US Treasury indicates about 70% of millionaires to be hit with new tax are small business owners.

 

Image via Wikipedia

Depending on which definition you choose of what defines a “small business owner,” any new “millionaire tax” is going to disproportionately affect the group that creates the most new jobs in our country.

A new US Treasury study indicates that over 70% percent of so-called millionaires hit with this type of tax are small business owners. Almost every business owner has to leave a substantial amount of his profit inside the business as operational capital. Thus we have jobs being eliminated instead of created.

Human nature never changes. What our government penalizes will tend to decrease. Giving Congress a course in human nature would create more jobs than any bill they’ve come up with to this date.