Small Businesses Supported Buffett Rule; Failure Disappointing
Statement by John Arensmeyer, CEO, Small Business Majority, about the Senate's failure today to pass the Paying a Fair Share Act, known as the Buffett Rule:
It was disappointing to see the Paying a Fair Share Act, or the Buffett Rule, fail to pass the Senate today. According to national opinion polling, small business owners believe they're at a disadvantage when it comes to taxes and agree individuals earning more than $1 million should be taxed at a higher rate. The Buffett Rule was in line with their views and could have been an important first step in 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 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 policymakers continue pushing for comprehensive tax reform and listen to small business owners while they're crafting legislation.
Who is the Small Business Majority?
Small Business Majority is a national small business advocacy organization, founded and run by small business owners, to support America's 28 million small businesses. We conduct extensive opinion and economic research and work with our rapidly growing network of small business owners across the country to ensure their voices are an integral part of the public policy debate. Learn more about us on Wikipedia and follow us on Twitter and Facebook.