Tax Hikes for Small Business?

Would higher taxes for upper incomers put a damper on small business?

Between now and Dec. 31, Congress will make a huge decision -- which, if any, of the 2001 and 2003 Bush tax cuts should be extended, and for how long. The outcome will affect the family budgets of almost every American. It will also have a big effect on the U.S. budget deficit and the debt we leave to our grandchildren. And last, but certainly not least, it will affect the economy, either slowing or spurring growth.

Senator Majority Leader Harry Reid (D-Nev.) wants to have this debate in September, which means it will become even more of a political football than it already is. Republicans want to make the Bush tax cuts permanent for everyone. President Obama and most Democrats want to extend them only for individuals making up to $200,000 a year and couples making up to $250,000.

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