Looking at income reported to the IRS, the vast majority of small businesses would not be effected by the tax increase on taxable income over $250K. The tax is applied to taxable income after all business expense and personnel deductions and exemptions.ABS, this administration has the rich starting at $250,000 a year....that is not rich in this country, yet that's where the tax increases are going to start. A lot of those people are business owners with a total number for them and the busness at 250,000.
Something wrong with this scenario.
250K a yr is rich in many parts of this country.
Median houshold income in the USA is $52,029.
Yet in other places it's not all that much. Having said that....what about the business that use personal income tax for their business. Don't bring up the tax breaks for them because that's a crock.
How Much Money do Small Business Owners Make?