As you might have noticed, the GOP line to defend low taxes on the richest 2% of Americans is to call them taxes on small business. Expect to hear this endlessly this year.
Per Matt Yglesias DeMint was out today selling that message,
It looks like he’s gonna try to get a lot of that revenue from raising payroll taxes on upper income and that sounds good but basically that affects small businesses and their ability to hire people. So I just think it shows a lack of understanding of the private sector. A lot of people make — who are reporting a quarter million dollars — you know, I’ve done that before in my small business, and I was actually taking home like 50 or 40.This is either a lie, or the Senator and possibly his tax preparer are idiots.
We only pay income taxes on our net income, what the IRS calls our 'adjusted gross income' after all deductions or what Sen DeMint would call take home pay.
How is a small business persons $250,000 in income any more sacred that an executive earning a $250,000 salary?
The WH and congressional Dems need to hit back hard on this. I hope they are up to it.