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Posted Friday, July 11, 2008 1:30 AM

Crooks and Liars: The McCain campaign’s small-business myth

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This week, leading McCain campaign surrogate Carly Fiorina, a top advisor to the Republican candidate, insisted that Barack Obama’s plan to raise taxes on those who make more than $250,000 a year would hurt small businesses . “In the Bush tax cuts, if they are repealed, 23 million small businesses will have their taxes raised. Why? Because 23 million small businesses file their income tax as individuals. And so, when Barack Obama blithely says, only the wealthiest are going to be taxed, he is ignoring the fact that 23 million small businesses file as individuals and those small businesses are the only growing sector of the economy right now and small businesses produce 60%, actually it’s more like 70, 70% of the new jobs in this...
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