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Small firms fret over higher taxes
Posted By -NO AUTHOR- On 12/07/2012 @ 12:27 am In Money | No Comments
(Wall Street Journal) As President Barack Obama and Republicans in Congress debate how to address the nation’s deficit and avoid the so-called fiscal cliff, some small-business owners are getting a chance to air their complaints.
On Wednesday, 15 business owners made a case against Mr. Obama’s proposal to allow tax-cuts to expire for those making upwards of $250,000. The House Committee on Small Business, headed by Rep. Sam Graves (R., Mo.), released summaries of their gripes.
Because many owners of small businesses have business income “pass through” to their personal tax returns, they may appear on paper to be a high-income earner.
But owners often reinvest much of their profit in their businesses, generally either by hiring new employees or buying more equipment and inventory – rather than bolstering their own paychecks.
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