Sure, that's because real small businesses don't earn a million dollars a year. The cloudiness comes from large corporations that file as subchapter S corporations and the GOP then claims that millions of dollars of small business revenue will be hurt.
On CBS' "Face the Nation (Sept 12, 2010)," Republican House Minority Leader John Boehner said that, under President Obama's tax proposal, "about half of all small business income will be taxed."
Bob Schieffer responded, "Yet, according to figures by the non-partisan Joint Committee on Taxation, only 3% [of small businesses] would be affected by the proposal. "Do you quarrel with that figure?" he asked.
Boehner: "Well, it may be 3%, but it's half of small business income, because obviously the top 3% have half of the gross income for those companies that we would term 'small businesses,'" Boehner replied. "And this is why you don't want to punish these people at a time when you have a weak economy. We need them to reinvest in their business."
You would think from all this that Republicans are protecting the small mom and pop small businesses. So who are these small businesses? Some of the largest and most profitable companies in the nation.
Bechtel Corp., the largest engineering firm in the country, with gross revenue in 2008 of $31.4 billion.
Others include: The Tribune Company, KKR, Koch Industries, CoorsTek, the Carlyle Group, Harrah's Entertainment and Price Waterhouse Coopers.
Some mom and pop operations, huh?
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