Raising taxes on small businesses?

"The problem with raising tax rates on wealthy Americans is that more than half of them are small-business owners. Raising tax rates will slow down our ability to create the jobs that everyone says they want." - John Boehner

Boehner is wrong when he says that.  Michael Steel, Boehner's spokesperson, has already that he misspoke.  So I won't harp too much on Boehner, but only about 8 percent have an income of $200,000 or more. But Boehner is correct, sort of, that 53 percent of business income would be taxed in the top two brackets which President Obama wants to raise taxes on.  Those businesses are not necessarily small, though.  A more in-depth study found that more than 90 percent of small-business owners wouldn't be affected by Obama's proposal. The vast majority of people affected, over 90 percent are not small business owners.

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