Small Business Survey Finds Support for a Number of Tax Increases

Thursday, October 25, 2012 at 6:02 PM by

A majority of small-business owners believe that raising taxes on the top 2% of taxpayers is the right thing to do, according to a national poll released today of 500 small businesses.   The polling results show support for a number of targeted tax increases and counter some of the beliefs that politicians often attribute to the small business community. 

The survey was conducted  on behalf of the Small Business Majority between Sept. 27 and Oct. 12.   The dominant political affiliation of the respondents was Republican – with 47% identifying as Republican or independent-leaning Republican, versus 35% as Democrat or independent-leaning Democrat.  Some of the noteworthy findings include the following:

  • A 52% majority are in favor of raising tax rates on people with household income above $250,000.
  • Two-thirds of respondents (66%) support taxing hedge fund managers at wage and salary rates, with a top bracket of 35%, instead of the capital gains rate of 15%.
  • Only a 39% minority believes raising taxes on the wealthy means raising taxes on job creators and small businesses.
  • A sweeping majority, 86%, oppose raising tax rates on household income below $250,000.
  • Even though 54% of small business owners have their business income passed through to their personal taxes, only 5% have total household income exceeding $250,000
  • By a 5:4 ratio, the majority believes the most important job for Congress and the president next year is crafting a plan to create jobs, compared to a plan to reduce the deficit:
  • 72% believe loopholes that favor large corporations should be eliminated, and 63% want tax breaks for gas and oil companies to be eliminated.
  • Nearly 6 in 10 see a productive role for government in helping small businesses achieve success.

You can find their report about the poll and results here. 

Jon Peacock

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