In case you need another reason or two to lend your support and ask Pres. Obama to stand firm on progressive issues, Republican Sen. Jim DeMint has graciously indicated that he would be willing to “compromise” on the Bush tax cuts. The Tea Party honcho’s idea of a compromise? Extending the tax cuts for wealthy Americans for “only” two or three years, instead of extending them permanently.
DeMint isn’t just talking about the shrinking middle-class America nor poor Americans. Nor is he talking about small business owners–despite the almost laughable claims to the contrary. DeMint and the rest of the Republican leaders are adamant that the top 2% of American earners must be given a $700 billion tax break over the next 10 years. Why? Well, the most commonly cited Republican excuse is that it will help small businesses.
But according to PolitiFact.com, “Other data indicate that among all tax payers who might be small business owners, most would not see taxes go up if the Bush tax cuts for the highest earners are allowed to expire.” During the 2008 campaign, analysis by the Tax Policy Center showed that only 2% of ALL tax filers who report ANY business income would see increased taxes with the Obama tax plan.
At the same time that Bill Gates and Warren Buffet are leading a worldwide campaign to convince the richest to donate 50% of their wealth to charity, the Republican battle cry is “tax cuts for the wealthiest”! Even worse, when Republicans defend those “small businesses”? They’re not just talking about your corner dry cleaner, the local printer, or even “Joe, the Plumber”. According to the definition of “small business” used by Republicans, Bechtel Corporation is a small business. According to Republicans, PricewaterhouseCoopers is a small business. The Tribune Corp., Wall Street buyout firm Kohlberg, Kravis and Roberts, the tea party bankrolling billionaire Koch brothers, liberal billionaire investor George Soros, and even President Barack Obama … all “small businesses” according to the Republican definition.
Do we really want to compromise on this?
FOR ADDITIONAL INFORMATION:
The Raw Story: DeMint willing to ‘compromise’ on extending all Bush tax cuts
PolitFacts.com: So-called wealthy are actually small business owners? The data is dubious
PolitiFacts.com: Most small businesses won’t be subject to Obama’s tax increases
The Bill & Melinda Gates Foundation
Bloomberg: Obama Among `Small Businesses’ Bearing Share of Tax Hike