Small Businesses Not So Small
Keith Olbermann had a great segment on his program last night:
All this in their fevered campaign to try to continue the gravy train for the rich.
- Only 3% of businesses would be affected by ending the tax breaks for the rich.
- The definition of “small business” used by Republicans have up to 100 owners — no consideration of income, number of employees or payroll is considered.
- S-Corporations, as defined by Wikipedia, do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.
- The richer you are, the more likely you are to file on your taxes this way in what are also called pass-through companies.
- There are 15,000 S-Corps earning an average of $150 million a year.
- There are 18,000 S-Corps Partnerships that pull in $137 million annually.
- 750,000 businesses in total would see any change in their tax share.
In other words, multimillionaires own dozens, hundreds or thousands of these S-Corporations.
The point: Real, actual small businesses will not be harmed by letting the wealthy pay their fair share of taxes.
That’s just the lie the Republicans and their Blue Dog Democrat allies are pushing to make you believe that your neighbor’s business is going to go under by the oppressive tax burden.
It’s just not true.
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