Hoyer Says Small Businesses Don't Make $280,000 Per Year So They Won't Be Hurt by Democrats' Planned $540-Billion Tax Hike

Hoyer Says Small Businesses Don't Make $280,000 Per Year So They Won't Be Hurt by Democrats' Planned $540-Billion Tax Hike: In contrast... Rep. Phil Gingrey (R-Ga.)--a doctor by trade--said that in a recession any type of tax increase was “unconscionable,” especially given that the Bush-era tax cuts are set to expire next year.

“Many of these small businesses file [taxes] as subchapter-S or ‘sole proprietors’,” said Gingrey. “They’re paying at the same individual tax rate which, once President Obama lets the Bush tax cuts expire in 2011 and they add on this surcharge, you’re talking about a marginal rate of up to 42 percent or higher.”

“That’s going to hit right on the backs of many of the small businessmen and women in this country who create most of the jobs,” said Gingrey. “To put this [tax increase] on the back of that is absolutely unconscionable.”"