Sunday, November 2, 2008

Small Business Taxes Under Obama

Media Matters notices that an article in the NY Times yesterday quoted the McCain campaign as asserting that Obama would raise taxes on small businesses, but makes no effort to inform readers as to whether the claim is true.

Obama would raise taxes only on individuals earning over $200,000 per year and families earning over $250,000. These are a subset of taxpayers in the top two tax brackets. According to the Tax Policy Center, only 1.9 percent of tax filers with small business income are in the top two brackets.

Therefore, less than 2 percent of taxpayers with small business income would see their taxes rise under Obama's proposals.

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