Majority of Small Business Sector Facing Higher Taxes Under Obama Plan (Pres. Devours Businesses)

ATR ^ | 7/26/10 | Ryan Ellis

[Andrea19]

...

• All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $981 billion. A large chunk of this net profit--$488 billion—faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan.
• Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion—faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.
• S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $717 billion. A majority of this profit--$398 billion—faced taxation in households making more than $200,000 per year. 55 percent of S-corporation and partnership profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.

Read more: http://www.atr.org/majority-small-business-sectorbr-facing-higher-a5247#ixzz0unwHZt1e

[Andrea19]

Our friend from Chicago, Mr. Obama, wants to be the big boss.

Help promote Conservative activism here & here & here & here

[FrankR]

[Andrea19]

Good one ;)

[The Sons of Liberty]

0bamao will force small businesses into Collectives to be governed and run by a Czar of his choosing.

[DustyMoment]

Unless there are major changes, next year will see a huge spike in layoffs and business closings!