Tag: mom and pop

The main GOTP argument for keeping the Bush Tax Cuts in place for the Top 2% — pivots on how it will “hurt Small Businesses” if we don’t.

This simple slogan, fails to take into account one VERY SMALL stat.

[Mitch McConnell] says President Barack Obama’s plan to limit future tax breaks to couples earning less than $250,000 would subject 50 percent of small business income to a tax increase, stalling the job creation engine.

[…]

McConnell’s 50-%-of-income figure is based on a July 12 finding by the Joint Committee on Taxation, … that 1/2 of about $1 trillion of business income in 2011 will be reported on some 750,000 personal tax returns filed by people who pay the top marginal rates.

He calls those small businesses. Yet the report says the data “do not imply that all of the income is from entities that might be considered ‘small.’ ” Almost 20,000 of those businesses, for example, had receipts of more than $50 million, it says.

Would Ending Bush’s Tax Cuts Hurt Small Business?

Ryan J Donmoyer, BusinessWeek – 09/23/10

Behold the GOTP — Defenders of the $50 Million-aires!

We had a great time last night in a Q+A with John Waltz, a disabled veteran and Progressive who’s running for Congress in Kentucky’s 4th district. This answer cracked me up and at the same time made me yell out.. RIGHT ON!

Spandan Chakrabarti John, another question about the military, specifically defense contractors. I understand some are needed, but how do you view the Bush era explosion in defense contracting and contractors who operate outside the UCMJ, and is there a way to rein them in?

John Waltz  When you privatize military functions, you’re creating an incentive, specifically a profit, to go to war and stay in war. Use of military contractors should be kept to an absolute minimum. Maybe cafeteria services and that’s about it.

The full Q+A is below the fold

Crossposted to the Daily Kos and Progressive Electorate