Will Dems raise taxes on small business by allowing the Bush tax cuts to expire?

Posted on July 30, 2011 by

Question by RJH715: Will Dems raise taxes on small business by allowing the Bush tax cuts to expire?
Higher income tax rates would raise taxes on 54% of Subchapter S small companies, 33% of sole proprietorships, and half of all small business income.

Best answer:

Answer by H. Jay
Only if they want to prolong and deepen the recession.

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One Response to Will Dems raise taxes on small business by allowing the Bush tax cuts to expire?

  1. Paulina Paulino says:
    July 30, 2011 at 12:42 am

    first, the Bush tax cuts WILL expire. Congress has no control over that. The law that Bush signed 10 years ago expires in December.

    So the question REALLY is, should Congress pass a NEW law that
    1: duplicates the current law?
    2: Modifies the current law?
    3: or do nothing, and let them expire like Bush wanted.

    Obama’s plan is to do the second option: extend all the reductions for 98% of Americans, those making less than $ 250,000 a year.