Tuesday, November 20, 2012
Another point on "job creators"….
Some Republican leaders love to repeat the politically-charged canard that raising taxes on folks making more than $250,000 a year is a slam at "job creators."
Just not true. The Kauffman Foundation, an advocate for entrepreneurship, says that the great majority of entrepreneurs are middle class folks.
Anyway, 97% of small business owners make less than $250,000 a year….and, anyway, 3 out of 4 small business owners are sole proprietors who have no employees, these are folks who are in business for themselves, who like to "be my own boss," who have no intention of hiring the millions of people who are out of work right now.
And here's another point: the folks who are millionaires and billionaires have invested more than 90% of their wealth in financial investments: bonds, money market funds, stocks and real estate. Most of their wealth is not being plowed into a business that creates jobs.
And one more point about business taxes: forget about the public hubbub over America's "high corporate tax rate." CommonDreams.org says that in the 1950s, corporations paid $3 in taxes for every $1 paid by their employees through payroll tax withholding. Today, U.S. corporations are paying an average of 22 cents in taxes for every $1 of payroll tax withholding.
Corporate taxes are NOT too high, and the very wealthy should be paying more of their fair share to support the government services that all of us need and want.
Just think about where you're going today….are you going to drive over a bridge that needs repairs?
What are the so-called "job creators" doing.....?