Poll: Let tax rates for wealthy expire

Oct. 25, 2012 at 11:26 AM
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WASHINGTON, Oct. 25 (UPI) -- A majority of small-business owners say raising taxes on the top 2 percent of taxpayers is the right thing to do, a Small Business Majority poll indicated.

The poll, released Thursday, also indicated nearly six in 10 thought government can play an effective role in helping small businesses thrive.

A key argument for keeping a series of tax rate cuts enacted during George W. Bush's presidency is the claim that most small businesses file as individuals and would be impacted by increases in the individual tax rate -- a claim the organization says its polling shows is misguided.

While most respondents, 54 percent, report their business income is passed through to their personal taxes, only 5 percent reported having total income above $250,000, Small Business Majority said.

A majority said the most important task for Congress and the president next year was developing a plan to create more jobs, the poll indicated.

Nine in 10 small business owners said they favor eliminating tax breaks given for moving production aboard and support incentives to return manufacturing to the United States.

Seventy-two percent off small-business owners said they favor eliminating loopholes that favor large corporations. A majority said it would like to see tax breaks for gas and oil companies removed and support building on tax incentives that encourage clean-energy investment.

Finally, 48 percent of business owners said they were doing alright, 27 said they were doing well or very well, and 24 percent said their business is not doing well.

Small Business Majority said 47 percent of the small-business owners identified themselves as Republicans and 35 percent said they were Democrats.

Results are based on a telephone poll of 500 small-business owners conducted Sept. 27-Oct.12. The margin of error is 4.4 percentage points.

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