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Obama says that only 3% of small businesses make 200K/$250K or above. He calls them millionaires and billionaires but it's 1/4 of a million. They are typically S-Corps and the money flows through to personal taxes. They also have employees and will have to reduce expenses to pay higher taxes.
Why does Obama want to hurt any small business.
Obama calls for a balanced approach. But a balanced approach is increasing revenues and reducing expenses. What exactly is Obama's definition of a balanced approach.
Read Saul Alinsky's Rules for Radicals, and you will understand.
I'm actually very suspect of Obama's claim of "only 3%" of small businesses generate $250K in income. $250K is very easy to make in the small business world.....indeed it's only $684/calendar day or $961/business day. I find it hard to believe that only 3% of small businesses reach this threshold. I'd love to see some hard data to back up this claim.
The proposal provides tax relief to a large percentage of taxpayers, which will provide incentives for these taxpayers to work, to save, and to invest and, thereby, will have a positive effect on the long-term health of the economy. The proposal also results in increased marginal tax rates on upper income taxpayers (as is provided for by the present-law sunset of EGTRRA), which will correspondingly reduce incentives for these taxpayers to work, to save, and to invest. Opponents of this latter aspect of the proposal often note that many small businesses, and a large fraction of small business income, will be adversely impacted by an increase in the top two tax rates. The staff of the Joint Committee on Taxation estimates that in 2011 just under 750,000 taxpayers with net positive business income (three percent of all taxpayers with net positive business income) will have marginal rates of 36 or 39.6 percent under the President's proposal, and that 50 percent of the approximately $1 trillion of aggregate net positive business income will be reported on returns that have a marginal rate of 36 or 39.6 percent. These figures for net positive business income do not imply that all of the income is from entities that might be considered "small." For example, in 2005, 12,862 S corporations and 6,658 partnerships had receipts of more than $50 million.
"Hurting" small businesses has nothing to do with it. I realize there are anti-tax nuts who consider all taxation as some type of punishment, but you're just wrong.
Of course it has "something to do with it." One doesn't just wake up one day and say "lets raise taxes!" without first considering who might be hurt by those tax increases. Unless, of course, you're outright admitting that Democrats and Barack Obama really don't care about who they hurt with their policies. Is that what you're proclaiming??
The President should be doing what benefits the largest number of people. 3% "hurt" compared to 97% helped seems to be a no brainer to me.
What you have said here is EXACTLY what Barack Obama wants you to parrot, and you have done so like a good servant. The problem is, there is ZERO EVIDENCE that raising taxes on those making more than $250K will help a single person, much less 97% of people.
Barack is relying on the low information types to help him get across the finish line. Keep up the good work!!!!!!!!!!!
The problem with government estimates is that they are never right.
Do you recall how Obamacare was not supposed "to add one dime" to the deficit? And now we see that those numbers were wrong, costs are skyrocketing, estimates are being revised upward, and as with every other government program spending will "unexpectedly" rise beyond original "estimates."
Obama says that only 3% of small businesses make 200K/$250K or above. He calls them millionaires and billionaires but it's 1/4 of a million. They are typically S-Corps and the money flows through to personal taxes. They also have employees and will have to reduce expenses to pay higher taxes.
Why does Obama want to hurt any small business.
Obama calls for a balanced approach. But a balanced approach is increasing revenues and reducing expenses. What exactly is Obama's definition of a balanced approach.
Having some math troubles??? Millionaire refers to your wealth, not your income.
Having some math troubles??? Millionaire refers to your wealth, not your income.
Denver conservative talk show host Mike Rosen has been making the same stupid mistake all week.
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