Data Dispute Bush's 'Rich' Label for Small Business

[UpInArms]

http://www.reuters.com/newsArticle.jhtml?type=politicsNews&storyID=4636764

WASHINGTON (Reuters) - In the presidential race's war of words over the economy, President Bush makes it sound as if small-business owners are in the cross hairs of Democrat John Kerry's plan to roll back tax cuts for wealthy Americans.

But data from the Internal Revenue Service and the Census Bureau suggest the vast majority of small businesses provide their owners with incomes far below the $200,000-a-year mark where Kerry says he would begin eliminating tax cuts.

<snip>

The only problem is that most companies in the small-business world are so-called Main Street businesses with 10 or fewer employees, including restaurants, small retailers and small manufacturers, Census and IRS data show.

Their profits fall into a median range of $40,000 and $60,000, according to the National Federation of Independent Business, a leading advocate of the small-business community. That puts them just above U.S. median household income of $42,409.

"These are not rich people," said NFIB researcher Bruce Phillips. "Changing the tax cut for the wealthiest Americans, for the most part, doesn't apply to our membership."

...more...

[yardwork]

1. When all else fails - LIE

[MSgt213]

4. When that fails. Think up a new lie

[Yavin4]

7. When That Fails, Jail Your Critics For Violating The Patriot Act

nm

[SeattleDem]

2. this isn't news to people like me who own a small business!

but glad to see it's getting coverage. Me, and many other freelancers that I know, are self-employed small business "owners" whose major asset is themselves! Nope, I'm not getting rich being self-employed, but it sure beats working for someone else!

Yes, Bush is once again playing with the truth to try to sell his tax scam, err, I mean cuts.

[Cronus Protagonist]

3. Sounds like my small business is right in that pocket

I got NO tax cuts and I won't pay more with Kerry's plan either.

http://brainbuttons.com/home.asp?stashid=13

[DenverDem]

5. My start up is supposed to be paying me 24k this year

but thanks to bushler's stimulated economy I will only be clearing 18k if the current situation is maintained.

Luckily my wife has a real job.

[rinsd]

6. Whaaa??

Has Kerry even introduced a new tax plan beyond what he has been saying about the top 1%?

I assume its a little early in the game for that.