The federal government defines a small business as any business that employs less than 500 people. Therefore, there are many different businesses of all types (corporations, sole-proprietorships, and partnerships alike) that would fit that category. 

Is Donald Trump a small business? The Trump Organization employs 22,000 people, but 

Trump also runs a number of smaller companies that employ less than 500 people and are considered by the federal government to be small businesses. (Source:http://www.cnn.com/2012/10/04/politics/fact-check-trump-small-business/index.html) Under Romney’s definition, Trump is indeed a small business. (Source: http://www.huffingtonpost.com/2012/10/03/barack-obama-donald-trump-small-business-video_n_1937837.html?utm_hp_ref=elections-2012)

Is Obama going to raise taxes on small businesses? (Excerpt from the Washington Post http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/04/romney-says-most-workers-at-small-businesses-will-see-a-tax-hit-heres-why-hes-wrong/) Romney claimed Obama will raise taxes on small businesses. Obama replied that 97 percent of businesses who pay individual rates wouldn’t see their taxes go up. But Romney disputed the relevance of that figure. 

According to the Tax Policy Center, in 2011 only 1.4 percent of individual filers reporting “business income” paid the top 33 percent or 35 percent tax rates. The other 98.6 percent either paid the Alternative Minimum Tax (which Obama would replace with the Buffett rule) or else paid taxes at lower rates, which Obama has said he won’t alter. 

447,000 households paying top rates on business income tend to get more of their income from businesses than those in lower brackets do. This doesn’t mean all those people are entrepreneurs. “Business income” could include speaking fees, side income from selling wood carvings, part-time consulting, partnership in a law firm and any number of other activities that most wouldn’t categorize as “owning a small business.” 

Only 11 percent of small business owners made more than $200,000, and only 8 percent of small business owners who got at least a quarter of their income that way made that much. Only 4 percent of true small business owners were at the 33 or 35 percent brackets, and would see their taxes go up under Obama.

The portion of small business owners paying those rates goes up if you only look at “employers” — that is, people whose small businesses had labor costs of over $10,000. Of those people, 10 percent paid the 33 percent and 35 percent rates. But given that there were only five million small business owners with employees under this definition, that amounts to 500,000 people getting a tax increase: hardly a huge change.

What did the National Federation of Independent Business say about Obama’s plan? The NFIB and President Obama have been at odds since the beginning of the Affordable Care Act. The NFIB has stated to be purely based on the positions of its members, but pledges 98% of campaign donations to Republicans. Of course they’re going to be against Obama’s plans. (Source:http://www.huffingtonpost.com/2012/09/26/nfib-exposed_n_1917262.html) A controversial comment by Obama: “If you’ve got a business, you didn’t build that,” contributed greatly to the NFIB’s further opposition to the President. (Source:http://www.cnbc.com/id/48216352/Obama_vs_Small_Business)

Would Romney give tax breaks to oil companies? Both candidates' plans to trim oil and gas tax breaks would face uphill battles in Congress because the industry has gotten the breaks for decades. But Kevin Book, an analyst at ClearView Energy Partners in Washington, said he sees a potential opening for cutting some of the breaks because conservative leaders in the House of Representatives represent energy consumers rather than energy producers. The opposite was true during the administration of George W. Bush. (Source: http://www.huffingtonpost.com/2012/10/04/romney-oil-gas-tax-breaks_n_1938083.html?utm_hp_ref=business)

Is there a tax deduction for taking business overseas? No not really, but sort of…. An outline of how taxes are filed for overseas business is here: http://www.overseasdigest.com/odarticles/smallbiztax.htm and there is no tax deduction included for doing business overseas. There is, however a deduction for the actual expenses of moving overseas. The deduction for moving overseas is the same as moving to a different state. (Source: http://www.foxnews.com/politics/2012/10/04/fact-check-tax-break-for-shipping-jobs-overseas/)

How much money did Obama give to fund green energy? The $90 billion figure is exaggerated. A portion of that money went to projects that were initiated during the Bush era. And some of it has yet to be distributed. (Source:http://www.huffingtonpost.com/2012/10/04/romney-oil-gas-tax-breaks_n_1938083.html?utm_hp_ref=business)
 


Comments


Your comment will be posted after it is approved.


Leave a Reply