Extending Middle Class Tax Cuts Gives Vast Majority of Entrepreneurs a Leg up

By announcing today that Congress should extend tax cuts for Americans making less than $250,000 a year, the president offered a sign of encouragement for small business owners struggling to boost their bottom lines. With 97 percent of them making less than $200,000 annually, extending the tax cuts would help these Main Street entrepreneurs, our chief job creators, save money and grow their businesses.

There have been efforts by some lawmakers to portray this as a tax increase that will stunt small business and economic growth. But these claims are erroneous and purely political. The majority of small business owners actually support ending upper-income tax cuts for those with annual household income exceeding $250,000, according to national opinion polling. Our poll found small business owners broadly agree they're at a disadvantage when it comes to taxes.

The fact of the matter is middle class Americans run the vast majority of small businesses in the U.S. These entrepreneurs are among the countless individuals who stand to benefit from a one-year extension of these tax cuts, so for their sake and that of the economy, let's do it.