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11-23-2012, 10:28 AM   #1
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Let the "carve outs" and games begin:

GOP Plan B on taxes: Protect business owners - Rachael Bade -

GOP opposition to Obama’s pitch to allow rate hikes on households making more than $250,000 has focused heavily on the potential risks to small businesses. They say tax increases on the top 2 percent will crush startups, often citing an Ernst & Young study — authored by former top Treasury official Robert Carroll — that says the increases would result in more than 700,000 fewer jobs and stifle economic growth.
That’s because about 75 percent of businesses, and almost all companies classified as small businesses, file their profits individually rather than through the corporate tax code.

“The problem with raising tax rates on wealthy Americans is that more than half of them are small-business owners,” Boehner said in a press conference last week.

Democrats often counter that only about 3 percent of those small businesses would actually be affected by the rate increases, and that Republicans are hiding behind small businesses in their efforts to protect the wealthy. They say that the GOP is including in its calculations people not normally thought of as small-business entrepreneurs: celebrities who receive income from speaking engagements, people who invest in stock, best-selling authors who get royalties for book sales and partners in law firms and hedge funds.

“In reality, only a tiny fraction of the top earners actually own, control and manage a business that is small and has hired anyone,” Senate Finance Committee Chairman Max Baucus (D-Mont.) said on the Senate floor in July.

Read more: GOP Plan B on taxes: Protect business owners - Rachael Bade -

There life would be soooo much simpler if they finally realized you don't have to tax to spend.................


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