"Higher rates and more revenue threatens corporate tax reform," Rep. Dave Camp, chairman of the tax-writing House Ways and Means Committee, said in a statement to the AP. "There just isn't enough the president can take out from small businesses and from individuals to get all the revenue he wants."
Indeed, Congress' Joint Committee on Taxation estimates Obama's proposal would hit about 940,000 people who report business income on their individual or household tax returns. While that amounts to only 3.5 percent of the people who report business income, those enterprises are projected to earn 53 percent of the $1.3 trillion in business income that will be reported on individual returns next year.
"We are aware of their concerns," Engler said. "We need those guys who are in our supply chain to do well."
But in a statement after Business Roundtable members released their letter to Obama and Congress, Dan Danner, president and CEO of the National Federation of Independent Business, made no effort to hide his disdain.
"It's unfortunate that some business leaders are so cavalier in asking the government to raise taxes on someone else - namely, on small business - while protecting corporate profits and Wall Street," he said.
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