Republicans, citing stats from the nonpartisan Joint Committee on Taxation, say the higher rates would “capture’’ about 50 percent of income from small business and “affect’’ 25 percent of all jobs. (See this clip of Senate minority leader Mitch McConnell).
Democrats, also citing statistics from the Joint Committee, say the opposite. By their reckoning, only 3 percent of small business owners are in the top two brackets and would see any tax increase at all.
Who’s right?
Would Small Business Be Hurt by Obama’s Tax Plan?This claim, which has also been made by House Minority Leader John Boehner (R-OH), comes from a Joint Committee on Taxation report which states that 50 percent of business income is in the top two tax brackets. But the report in no way shows that this is from small businesses. In fact, it explicitly states “these figures for net positive business income do not imply that all of the income is from entities that might be considered ‘small.’”
McConnell Falsely Claims That The Expiring Bush Tax Cuts For The Rich Affect Half Of Small Business Income
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