The TRUTH about Taxing Small Businesses - Obama's Plan - Backed up by Factcheck and Politifact

[DemoRabbit]

Link: http://momocrats.typepad.com/momocrats/2008/08/obamas-small-bu.html

Obama's Small Business Tax Plan

Recent McCain campaign emails specifically target Obama's tax plan for small businesses. The campaign has repeatedly claimed that Obama's tax policies would raise taxes on 23 million small businesses, but, as Factcheck.org points out, that is simply not true. The Obama plan actually provides tax relief to small businesses in the form of a proposed capital gains tax exemption and tax credits to help cover the cost of employee health plans.

During a June interview with the Wall Street Journal, Obama stated he will exempt start-up small businesses from capital gains taxes in order to encourage small business development, saying, "Companies that are starting off...should be allowed to accumulate capital, reinvest profits, if there are any, to the point that they stabilize."

And the Obama campaign's official small business plan, available on the campaign website, states:

Barack Obama will reduce the burden on small businesses in our economy by offering a new Small Business Health Tax Credit to help small businesses provide quality health care to their employees. The Obama Small Business Health Tax Credit will provide a refundable credit of up to 50 percent on premiums paid by small businesses on behalf of their employees.

Factcheck.org concludes that under Obama's small business tax policies, in terms of overall tax rates, "The vast majority would see no change, and many would get a cut."

[Winterblues]

1. I still don't understand why the burdon of health care should fall on business.

We want business to be competetive with other world business but how can American business compete when those they are trying to compete with don't share this heavy burdon? IMO maintaining the Health and Welfare of the nation is Government's responsibility, not business's.

[DemoRabbit]

2. I don't disagree

and whether we go there or not is still open for debate, but either way, there has to be a plan in the meantime