Obama Tax Plan – Small Business $250,000

Update:

The Real problem With Obama’s Tax Plan; Washington Post; October 29, 2008, page A17

The above article does a great job of describing the tax plan and the pitfalls of the plan.  It is a necessary read for anyone interested in making a good choice with their ballot.

Based on fact checking with experts, including one very knowledgeable person at the Heritage Foundation, it appears that the $250,000 would be after adjustments to income.  There has been confusion on this matter.

Most all small and medium size businesses employing more than 10 people have gross incomes of more than $250,000. This is especially true for those businesses established as Subchapter S Corporations, Partnerships, Limited Liability Partnerships, or Limited Liability Corporations – the bulk of small businesses in this country.

To read more go to Americans for Tax Reform and learn how Senator Obama has been slyly covering up his tax increase to small businesses.  His $250,000 cut off will increase taxes on the two-thirds of small businesses, whose profits are earned in households making more than $250,000 per year.

You can also read more of the subtleties of the Obama tax plan with a good explanation on the Politico website.

If you are unsure whether this tax plan would heavily impact the small business job creation machine, just ask any small business owner whether he would fall over or under the Obama tax plan with a $250,000 income cutoff.   I find it surprising that the main stream media has not bothered to coverer this not so subtle affect on future employment or rather unemployment numbers – perhaps they are overly concerned with slimming “Joe the Plumber” on behalf of the Obama campaign.

On another matter:

If you have time, you might also look at the issue of voter fraud and Acorn at Palestra.net - this is a college based news organization that has done some fine work on this topic.