Small Business: Tax System Favors Big Corporations & the Wealthy
A majority of small business owners support increasing taxes on highest-earning Americans, says a new nationwide poll.
Big corporations and the wealthy aren’t paying their fair share of taxes, say small business owners.
Owners disapprove of the nation’s corporate tax loopholes and accounting gimmicks that allow companies to shift profits offshore, according to an independent nationwide survey conducted by the American Sustainable Business Council, Main Street Alliance and Small Business Majority.
When it comes to individual taxpayers, the poll also shows that small business owners oppose renewing tax cuts for the wealthy, and support increasing taxes on million-dollar incomes and closing the carried interest loophole that allows large tax breaks to hedge fund managers.
Interestingly, the opposition to tax cuts didn’t stem from a left-leaning respondent pool: Survey respondents identified themselves predominantly as Republican or independent-leaning Republican. Overall, 27 percent identified as Republican, 23 percent as independent-leaning Republican, 14 percent as Democrat and 18 percent as independent-leaning Democrat. Another 15 percent of respondents identified themselves solely as independent.
A copy of the full report can be found here. –John McDermott
Photo courtesy of Ken Teegardin.
