Speaker Boehner argues that tapping millionaires for revenue would hurt small businesses, the job creators. Interesting--very interesting.
http://factcheck.org/2011/11/boehner...mall-business/
Since Boehner argued the tax would hurt those who create jobs, here are two pieces of additional perspective from the report:
Small-business owners in general are often lauded as job creators. But “millionaires” make up only a tiny fraction of the small-business owners. How tiny a fraction? According to the Treasury experts’ “broad” definition, 1.4 percent, and according to the narrow definition, 0.5 percent.
And contrary to the “job creator” image, being a small-business owner doesn’t mean you actually employ anyone. In fact, most don’t. According to the Treasury report, “We also find that slightly more than one-fifth of small businesses conform to our definition of an employer.”
Whaddya know? Politifact argues the same point:
http://www.politifact.com/truth-o-me...urting-small-/
The bill, which so far has been stymied in Congress, calls for a 5.6 percent surtax on incomes greater than $1 million to pay for tax cuts for workers, infrastructure spending, hiring incentives and cash for local governments to keep teachers and police from being laid off.
This is important stuff and:
only 0.5 percent of small businesses make that kind of money. More often, small businesses are small in every sense -- most have incomes of less than $50,000 and almost all have profits of less than $1 million -- and they wouldn’t be affected by the millionaires tax. We rate the statement False.
So what's the problem? Anything that helps make him look good cuts into their bottom line, which is:
http://factcheck.org/2011/11/boehner...mall-business/
Since Boehner argued the tax would hurt those who create jobs, here are two pieces of additional perspective from the report:
Small-business owners in general are often lauded as job creators. But “millionaires” make up only a tiny fraction of the small-business owners. How tiny a fraction? According to the Treasury experts’ “broad” definition, 1.4 percent, and according to the narrow definition, 0.5 percent.
And contrary to the “job creator” image, being a small-business owner doesn’t mean you actually employ anyone. In fact, most don’t. According to the Treasury report, “We also find that slightly more than one-fifth of small businesses conform to our definition of an employer.”
Whaddya know? Politifact argues the same point:
http://www.politifact.com/truth-o-me...urting-small-/
The bill, which so far has been stymied in Congress, calls for a 5.6 percent surtax on incomes greater than $1 million to pay for tax cuts for workers, infrastructure spending, hiring incentives and cash for local governments to keep teachers and police from being laid off.
This is important stuff and:
only 0.5 percent of small businesses make that kind of money. More often, small businesses are small in every sense -- most have incomes of less than $50,000 and almost all have profits of less than $1 million -- and they wouldn’t be affected by the millionaires tax. We rate the statement False.
So what's the problem? Anything that helps make him look good cuts into their bottom line, which is:
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