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Obama Tax Increase Would Hit Business Owners Hard

2:20 PM, Jul 9, 2012 • By MARK HEMINGWAY
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Following the president's push for a tax increase earlier today, GOP super PAC American Crossroads is blasting out this Bloomberg article from last month noting that Obama's proposal wouldn't just be a tax on wealthy individuals -- it would be tantamount to a pretty significant tax on businesses as well:

President Barack Obama’s plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on the people who report 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation.

The nonpartisan analysts prepared the data at the request of Republicans on the Senate Finance Committee. Orrin Hatch of Utah, the panel’s top Republican, said the document was “irrefutable proof” that tax rates shouldn’t go up.

“With our economy as weak as it is, it makes absolutely no sense to hit more and more small businesses with a tax hike,” he said in a statement.

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