Ever since John McCain raised the story of Joe the Plumber (or whatever he actually is) during the third presidential debate, his campaign has made an issue out of small business taxation, asserting Obama's economic plan discourages small business ownership. McClatchy breaks it down:
Roughly 75 percent of small businesses file as individual tax filers, not corporations, and most report their business income using various tax forms, called schedules, for income from business ventures, farming or rental properties.
Using these three income-reporting categories, the Tax Policy Center has concluded that 1.9 percent of all individual filers reporting business income would see their taxes go up under Obama's plan. Of those who get more than 50 percent of their income from business ventures, 2.7 percent would pay higher taxes.
That 1.9% of small businesses would see their taxes rise from 35% to 39.5%. The 35% rate is a result of the Bush Administration's tax cuts and the 39.5% represents the tax rate through much of the 1990's.
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Comments
250,000 no I meant to say 200,000. Oh I really said 150,000 or maybe 142,000. Let's just go with 42,000? Does CHANGE entail always changing your mind?
As as business owner in Los Angeles this increase has weighed on my mind in considering the election. I would be paying higher taxes, about $15,000 additional per year. But I feel this societal attitude of "me, me, me" has got to come to an end.
I am voting Obama.
I'm an average everyday middle class worker. I never really tried to pursuade others on whom to vote for or other views, but I am just speechless as to how this has already come into play in my employment. I guess the next week will determine if I will or will not have employment.
received from employer:
The likely outcome of the election next week is going to be a very large problem for small businesses, especially for us since we are small AND depend on large businesses for revenue.
I'm an average everyday middle class worker. I never really tried to pursuade others on whom to vote for or other views, but I am just speechless as to how this has already come into play in my employment. I guess the next week will determine if I will or will not have employment.
received from employer:
The likely outcome of the election next week is going to be a very large problem for small businesses, especially for us since we are small AND depend on large businesses for revenue. There will be a meeting but I do not want to make these kind of decisions until I am sure that Obama is elected. If that happens, we will have to cut back. How we do that will be discussed and planned as a group as much as possible
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