Tuesday, March 10, 2009

Obama Tax and Small Business

There is a significant problem with the President’s budget proposal to raise taxes on small business owners who earn more than $250,000. Unfortunately, this approach reflects a misunderstanding of how small business operates and how important they are to this country’s economic recovery. High income small businesses are the ones who will be hiring new employees, investing their profits to expand, and starting new ventures. The question should not be on whether the President’s proposal impacts 2 percent or 8 percent of small business. The question should be on whether it is wise to further burden the sector we are counting on to rescue our economy. When our economy is in dire straits, the last thing we want to do is curtail successful small businesses from growing. When our economy is at full strength we can have a debate over what the “fair share” of tax burden should be, but now is the time to encourage successful entrepreneurs to hire, expand, and create new ventures.

Submitted by ASO member: Tom Sullivan

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