Vice President Joe Biden has said the proposed tax changes in 2011 will keep taxes low for 98 percent of Americans, and believes a small business stimulus bill will help many entrepreneurs forming an LLC.
Visiting a Washington D.C. pizzeria this week, Biden reinforced President Barack Obama’s commitment to keeping taxes low for small businesses. Over lunch at Pete’s New Haven Style Apizza, Biden noted that extending the Bush-era tax cuts for the wealthiest 2 percent of Americans would give $300,000 per year to families already earning more than $8 million annually.
Obama’s plan would only increase taxes on families earning more than $250,000 per year, which Biden pointed out is fewer than 2 percent of U.S. households.
Biden said the tax cuts should go to families and small businesses struggling to recover from the recession.
The Bush-era tax cuts are set to expire at the end of 2010. Coalitions of some of the largest companies in the U.S., including Walmart and Lockheed Martin, and the U.S. Chamber of Commerce will spend more than $75 million on the November elections in an effort to keep the tax cuts for the wealthiest Americans.
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