Biden said this last night and it kind of shocked me. This is not supposed to be a troll or one sided skewed question, just wondering if this is actually valid? Is it an argument of what businesses are classified as "small" that makes this true?
As net taxable income? Yes. Here is why - at the end of the tax year they take everything above that line and dividend/bonus it out. Otherwise they end up paying a corporate tax rate of 35%+ and then get hit on the personal side for 35% or their personal tax rate again.
If at the end of they year they did not do this their effective tax rate would be crushing. So technically Biden could be right but only in as much as the tax code forces small businesses to play games to avoid having most of their income confiscated by the government to go to non-producers.
Sorry if you bought the GOP line about taxing the small businesses and job creators
The GOP talking points really are funny when they start talking small business and trickle down taxes. What they mean is wealth redistribution upwards which is EXACTLY what the Bush Tax Cuts accomplished in stupendous fashion, EXACTLY as they were projected to do.
Spoken like a true 47%er It is not funny when as a small business owner you have to spend so much time managing your tax exposure.