Posted on 08/31/2010 2:44:02 PM PDT by Andrea19
...The Obama Administration and Congressional Democrats have said that they want to raise taxes in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and small business owners earning at least $200,000 per year Unlike corporations, small businesses usually don’t pay their own taxes. Rather, business profits flow through to the business owner. The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes. According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and “pass-through” entities like partnerships and S-corporations...
Read more: http://www.atr.org/robert-gibbss-fuzzy-tax-hike-math-a5353#ixzz0yDoHjVsN
(Excerpt) Read more at atr.org ...
The number presented by ATR are not very clear, and do a poor job of refuting Gibbs. Gibbs says 2-3% of small business affected. What would be helpful in refuting are some very clear numbers. Give some definition of a small business, how many are there in the US, and how many would be affected? The fact sheets says “a majority” but without actual numbers it lacks credibility.
Good point...hopefully they’ll post an update if a reader like me complains about their lack of specificity.
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