Obama may need to read these reports. Information for the coming tax battles with the greedy.
Here are five points explained in the report:
- Very few business people (3 to 5 percent) are rich enough to lose any portion of their tax cuts under Obama’s plan.
- Of the business owners who would pay higher taxes under Obama’s plan, those with the very highest incomes cannot reasonably be called “small” business owners.
- A person who receives their income from a business they own would have to receive over $250,000 (or over $200,000 if unmarried) in net profits in order to lose any part of their tax cuts under President Obama’s plan.
- In order to hire people, business owners need customers, not tax cuts.
- Claims that the richest 2.1 percent (who would lose some of their tax cuts under Obama’s plan) account for a fourth of all consumer spending are incorrect.
Citizens for Tax Justice says U.S. the 3rd least taxed country in the industrial world:
Overall, US Taxes Are Third-Lowest Among Organization for Economic Cooperation and Development (OECD) Nations
In 2008, total federal, state and local taxes in the United States were 26.2 percent of our gross domestic product, ranking 25th among the 27 OECD countries for which data is available. Only Turkey (23.5 percent) and Mexico (20.4 percent) had lower taxes.