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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
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"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
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Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
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Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
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Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
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9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
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Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
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The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
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PrintRaising DC's Income Tax Would Take Heavy Toll on Small Businesses
What’s more ridiculous than lawmakers dressing up in capes to demonstrate support for higher income taxes? The fact that they do not understand who will be affected by their actions.
As DC City Council works to finish up a budget before the May 27 deadline, one of the many tax increases being pushed by Council members (in this case Graham, Brown, Wells, and Thomas) is the creation of two new top individual income tax rates of 9% for those earning between $200,000 and $1 million per year and 9.4% for income earned beyond that.
Sold as a tax hike on the rich only, raising taxes on high earners is politically expedient for lawmakers. This soak the rich approach is nothing new. It has been quite popular at the state level over the past two years, during which eight states raised taxes on upper-income individuals and families. However, this misses the devastating toll that such a rate hike would have on small businesses, many of which file under the individual income tax system.
Based on analysis of IRS data, approval of the two new top rates that City Council members are calling for would raise taxes on 5,114 small businesses in the District that file under the individual income tax system. This does not even include the many small business owners of S-corporations and partnerships who earn this amount of income.
For the sake of DC small businesses and the jobs they create, let’s hope this proposal suffers the same fate as Council member Cheh’s soda tax.
For a pdf of ATR's press release on the matter, Click Here
Posted by Patrick Gleason 
on Thursday, May 20, 2010 7:09 PM EDT
on Thursday, May 20, 2010 7:09 PM EDTTo follow Patrick Gleason's RSS feed click here. To follow them on Twitter, their handle is @patrickmgleason
