President Obama's Policies Are Taxing For Small Business Owners “President Obama and his campaign will do anything to avoid talking about his record of failure–and they certainly don’t want to talk about his plans to increase taxes on entrepreneurs and small busin
PoliticalNews.me - May 03,2012 - President Obama's Policies Are Taxing For Small Business Owners
“President Obama and his campaign will do anything to avoid talking about his record of failure – and they certainly don’t want to talk about his plans to increase taxes on entrepreneurs and small businesses. Too many Americans are struggling to find good jobs and make ends meet, and President Obama hasn’t delivered for them. Mitt Romney will implement pro-growth tax policies, lower rates across the board, and press for a fairer, flatter, simpler tax code that will get our economy growing again.” –Andrea Saul, Romney Campaign Spokesperson
Next Year, President Obama Will Impose “One Of The Biggest Tax Increases In History,” Which Will Hit Many Small Business Owners:
“[President Obama] Is Setting Up The U.S. Economy For One Of The Biggest Tax Increases In History In 2013.” “President Obama unveiled part two of his American Jobs Act on Monday, and it turns out to be another permanent increase in taxes to pay for more spending and another temporary tax cut. No surprise there. What might surprise Americans, however, is how the President is setting up the U.S. economy for one of the biggest tax increases in history in 2013.” (Editorial, “The 2013 Tax Cliff,” The Wall Street Journal, 9/14/11)
President Obama’s 2013 Budget Includes $1.5 Trillion In New Tax Hikes. “To pay for the spending, the president would raise $1.5 trillion in added tax revenue over 10 years, mainly from higher taxes on wealthier Americans. He would allow the Bush tax cuts to expire on families earning more than $250,000 a year and impose a new minimum tax of 30 percent on millionaires, which the administration has called the ‘Buffett Rule.’” (Devin Dwyer, “Obama Budget Doubles Down On Populist Proposals,” ABC News, 2/13/12)
President Obama’s Tax Plans Would Come “At The Expense Of Smaller Businesses That File As Individuals” By Hiking Their Marginal Rates To “41% Or More.” “By contrast, President Obama's proposal yesterday (see below) to cut the corporate rate to 28% from 35% wouldn't apply to this ‘pass-through’ business income. It would thus favor big corporations at the expense of smaller businesses that file as individuals and would see their marginal rate rise to 41% or more under Mr. Obama's plan to raise individual tax rates.” (Editorial, “Romney's Tax Reboot,” The Wall Street Journal, 2/23/12)
Approximately 50% Of Private Sector Employees Work At Firms That File Their Taxes Through The Individual Tax Code. “In 2008, flow-through businesses: Accounted for nearly 95 percent of all business entities; Employed 54 percent of the private sector work force; and, Reported 36 percent of all business receipts. Moreover, between 2004 and 2008 individual owners of flow-through business reported 54 percent of all business net income and paid 44 percent of all federal business income taxes.” (Robert Carroll and Gerald Prante, “The Flow-Through Business Sector And Tax Reform,” Ernst & Young, 4/11)
President Obama Has Also Pushed A Corporate Tax Hike Plan That Will Create Winners And Losers In The Tax Code:
