Fiscal Cliff Spells Trouble for Small Business
NFIB's Jean Card, VP of Media, explains how small businesses will be hurt if the country goes off the Fiscal Cliff since most owners pay at the individual rate, rather than the corporate rate. Impacts include a 5.8% tax rate increase on the top fifth of small business owners, the death tax goes up and the maximum estate exemption will fall from $5 million to $1 million, making it harder for owners to keep the business in the family; and unemployment could jump to 9.1% throwing America back into another recession. KSAZ-FOX. 2:02
How the fiscal cliff affects your business »