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Obama Will Cut Taxes . . . and small business owners a much needed break

By zilker

Reviewing the candidates’ original tax plans seems somewhat futile given the current state of the economy. Whether they like it or not, both Obama and McCain will have to adapt their policies with the changing financial circumstances.

In a financially tough time, however, Obama might be able to cut small business owners some slack. Obama plans to increase taxes, it’s true, but only for those making over $200,000 (or $250,000 per family). Most small business owners don’t earn enough to be effected by this increase and may, in fact, see their taxes go down. McCain claimed 23 million small businesses would face higher taxes. In reality, several hundred thousand small business owners are making over $200,000 and while still a large number, these individuals are only 2% of taxpayers with small businesses (according to the Tax Policy Center).

McCain also argues that Obama’s planned tax increase is a “job-killer” and while it’s somewhat true – increasing taxes for those at the top leaves them less money for investments and employees – we are again talking about a small percentage of business owners.

Shelley Moore

Zilker Ventures LLC

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This entry was posted on October 14, 2008 at 10:18 pm and is filed under Accounting, Business, Business Services. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Obama Will Cut Taxes . . . and small business owners a much needed break”

  1. roger williams Says:
    October 25, 2008 at 12:51 am

    I can only comment on the situation at the company where I work (industrial manufacturing and contracting). Although the current downturn in the economy has had no measurable effect on our business (we work mainly with the food industry), if Barak Obama is elected my company is considering cancellation of a planned west coast division. We feel that the tax repurcussions of Mr. Obama being elected would not make this move (with it’s accompanying newly created jobs) worthwhile. I might suggest that you reconsider your position from a less biased perspective. The portion of businesses affected will include some of the fastest growing sources of employment gains. Our company has been responsible for the creation of approx. 50 new positions in the last three years paying 35-70K with full benefits.

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