Analysis: Claims Obama Budget Slams Small Business Go Beyond Facts

By: Associated Press
By: Associated Press
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WASHINGTON (AP) -- Claims by critics that President Barack Obama's tax plans are an assault on small businesses don't seem to add up.

One in-depth analysis found that more than 95 percent of small business owners would be off the hook.

But critics reason that owners of many small companies report business income on their personal tax returns instead of filing corporate taxes. That arguably could expose their business earnings to Obama's higher tax rates on the wealthy.

However, most small businesses don't create jobs. And many small businesses with employees don't earn enough to put their owners over the threshold for the higher tax rates.

And what about Obama's claim that his budget proposal cuts taxes for 95 percent of Americans?

An independent analysis estimates that 75.5 percent of all U.S. households would get his tax credit for workers. A higher percentage of working families would get it.

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