Quote:
Originally Posted by ilovetv
It's a travesty that small business owners, the backbone of the nation and jobs, are lumped together WITH the largest corporations whenever there is talk about "the rich" "not paying their fair share". Never do democrats make a distinction between guys like Buffet and the small businessman, owner/operator.
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My guess is that if an analysis of taxes paid by small business owners were separated out from the larger corporations in the country, it would make the argument for broad-based tax reform even more compelling.
A few things included in what "broad based tax reform" means to me is...
- Eliminate all the special deductions and federal programs that permit many, many large companies to escape paying any federal taxes whatsoever.
- Maybe reduce the corporate income tax rates, but assure that all corporations pay that rate in income taxes. (This might be a good place to install a business flat tax or a VAT tax.)
- Reduce the tax rates for small business owners (if they're not already incorporated) to the same rate schedule as larger companies. Such rates would likely be lower than the personal income tax rates they pay now.
- Tax U.S. corporations on profits they make outside the U.S. Some companies might leave the U.S. altogether, but most would find it more economical, given the new taxes on foreign earnings, to invest and create jobs here in the U.S.
- Assure that all employed Americans pay some amount of income tax. To have a tax code with so many loopholes, programs and minimums that permit over half the people emplopyed in the U.S. from paying any taxes whatsoefer is ridiculous!