Setting the Record Straight on Small Business
Democrats all across the country are in their districts continuing to engage small businesses – the backbone of American jobs, growth and innovation. President Obama’s American Jobs Act will strengthen small businesses and entrepreneurs, but that won’t stop the GOP from recycling their favorite fiction…
@SpeakerBoehner: POTUS ignores small business plea, continues pushing for $1.5 trillion job-crushing tax hike http://j.mp/r2S869
…despite the fact it has been debunked over and over again.
To review: fewer than 2 percent of the small businesses in the country face either of the top two tax brackets. Far more, in fact, are in the lowest tax bracket. Plus, “many of the roughly 650,000 filers with small-business income who face one of the top two tax rates are merely passive investors who have nothing to do with running the business.”
On a final note, small business owners that file their taxes as individuals (instead of through the corporate tax system) pay taxes on the income they actually take home. A small business owner who is pocketing one million dollars annually should be taxed like anyone else taking home that much. Claiming that the tax hikes Obama proposed would adversely impact small businesses is just another way in which the GOP is going to bat for the very rich.
…this rule applies only to those making over $1 million—or about 3 out of every 1,000 Americans, according to IRS data. It does not even apply to the other 997, including the more than 99 percent of small business owners who make less than $1 million (per Tax Policy Center data)…
…the President’s American Jobs Act is focusing on tax cuts for small businesses that support hiring and investing — by cutting their payroll taxes in half, providing a full payroll tax holiday for increased hiring and wages, and extending 100 percent expensing on new investments…
Now let’s flash back to last year, when Republicans were spewing similar misinformation…They were exposed with a “Pants on Fire” rating from PolitiFact, an independent Pulitzer Prize winning fact check organization.
It wasn’t true then and it’s not true now. For the sake of the small businesses they claim to care so much about, it’s time for the GOP to take a break from spinning and review the facts.