But it doesn’t matter if “Joe” isn’t a plumber — business taxes should go down, not up

6 comments October 16th, 2008

OK, so Joe the plumber isn’t joe and isn’t a plumber. The issue is the Democrats’ hostility to small business — the very businesses that create 80 percent of the new jobs. Many small businesses are “S corps,” where business’s income is listed on a personal income tax filing, not a separate corporate tax filing.

Thus, taxable income of, say,  $250,000 on a man who has an S corp, reflects business income as well as the man’s personal income. To raise taxes on earnings over $250,000 is a disincentive for that business to grow, the exact opposite of how we create jobs.

We need to greatly reduce taxes on small business to provide incentives for them to create millions of new jobs. Small business can do the job if it is not punished for success!!!!

In fact, taxes should be reduced on all business, from the largest to the smallest. Europe knows this drill. As McCain pointed out in the debate, Ireland’s corporate tax rate is 11 percent — ours is 35 percent. It’s no secret why Ireland is becoming a mecca for high tech industries and entrepreneurial businesses — low corporate taxes combined with an excellently-educated workforce. We could learn from the Irish.