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Soaking the Rich and Drenching Small Business

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Publication Date: August 2009

Publisher(s): National Center for Policy Analysis (U.S.)

Author(s): Biff Jones; Pamela Villarreal

Funder(s): National Center for Policy Analysis (U.S.)

Funder(s): National Center for Policy Analysis (U.S.)

Series: BA671

Topic: Economics (Economic conditions)

Keywords: small business; taxes

Type: Brief

Abstract:

As soon as 2010, small businesses could face three simultaneous tax hikes that would raise their marginal tax rate as high as 66.9 percent. Democrats in Congress plan to raise taxes on top earners by allowing some of the Bush tax cuts to expire. Draft legislation in the House of Representatives to overhaul the health care system contains two additional proposals that aim to soak the rich. However, these tax hikes will drench small businesses.