Obama Tax Plan Groin-Kicks Small Business

The tax plan for America as put forth by Barack Obama and Joe Biden would in essence land a groin-kick to the owners of small businesses throughout the country.

Biden stated the plan succinctly yesterday--if one makes $250,000 per year or more, it is 'patriotic' to pay significantly higher taxes.

On paper it would seem Obama and Biden are referring to a small percentage of the population with an income of $250,000.

But not so fast.

Small business owners would get hammered by the plan, and some would go out of business, putting their employees out of work.

Small business owners for the most part are in an IRS designation that requires them to list as personal income the profits for their business during any given tax year.

Thus, a small business owner that, say, makes $252,500 during 2008 is counting not only his/her personal income, which may be minimal, but the income of the business as well.

I have known small business owners whose enterprises may have taken in $250,000 but their personal income from that sum was only $25,000. These persons can ill afford yet another Democrat-inspired tax hike.

Countless such small business owners across America make a mere pittance of a salary. Some are forced to live on the premises of the business because they cannot afford a separate residence by the time they pay all of their business expenses.

There is no provision in the Obama-Biden tax plan that allows small business owners to be exempt from their plan to raise taxes significantly on the over $250,000 bracket.

And thus, small business owners will be hit by a tsunami of extra taxes they must pay--taxes that will come not simply from the businesses they own from their own pockets since it is all counted together.

And this is in addition to the personal taxes they must pay.

My friends, the Obama-Biden tax plan will bankrupt America, force countless businesses to shut their doors, and force millions of American workers out of their jobs.