I may be incorrect here - I searched for a bit trying to make sure I had the facts right. Correct me if I'm wrong.
I see nothing in the tax plan that speaks towards gross business earnings being taxed. The only thing I see is the 6% payroll tax on families that make 250+ or individuals that make 200+.
Even if this did apply to businesses, as we all know, they are taxed on Net Income, not Gross Income.
Anyone who has 'worked their hands to the bone' for their business, and put in hours of hardwork, will do a couple hours of research or will hire an accountant to make the necessary entries to lower his/her net income.
For example:
"an owner can write off any expenses s/he makes into employee health care plan. An employer can also write off 15% up to $45,000 if the owner opens up a Keogh or SEP IRA account. Additionally, the company can choose to offer the account to employees and write off anything the company puts in for employees in addition to the 15%/$45,000. Even if a company makes over $250,000 net after doing these things,there are many ways to reduce their taxes and net income."
Next, how many sole proprietorship small businesses are there making over $250,000 net income? Probably not many, right? Probably less than the 2% of all small businesses that make over $250,000.
So with 98% of small businesses making under 250,000 net income, I see an overblown situation.
McCain's 23m figure was
wrong