Small Business Owners Support Higher Taxes on Millionaires as First Step in Comprehensive Tax Code Reform
Small business owners believe they’re at a disadvantage when it comes to taxes and support a higher tax rate for individuals earning more than $1 million a year, according to national opinion polling. The Paying a Fair Share Act (also known as the Buffett Rule), introduced today and slated to be voted on in the Senate next week, is in line with the views of our primary job creators and is one piece of much-needed comprehensive tax reform.
Some claim raising taxes on the top 1 percent of Americans would hurt small businesses. However, 57 percent of small business owners agree those earning more than $1 million annually should pay a higher tax rate, and only one small business owner out of 500 polled reported their annual household income to be more than $1 million.
We wish more small business owners were millionaires, but unfortunately it’s just not the case. We hope senators listen to the small business community when this bill comes before them next week.