Would small business owners would be impacted by tax increases on those earning more than a million dollars? It is well know that the vast majority of U.S. millionaires have some ownership in a business of some sort. Most derive a large portion of their wealth from from a private business. A study by the Office of Tax Analysis found that there were 392,000 tax returns with adjusted gross income above $1 million and of those 273,000 returns (nearly 70%) were defined as “small business owners”. Law of unintended consequences.
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