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Schenk Tax increases affect few small businesses
MADISON, Wis. (3/30/09)--Tax increases will affect only a small portion of small business owners, Mike Schenk, senior economist for the Credit Union National Association, told Business Week Thursday. Debate among small business owners has raged since President Barack Obama announced a plan to cut back federal income taxes on those with incomes under $250,000, Business Week said. Proponents claim less than 3% of small business owners have incomes above $250,000, while opponents counter that 15% or more of small business owners will be negatively affected by the proposal. While the tax increases will have a substantial negative impact, they will only affect a small number of business owners, Schenk told the publication. “I would ultimately conclude as an economist, that on balance there are some real positives to come out of [the budget proposal],” Schenk said. “The negatives will be apparent to a small sliver of the universe.”
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