|In Cedar Rapids, Iowa today President Obama made his point that he and Mitt Romney simply do not need more tax cuts. They are doing quite well and we should not be running the national debt up even further by giving even more to folks like them:
"To give me another tax break, or to give Warren Buffett another tax break, or to give Mitt Romney another tax break -- that would cost about a trillion dollars" in the federal budget, Obama told people in Cedar Rapids, Iowa.
"We can't afford it," he said. "Not at a time when we're trying to bring down our deficit."
In Iowa, Obama said Republican support of tax cuts for the wealthy reflects a "top-down" approach to the economy that led to the financial meltdown of 2008.
And of course in Colorado Mitt Romney was arguing why he and his ilk should be allowed to horde more money to the top and not sacrifice one red cent to fix the problems their "trickle-down" idiocy have created:
"At the very time the American people are seeing fewer jobs created than we need, the president announces he's going to make it harder for jobs to be created," Romney said in Colorado. "I just don't think this president understands how our economy works."
Now, think what you want of these two men. President Obama has been a huge disappointment to Progressives and Mitt Romney has been a Corporate vulture. To understand better which of these men care more about their country than themselves one needs only look at a simple chart. How much each would benefit or pay if their own plans were enacted:
And what of keeping these tax cuts for wealthy Americans? Will it really hurt "small business" and "job creators"?:
So what does all this mean for your small business?
First - you personally are almost certainly not going to see a change in your tax rates. Not if you're one of the 98% of all small business owners who have less than $250,000 a year in adjusted gross income - $200,000 if you're single. Most Democrats and Republicans support the extension of these middle class tax cuts. The only way you'll see your taxes go up is if these cuts are held hostage to cuts for wealthier Americans.
First, you need to know it's likely that most of those "small businesses" reporting high income are neither small nor, possibly, businesses. For government tax purposes, the term "small business" can be misleading. What is included generally are all who report "business income" on a pass-through basis. These can be very wealthy individuals who have set up investments as partnerships or S corporations to reduce their taxes, including many hedge funds.
According to a 2008 study by the Joint Committee on Taxation - a nonprofit arm of Congress - 61% of all net income from partnerships and S corporations are earned by those with gross receipts of more than $10 million, and almost half - 43% - have receipts exceeding $50 million! Hardly small - and often not a business that hires anyone. So a huge bulk of the tax benefits would go to those who have no impact on job creation.
Will a tax cut for the wealthy have a trickle down benefit for small business? Nope.
So in other words we can all see the priorities of these two candidates. All Mitt Romney cares about is finding a way that he and his ilk will have to sacrifice nothing to their country and the problems they caused. While Obama has not fought for Progressive ideals like we had liked, at least he is not greedy and is willing to pay more of his own wealth for the betterment of his country.
So, which person would you rather have in the White House??