If this story doesn't knock your socks off nothing will. On the eve of the release of "Pledge to America" by the tea bagger, we learn tonight of the Republican definition to "small business" and how their past Bush ideology [tax cuts] apply in the future to the poor and destitute. Your soon going to learn that this is the same ole shit just a different day! This document to be released tomorrow is just updated garbage from 1994 and a return to failed "policy" of the past!
NFTOS says that no matter how you slice it, its just updated regurgitation of Republican pledged allegiance to hedge fund managers on Wall Street, insurance companies, the "wealthiest of the wealthy," oil companies and big corporations that outsource jobs, "with a recession and huge deficits for all."
The GOP document represents an updated version of the 1994 "Contract with America." That 10-item document, with specific bills attached that would be passed with a Republican victory, was rolled out on the steps of the Capitol building and signed by GOP members of Congress and candidates.
The 2010 version has more than 20 items, including specific legislative proposals, changes to how Congress works and broad policy goals such as tougher sanctions against Iran. Introduced at roughly the same time as the previous contract, several weeks before midterm congressional elections, it will be unveiled at a hardware store in Sterling, Virginia, outside Washington.
Now the tea baggers definition of "Small Business";
Republican future majority leader John Boehner states this summer that tax cuts for the rich are for 'small businesses" his tax cuts effect only 3% of small businesses. H&R Block claims 1.5 million small business clients and the republican tax cut would then account for one half of 1 percent of the H&R block number. WTF!?!?!?!
House ways and means chair Dave Camp (Republican) defines "small business" in foot notes of documents "According to the Joint Committee on taxation 94% of all US business in 2007 where S corporation, partnerships, or sole proprietorships --"pass through" businesses types commonly used by small businesses". Definition of "pass through taxation is a treatment means that the taxes of a business are "passed through" to the tax return of the individuals owning the business. Sole proprietorships, partnerships, most LLC's, and Sub-chapter S corporations qualify for pass-through status. Pass-through status also means that these business entities are not subject to double taxation, as are corporations.
Republican small businesses are to be no limit on payroll, or employee count, its ownership of business total which is "small".
Some examples of "Republican Small Businesses" are;
a. Enterprise Products Partners L.P. 2009 revenue 25 billion
b. KKR Kohlberg Kravis and Roberts 2009 revenue 445 million
c. Accounting firm Price Waterhouse Cooper 2009 revenue 26 billion
The richer you are the more likely you call yourself a "small business" as 80% of owners whom made 10 million or more filled taxes as "small business".
In 2008 more than a half million small businesses had more than a million in assets.
In 2005 almost 20,000 small businesses earned 50 million or more.
Other noted "small BUSH business" are;
e. Ferrell Gas 2009 revenue 2 billion and yet a "small business"!
f. Coorstek 2000 revenue 549 million...small business
g. Dead River 2009 revenue 500 million...yes small business
h. Fidelity 2009 S corp. firm revenue 11.5 billion
i. Chicago Tribune 2008 4.2 billion
j. Bechtel biggest small business in our country a mere 31 billion in revenue 2009
So readers take a look at what the tea bagger wants to pass when allowing tax cuts to rich and to"small business"
We at NFTOS say thanks but no thanks!!!
link below shall take you to axis of idoits document titled "Pledge to America"