Quote:
For example: If a small-business owner makes $210,000 in taxable income, he edges into the 33% bracket, one of the two top tax rates that Obama would like to raise.
But he would pay the higher tax only on the amount that exceeds the cutoff - in 2007, the two top tax rates applied to single filers with income of $160,850 or more and joint filers with income of at least $195,850. As a single filer, this business owner would see his federal taxes increase $1,475 under Obama's plan, which calls for raising the 33% tax rate to 36%.
"While Obama does favor raising the top two rates, the quote is not true because not all the small business income of those in the top two rates is taxed at the 33% and 35% rates," said Gerald Prante, a senior economist at the nonpartisan Tax Foundation.
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i thought the cut off was 250k?
and ive said it before its not the number of small businesses. its the number of small business employees. if i sell lemonade at lane and high i wont make 250k (unless i spike it and target underage drinkers), but what about the guy with 5, 10, 20, 50 employees. those guys have more employees and thus effects more people.
granted the devil is in the details and its a tax code so their will be 10,000 pages of details. all i can see now is a bad tax plan and a worse one...