According to Politifact.com, 2% of small businesses make more than $250,000. To read the entire article, click on Most small businesses won’t be subject to Obama’s tax increases.
According to the National Small Business Association:
- Small businesses comprise 99.9 percent of the 26.8 million U.S. businesses.
- 14.7 million are firms whose owners do not have outside employment and who have employees.
- 75 percent of small business reported revenues of less than $1,000,000. According to the Obama campaign, 22% of those revenues on average are taken home as profits. Therefore, if 75% of small businesses earn less than $1,000,000, 75% of small business owners would stay under the $250,000 income threshold.
- Of the 25 percent with revenues in excess of $1,000,000, nearly a third file taxes as a corporation and would therefore not be subject to personal income taxes, or personal income tax increases.
- NSBA found that 13 percent of small and mid-sized businesses have personal incomes above $150,000 annually – “a lower percentage is likely above the $250,000 threshold.”
To read the entire article, click on Presidential Tax Plans’ Small Business Implications.