It was disappointing to see the Paying a Fair Share Act, or the “Buffett Rule,” fail to pass the Senate today. According to national opinion polling, small business owners believe they’re at a disadvantage when it comes to taxes and agree individuals earning more than $1 million should be taxed at a higher rate. The Buffett Rule was in line with their views and could have been an important first step in much-needed comprehensive tax reform.
Some claim raising taxes on the top 1 percent of Americans would hurt small businesses. However, 57 percent of small business owners agree those earning more than $1 million should pay a higher tax rate, and only one small business owner out of 500 polled reported their annual household income to be more than $1 million.
We wish more small business owners were millionaires, but unfortunately it’s just not the case. We hope policymakers continue pushing for comprehensive tax reform and listen to small business owners while they’re crafting legislation.