President Obama's Tax Hike Would Leave Businesses 'With Less Money To Hire New Workers Or Keep The Ones They Have'

GOV STUDY: Tax Hike 'Would Hit About 940,000'

"Obama's proposal would hit about 940,000 people who report business income on their individual or household returns, says the Joint Committee on Taxation, the official scorekeeper for Congress." ("Obama Tax Plan No Small Deal To Small Businessmen," AP, 12/10/12)

• GOVERNMENT STUDY: "The staff of the Joint Committee on Taxation estimates that in 2013 approximately 940,000 taxpayers with net positive business income … will have marginal rates of 36 or 39.6 percent under the President's proposal…" (Joint Committee On Taxation, Letter To Congressional Office, 6/18/12)

"…those business owners are projected to earn 53 percent of the $1.3 trillion in business income that will be reported on individual returns next year. That, Republicans in Congress argue, makes those business owners an important engine for economic growth and job creation." ("Obama Tax Plan No Small Deal To Small Businessmen," AP, 12/10/12)

"…some business owners complain, would leave them with less money to hire new workers or keep the ones they have." ("Obama Tax Plan No Small Deal To Small Businessmen," AP, 12/10/12)

• "…Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. … that includes tens of thousands of the most productive, fastest-growing small businesses—those most likely to hire workers amid a national jobless rate of 8.2%." ("Off The Tax Cliff He Goes," The Wall Street Journal, 7/9/12)

• "Dan McGregor, chairman of McGregor Metalworking Companies in Springfield, Ohio, said he and the other six shareholders in the business are looking at a tax increase of $250,000 to $300,000 next year under Obama's plan. The company, which has 365 employees at five locations, does about $80 million a year in sales, McGregor said. … 'I feel a $40,000 reduction is the loss of one job, so if it's a $200,000 tax increase, that's five jobs,' McGregor said." ("Obama Tax Plan No Small Deal To Small Businessmen," AP, 12/10/12)