97% of small businesses would not be subject to Obama tax increases

The liberal Center on Budget and Policy Priorities, citing 2003 data from the non-partisan Tax Policy Center, said in a report that 436,000 tax filers with small-business income — 1.3% of the 32.8 million filers with small-business income — were subject to the top income tax rate. Another Tax Policy Center analysis concluded that "roughly 97% of small businesses would not be affected at all by increases in the top two tax rates."

Len Burman, who runs the Tax Policy Center, said recently: "The vast majority of small businesses would not be affected by the Obama tax increases" because they are not in the top two tax brackets. He added, "Most small-business owners have relatively modest incomes."

The McCain campaign cites IRS income data, which it says shows "56.8% of total small-business income is earned by businesses in the top two rates." In other words, a small number of wealthy businesses account for most of the income.

Fact check of second McCain/Obama debate

shockingly low for the work I do, particularly in the past 18 months.

Any small businessperson who nets over $250k is WEALTHY. Jesus. That's a HUGE amount of money, even if you have a family of 4 (or 6).

McCain says you're not wealthy until you earn $5 million a year and have MORE than 8 houses or 13 cars.