Marketplace Radio: Small business owners on the Buffett Rule

Interview by Kai Ryssdal
Marketplace, American Public Media, April 11, 2012

Excerpt from Interview with Lew Prince, owner of Vintage Vinyl in St. Louis.

Prince: We employ 24 people. We're in the very low single-digit millions in [gross] income.

Ryssdal: If the Buffett Rule passes and people who make a million dollars or more wind up paying 30 percent at least on their taxes, is that going to bite you? Are you making a million a year?

Prince: No. It would actually take about a decade of my income to get even near the Buffett Rule. I actually was talking about this with my accountant. He has, he tells me, 400 small business customers and of them maybe four will be affected by it. That seems to be real consistent. It seems to be about 1 percent of the people who make any income off small business would be affected.

Ryssdal: If it's not tax rates to help you with your business, what do you need then?

Prince: I need educated people. I need the infrastructure to deliver my product. I need really good broadband everywhere so that I can compete with these countries that are moving ahead of us incredibly quickly in those areas. Those who are the most successful really should feel it's their patriotic duty to keep it going for the rest of the people.

Listen here to the full show: