Entrepreneur: What the 'Buffett Rule' Means to Small-Business Owners: Not Much

By Catherine Clifford
Entrepreneur, April 16, 2012 

The Senate is voting today on the Buffett Rule, a tax bill assailed by critics as, among other things, bad for entrepreneurs and jobs. But a closer look reveals that the measure, if passed, and that's a big if, would have little impact on the majority of small-business owners. ...

Other business organizations say the measure would hardly impact small-business owners at all. One group sent a letter to Senators in support of the bill. It cited a poll by the American Sustainable Business Council, Main Street Alliance and Small Business Majority that found that only one of the 500 small-business owners surveyed reported annual income of more than $1 million. That finding refutes the argument that small businesses would be disproportionately impacted by the Buffett Rule, the letter says.

Using small businesses as a sort of poster child for why the Buffett Rule would hurt the economy offends John Arensmeyer, the CEO of the Small Business Majority, a national small-business advocacy group. There are almost no small businesses that make over $1 million a year, he says. “Our biggest issue is saying, ‘Oh my gosh! This is going to hurt small business!’ and that is ludicrous. It couldn’t be further from the truth,” says Arensmeyer. “There are virtually no small businesses that earn that kind of money.”

...

Ben Markeson, the owner of Three Star Flea Market in Apopka, Fla., near Orlando, doesn’t see the Buffett Rule as a small-business issue. His mother started the market in the early 1970’s and now Markeson runs it himself. To Markeson, the Buffett Rule is about fairness. And to hear the Buffett Rule being defended to protect small business strikes Markeson as disingenuous. ...

Read More: http://www.entrepreneur.com/article/223353