Actually it is small businesses that create most of the jobs in the US, but the term 'small business" is ambiguous.
Some small businesses have nearly 500 employees while other must have less than 50 employees. Some government agencies say a small business must not exceed $5 million in annual revenues while other government agencies allow up to $50 million.
The point is that small businesses create jobs, not the affluent. In the book, the Rich and the Super Rich, about 40 per cent of the affluent don't even work. They live off of investments they have inherited.
Likewise, only 3 per cent of small businesses will be affected by the repeal of the Bush tax cuts for the affluent according the the Chief Obama economist, Austen Goolsbee.
Goolsbee also noted that the Bush tax cuts would provide a $100,000 a year tax savings for billionaires and millionaires until the Bush tax cuts expire.
This Goolsbee video is the best way to explain the tax cuts and is based upon an original article that appeared in the Washington Post.
The Democratic view of the Bush tax cuts
The Republican view of the Bush tax cuts.
Goolsbee make a convincing case that the GOP will deny tax cuts to all other Americans than the affluent if they don't get their way.
Eliminating the Bush tax cuts for the affluent will also generate revenues to pay for most of the economic stimulus.
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