During a recent episode of America's Newsroom, Fox Business anchor Eric Bolling falsely claimed that “half of the filers who make over $250,000 will be small businesses” next year. In fact, the overwhelming majority of small businesses would be unaffected by allowing the Bush tax cuts for the wealthiest to expire.
Bolling: “Half of filers [who make] over $250,000 will be small businesses”
On the November 19 episode of Fox News' America's Newsroom, Fox Business anchor Eric Bolling and host Bill Hemmer discussed the current debate over extending Bush tax cuts for those making over $250,000 a year. Bolling claimed, “Half of the filers over $250,000 will be small business. So they'll be affected.”
FACT: Vast majority of small businesses would not be affected by allowing Bush tax cuts for the wealthiest expire
As Media Matters has repeatedly pointed out, at least 97 percent of small businesses would not pay higher taxes if the Bush tax cuts for those making over $250,000 were allowed to expire. According to the Tax Policy Center's table of 2007 tax returns that reported business income, 481,000 of those returns, or 2 percent, were in the top two income brackets. And according to PolitiFact, the Joint Committee on Taxation has projected that in 2011, “Only 3 percent of all taxpayers who reported having positive business income will see their taxes go up under the proposed Democratic initiative” of letting the Bush tax cuts for the wealthy expire.