Community | October 20, 2011 | 3 comments

Small-Business Owners Are Not Millionaires

source: http://www.americanprogress.org/issues/2011/10/small_business.html

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In response to the proposed “Buffett rule,” which would guarantee that no millionaire pays a lower tax rate than middle-class families, conservatives in Congress love to claim that raising taxes on the rich would ruin small businesses. They are wrong. Small-business owners overwhelmingly are not millionaires, and the vast majority of millionaires do not make their millions from small business. Implementing the Buffett rule would have almost no effect on small businesses because such a tiny fraction of small-business owners are millionaires.


The RIPublicans and the Tea Party like to spin that job creation will end completely if we increase taxes on the millionaires and corporations. Not so. Millionaire do not start up small businesses and small business do not finance millionaires. They both can grow to become corporations and millionaires, but it won't start out that way.
  1. groups:
    Community,   News and Politics,   Culture,   Progressive America,   6 more
  2. tags:
    Economy,  Jobs,  Taxes,  Small Business,  3 more
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