RYAN: "This one tax would actually tax about 53 percent of small-business income."
BIDEN: "Ninety-seven percent of the small businesses in America pay less make less than $250,000."
THE FACTS: Both are correct, but incomplete, when sizing up the effect on small business of raising taxes for individuals making more than $200,000 and married couples making more than $250,000, as Obama wants to do. Republicans say that would hit small-business owners who report business income on their individual income tax; Democrats say the overwhelming majority of small businesses would not be affected.
According to a 2010 report by the Joint Committee on Taxation, the official scorekeeper for Congress, about 3 percent of people who report business income would face a tax increase under Obama's plan. That support's Biden's point.
The same report says those business owners account for about half of all business income. That supports Ryan.
How can both be correct?
Either only 3% or 53%?
Thats a HUGE window.
BIDEN: "Ninety-seven percent of the small businesses in America pay less make less than $250,000."
THE FACTS: Both are correct, but incomplete, when sizing up the effect on small business of raising taxes for individuals making more than $200,000 and married couples making more than $250,000, as Obama wants to do. Republicans say that would hit small-business owners who report business income on their individual income tax; Democrats say the overwhelming majority of small businesses would not be affected.
According to a 2010 report by the Joint Committee on Taxation, the official scorekeeper for Congress, about 3 percent of people who report business income would face a tax increase under Obama's plan. That support's Biden's point.
The same report says those business owners account for about half of all business income. That supports Ryan.
How can both be correct?
Either only 3% or 53%?
Thats a HUGE window.