Domestic Taxes

Poll: Small business OK with tax-rate hikes

Because many small businesses pay taxes through the individual code, Republicans have noted that hundreds of thousands of small businesses would see a tax hike under the Democratic plan to allow Bush-era tax rates to expire on family incomes above $250,000 a year.

{mosads}President Obama and other Democrats have countered that their plan would only affect around 3 percent of small businesses, and that revenues from the highest earners are needed to rein in the country’s deficits.

The poll, conducted by Greenberg Quinlan Rosner Research, a Democratic polling firm, also found that most small-business owners were aware of the fiscal cliff, and its potential impact on their companies and the economy as a whole.

More than half of owners, the poll found, are very concerned about the looming expiration of the 2-percentage-point cut in the payroll tax cut, which has now been in place for two years. 

The poll also found concerns over the automatic spending cuts that are set to go into effect, and the potential that Washington could allow the Alternative Minimum Tax to hit some 28 million more families for this year.

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