Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Ezra Klein blog: Millionaires surtax would hit the top 1 percent of small businesses

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » General Discussion: Presidency Donate to DU
 
flpoljunkie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 10:48 AM
Original message
Yet the media continues to let Republicans get away with this lie. Emphasis mine.
Millionaires surtax would hit the top 1 percent of small businesses

By Suzy Khimm, Published: November 29

Senate Democrats are pushing a 3.25 percent surtax on millionaires to pay for the extension of the payroll tax cut for all Americansa proposal that Republicans claim would be a job-killing tax hike on small businesses, according to House Speaker John Boehners spokesman, Michael Steel.

The millionaires tax would indeed affect about 30 to 40 percent of business income thats reported on individual tax returns, rather than on corporate tax returns. But that income is concentrated among a very small group of small businesses. The tax would only affect about 1 percent of those the Treasury Department classifies as small business owners.

Just 2 percent of all business owners who file taxes through individual returnsincluding sole proprietorships, limited liability corporations, S corporations, and partnershipshave taxable income thats more than $1 million, according to an August 2011 Treasury report. And just about 1 percent of those Treasury categorizes as small businesses owners would be affected by the Democrats proposed millionaires tax about 273,000 in total. That number drops even furtherto 51,000if you define small business owners as those earning at least 25 percent of income through their firm.

Such findings are in line with independent analyses of small business millionaires as well. The non-partisan Tax Policy Centera partnership between Brookings and the Urban Institutecalculates that 1 percent of those reporting business income via individual returns in 2011 would be subject to the millionaires tax, about 340,000 in total.

more...

http://www.washingtonpost.com/blogs/ezra-klein/post/mil...
Refresh | +10 Recommendations Printer Friendly | Permalink | Reply | Top
 
zbdent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:16 AM
Response to Original message
1. I believe that, in the early 2000s, there was some flak about how
Wal-Mart or Ford qualified (by George W. Bush's/GOP's calculations), and, for that matter, George W. Bush, qualified as a "small business" ... all to qualify for the "small business tax cuts" pushed by the Republicans ...
Printer Friendly | Permalink | Reply | Top
 
jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:23 AM
Response to Original message
2. The DNC should make another humoroua but true ad, showing quick clips of
Edited on Wed Nov-30-11 11:24 AM by jenmito
all the Repubs. saying we can't raise taxes on the "job creators" and then introduce a "Republican-to-Regular People" Dictionary, showing "Job Creators": Republican for "the top 1%; see also 'the rich.'"
Printer Friendly | Permalink | Reply | Top
 
Nancy Waterman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:46 AM
Response to Original message
3. It needs to be pointed out again and again
that the tax is on income AFTER EXPENSES ARE DEDUCTED.
That is a lot of income for an individual or couple after business expenses are taken out.
Printer Friendly | Permalink | Reply | Top
 
Lint Head Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:52 AM
Response to Original message
4. Major corporations are well known to create 'S corporation' to look like a small business.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Oct 22nd 2018, 01:40 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion: Presidency Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC