Quote:
Originally Posted by ORD_Buckeye
Sorry, NYB, but that does nothing to prove your point that the 4x ratio of small business owners extrapolates upwards to the 250K annual income level and beyond. It merely states that half of those who are millionaires (i.e. have accumulated 1MM+ in assets) achieved this through small business ownership. By that definition, someone who has been plugging away at a small plumbing company for 20 years, never made over 100K in a single year but was smart with his money, has a large amount of home equity and a decent valuation on his company could easily quality, yet he's not much closer to making 250K a year than he was when he started his company
Even if half of all "millionaire creation" is the result of owning one's own business, the article gives no distinction as to whether they are "small" businesses or not--something that seems to be a rather vague notion and one that hasn't really been addressed here.
What I would really need to see before capitulating is first a definition of what constitutes "small business" in "America and secondly, what percentage of annual income owners at the 250K, 500K and 1MM levels are small business owners under that definition. Even then, I'd like to see what proportion of those fall into such categories as self-incorporated surgeons, consulting architects and the like.
The heart of this argument is whether guys like JTP would benefit from Obama's or McCain's tax policies. You've shown me nothing to change my belief that guys like Joe the Plumber are so far off from ever sniffing 250K that the answer falls heavily in Obama's favor.
|
Does NOTHING to prove? So you admit there is no correlation between income and assets? Great - you must now agree that we need a tax OTHER than income to capture the truly wealthy. Cool. Glad we finally agree on that.
On you other point -
SBA: Office of Advocacy - Business Owners As High Income Earners And Wealth Holders
While it is true that small business owners accrue wealth far more than non business owners, it is also true that small business owners are TWICE as likely to be high income than non SBO.
So yes, sadly, the Obama tax will hit job creators quite hard, ceteris parabis......