Why Higher Taxes Wouldn't Kill Small Business

[SecularMotion]

The administration is committed to extending the Bush tax cuts for 98 percent of the country while raising taxes on the top 2 percent of households, Treasury Secretary Tim Geithner said in a speech yesterday. Republicans are using a collateral damage argument against the plan, arguing that the administration might be aiming for the wealthy, but it's going to hit a lot of small businesses, as well. True?

Howard Gleckman from the Tax Policy Center finds that of the 36 million taxpayers who report income from Schedule C, E, or F (that is, as sole proprietors, members of an S corporation, or on a farm), "only 900,000, or 2.5 percent, would pay higher rates if the Bush tax cuts were allowed to expire for those in the top brackets." Two and a half percent. If those projections are right, it would mean that the Bush tax cuts would affect the same share of small businesses as it would American households. An interesting thought.

http://www.theatlantic.com/business/archive/2010/08/why-higher-taxes-wouldnt-kill-small-business/60973/

[tsuki]

1. I had to straighten out a couple of my small business owner friends.

The Republicons are pushing the meme that if you make more than $250,000 a year that you will pay more taxes. It is if you net more than $250,000 that you will pay more.

Calms a lot of nerves in this economy.

The Republicons are clearly trying to blur the line between gross and net.

[Hello_Kitty]

2. And it would barely increase their taxes at that. eom

[Ruby the Liberal]

3. K&R

Rec'd you back to 0. Who would unrec facts? Moron.

[truedelphi]

4. Thank you for posting. n/t