President Obama proposes to raise taxes on businesses that earn $200,000 or more annually and file individual tax returns. He claims that there aren't that many businesses that will be affected, but this is simply not true. There are 1.2MM businesses in the US that would be subject to the tax increase, and these businesses account for over 90% of the income produced in this category -- i.e. they're exactly those who could create the most jobs.
Now in reality, the President is probably not this dumb. He knows this hasn't a chance of passing through Congress (even when Democrats controlled both Houses of Congress, it failed), and it serves to distract people from the important economic issues he'd rather not talk about. Still, it's disturbing that this sort of thing -- even if it's just rhetoric -- gets taken seriously by some people.
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