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George Bush's Claims About Small Business and Taxe« Thread S

Daily newsbrief journal for September 2004, also see for a global 100-page perpetual brief and follow twitter @usdemocrats

George Bush's Claims About Small Business and Taxe« Thread S

Postby admin » Thu Jan 26, 2012 9:28 am

George Bush's Claims About Small Business and Taxe« Thread Started on Sept 6, 2004, 6:49pm » --------------------------------------------------------------------------------George Bush's Claims About Small Business and Taxes are Misleading Says Kerry-Edwards Campaign9/5/2004 5:03:00 PM --------------------------------------------------------------------------------To: National Desk, Political Reporter Contact: Chad Clanton or Phil Singer, 202-464-2800, both of Kerry-Edwards 2004; http://www.johnkerry.comWASHINGTON, Sept. 5 /U.S. Newswire/ -- Kerry-Edwards 2004 today released the following:George Bush accuses John Kerry of raising taxes on 900,000 small businesses, but his misleading definition of small businesses includes both himself and Dick Cheney!Kerry spokesman Phil Singer: "George Bush's misleading definition of small business includes both himself and Dick Cheney, but they certainly havent created any new jobs over the last four years. If voters think that giving Dick Cheney a tax cut is the best way to create jobs, they should vote for George Bush. But if they want a plan that cuts taxes for small business that create jobs or offer health insurance they should vote for John Kerry."THE HEADLINES SAY IT ALL"Bush Assertion on Tax Cuts Is at Odds With IRS Data," Washington Post, 2/24/2004."Undoing Tax Cuts Will Have Little Impact on Small Businesses," Wall Street Journal, 4/1/2004George Bush's definition of a "small business" includes George Bush and Dick Cheney. When George Bush accuses John Kerry of raising taxes on small businesses, he is using a definition of "small business" that includes George Bush, Dick Cheney, and many CEOs. "Republicans point to a different statistic: Of the 750,000 tax filers that pay the top rate, more than two-thirds receive some small-business income from sole proprietorships, partnerships or small businesses incorporated as S corporations....But under Treasury's definition, both Bush and Vice President Cheney are members of the entrepreneurial class....Economists say the broad Republican definition of 'small-business man' includes not only doctors, lawyers and management consultants but also chief executives who earn $3,000 renting out their chalets in Aspen or report $10,000 in speaking fees." (Washington Post, "Bush Assertion on Tax Cuts Is at Odds With IRS Data," 2/24/2004)"Few small businesses are affected by Kerry's proposal to roll-back the tax cuts for families making over $200,000. Few of them (small businesses) make enough money to be affected by Sen. Kerry's proposal to undo the Bush tax cuts on those with incomes above $200,000. The latest Internal Revenue Service data available, from 2001 tax returns, show that less than 4 percent of taxpayers reporting any small-business income had total income above $200,000...the pay of anyone whose business is organized as a partnership -- doctors, lawyers, management consultants -- shows up on a tax return as small-business income. The successful ones end up in the top tax bracket where Mr. Kerry's tax plan would bite. Checks that members of corporate boards of directors receive, royalties that authors get, and consulting fees that professors charge show up as small-business income, too, and those folks are hardly the job creators of the modern economy." (Wall Street Journal, "Undoing Tax Cuts Will Have Little Impact on Small Businesses," 4/1/2004)Many small businesses will pay lower taxes under the Kerry plan.John Kerry and John Edwards have proposed there major tax cuts for small businesses. With these tax cuts millions of small businesses -- making above and below $200,000 -- would pay lower taxes than they would under the Bush-Cheney plan:-- New Jobs Tax Credit. The New Jobs Tax Credit that would provide a tax credit for any net new jobs created by a small business with up to 99 employees. -- Small business health insurance tax credit. John Kerry and John Edwards have a tax credit of up to 50 percent for small businesses that offer health insurance to their low- and moderate-income employees. -- Zero capital gains. The Kerry-Edwards plan eliminate capital gains taxes for long-term investments in small business startups.
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