Posted by: Mike P. | July 29, 2009

Millionaires?


Perhaps the title of this article should really be: Who knows a small business owner with taxable income over $1,000,000″?

I am questioning the statement made by this genius:

“By increasing the marginal income tax rate on high earners (an extra 5.4% on incomes above 1 million), it reduces the incentives for small business owners to expand their companies.”

So, how many small business owners do you know with an annual taxable income in excess of $1,000,000 who are going to modify the plans for their business based on this? This is such a stupid statement that I am going to just end this article with one word. FUD. (Also, his fund isn’t doing all that well). Also, please note that this is a change in the marginal rate. That is, only earnings above $1,000,000 are taxed at the higher rate. My guess? Anyone in this position will decide his small business needs a Jag to drive around potential customers and just not take that extra money as income.

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