Politics

More On Those Not-So-Small ?Small Businesses? Congressional Republicans Are Protecting

By Karina

In an attempt to mislead the American people and distract from the GOP?s support for tax cuts for millionaires and billionaires, Congressional Republicans continue their claims that small businesses will be harmed by President Obama?s tax cut proposal. The truth? Congressional Republicans are counting companies that registered as small businesses with the IRS for tax purposes ? including hedge fund managers, athletes, authors, investment bankers, lobbyists, private equity fund managers, owners of privately held multinational companies, partners in major law firms and even President Obama himself.

In fact, according to a report last night on MSNBC, nearly 90% of Americans who make more than $10 million a year filed their taxes as a ’small business’:

In 2008, more than 500,000 of these supposed small businesses had more than $ 1 million in assets. In 2005, almost 20,000 of them had annual receipts of more than $50 million.

Here are just some of the companies Republicans count as so-called “small businesses”:

PriceWaterhouseCoopers, an accounting firm with $26 billion in revenue in 2009

Enterprise Products Partners, L.P., a pipeline company with 2009 revenues of $25 billion

Kohlberg Kravis Roberts & Co., a Wall Street firm with $445 million in revenue in 2009

Koch Industries, a conglomerate of partnerships with 70,000 employees. Charles and David Koch were just named the fifth richest people in America by Forbes.

The Hillman Company, an investment founded by billionaire philanthropist/industrialist Henry Hillman

Ferrellgas, a propane and propane accessories business, with $2 billion in revenues in 2009 and 1 million customers

CoorsTek, a ceramics manufacturer founded by Adolph Coors, with 2009 revenue of $549 million

McIlhenney Co., the Tabasco maker, with $250 million in revenue in 2007.

Learn more about the GOP?s not-so-small “small businesses” on MSNBC»

Full post as published by The Gavel on September 23, 2010 (boomark / email).