"small" business tax breaks- the truth (so far)
On CBS' "Face The Nation" on Sept. 12, Rep. John Boehner, R-Ohio, conceded that a nonpartisan Joint Committee on Taxation found that 3 percent of small-business people would be impacted if Bush tax cuts for the rich would expire. "Well, it may be 3 percent, but it's half of small business income," House minority leader told Bob Schieffer. "Because, obviously, the top 3 percent have half of the gross income for those companies that we would term small businesses. And this is why you don't want to punish these people at a time when you have a weak economy." Fewer than 750,000 people, less than 0.25 percent of the country, would be affected by the top rate, according to Joint Committee on Taxation. Owners of such businesses would benefit from continuation of Bush era tax cuts due to expire at the end of this year. Rather than paying corporate taxes, the firms operate as S Corporations, sole proprietorships or partnerships, including limited liability
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