Can someone explain this from debate....

RYAN: "This one tax would actually tax about 53 percent of small-business income."
BIDEN: "Ninety-seven percent of the small businesses in America pay less — make less than $250,000."
THE FACTS: Both are correct, but incomplete, when sizing up the effect on small business of raising taxes for individuals making more than $200,000 and married couples making more than $250,000, as Obama wants to do. Republicans say that would hit small-business owners who report business income on their individual income tax; Democrats say the overwhelming majority of small businesses would not be affected.
According to a 2010 report by the Joint Committee on Taxation, the official scorekeeper for Congress, about 3 percent of people who report business income would face a tax increase under Obama's plan. That support's Biden's point.
The same report says those business owners account for about half of all business income. That supports Ryan.



How can both be correct?
Either only 3% or 53%?

Thats a HUGE window.

althor said:

RYAN: "This one tax would actually tax about 53 percent of small-business income."
BIDEN: "Ninety-seven percent of the small businesses in America pay less — make less than $250,000."
THE FACTS: Both are correct, but incomplete, when sizing up the effect on small business of raising taxes for individuals making more than $200,000 and married couples making more than $250,000, as Obama wants to do. Republicans say that would hit small-business owners who report business income on their individual income tax; Democrats say the overwhelming majority of small businesses would not be affected.
According to a 2010 report by the Joint Committee on Taxation, the official scorekeeper for Congress, about 3 percent of people who report business income would face a tax increase under Obama's plan. That support's Biden's point.
The same report says those business owners account for about half of all business income. That supports Ryan.



How can both be correct?
Either only 3% or 53%?

Thats a HUGE window.

Click to expand...

reading that i would say biden is correct as he is talking about the individual where as ryan is grouping the amount the combined businesses raised
so the 97% of small businesses that wont be affected by the tax raise account for 47% of total business income
and the 3% of businesses that will be affected by the tax raise account for 53% of the total business income

So either way, atleast 3% of small business owners (middle income) will have their taxes increased?

althor said:

So either way, atleast 3% of small business owners (middle income) will have their taxes increased?

Click to expand...

well "about 3%" more than 2% but not as much as 4% percent of small business owners will have their tax increased

paul ryan throwing the 53% number up there is a sneaky use of statistics (one that he was perfectly aware of seeing as he's a numbers guy)

ginjawarrior said:

well "about 3%" more than 2% but not as much as 4% percent of small business owners will have their tax increased

paul ryan throwing the 53% number up there is a sneaky use of statistics (one that he was perfectly aware of seeing as he's a numbers guy)

Click to expand...

So when Obama says over and over TAXES WILL NOT BE RAISED ON MIDDLE INCOME.
That isnt quite accurate?

althor said:

So when Obama says over and over TAXES WILL NOT BE RAISED ON MIDDLE INCOME.
That isnt quite accurate?

Click to expand...

yeah that was sooo 2008

its 2012 now....

althor said:

RYAN: "This one tax would actually tax about 53 percent of small-business income."
BIDEN: "Ninety-seven percent of the small businesses in America pay less — make less than $250,000."
THE FACTS: Both are correct, but incomplete, when sizing up the effect on small business of raising taxes for individuals making more than $200,000 and married couples making more than $250,000, as Obama wants to do. Republicans say that would hit small-business owners who report business income on their individual income tax; Democrats say the overwhelming majority of small businesses would not be affected.
According to a 2010 report by the Joint Committee on Taxation, the official scorekeeper for Congress, about 3 percent of people who report business income would face a tax increase under Obama's plan. That support's Biden's point.
The same report says those business owners account for about half of all business income. That supports Ryan.



How can both be correct?
Either only 3% or 53%?

Thats a HUGE window.

Click to expand...

It's a play on numbers to confuse the average American.

The real way to look at it is, about half of the people making over $250k own small businesses.
The 97% comment by Joe Biden is true but it's also irrelevant when talking about whether a tax increase would hurt small businesses and have an effect on jobs.

Included in the 97% are micro businesses such as mom and pop Ebay sellers, bloggers, cake decorators, pet groomers, etc. In other words, any and every one man show you can think of. Look at the stats from the US Census Bureau, there are about 27 million businesses in the US, over 21million of them do not have employees! http://www.census.gov/econ/smallbus.html

[FONT=verdana, arial][FONT=Verdana, Arial]Small businesses in the US have generated over 65 percent of net new jobs over the past 17 years.[/FONT][/FONT]
And according to IRS data, 48% of the net income of sole proprietorships, partnerships, and S corporations reported on tax returns went to households with incomes above $200,000 in 2007.