Obama "Clarifies" Tax Hike on Shareholders

I'll give the Obama people credit for honesty.  They've come out with specifics on their shareholder tax hike.  Austin Goolsbee and Jason Furman have an op-ed in the WSJ.  The Obama campaign website has a new section.  Here are the details:

• The top capital gains rate will rise from 15% to 20%
• The top dividends rate will rise from 15% to 20%
• The corporate income tax rate will remain unchanged at 35%
• The ordinary income tax rate will rise from 35% to 39.6%
• The small business tax rate will rise from 37.9% to a minimum of 44.5% and a  maximum of 54.9%--they're still not clear on this point
• Private equity partners will see their capital gains and dividends taxed as ordinary income--that 39.6% rate

Comments

[Matt Braynard]

How do you distinguish the 'small business' tax rate from the individual income tax rate (presuming the small businesses are S-corps)?