Many LI small business owners favor McCain's tax plan
When the focus of Wednesday night?s third presidential debate turned to taxes for small businesses, many of those business owners on Long Island were paying attention. On that issue, many say Sen. John McCain?s (R-Ariz.) plan comes out on top.
Sen. Barack Obama?s (D-Ill.) plan would raise taxes on any business making more than $250,000 a year. Taxes would stay the same, under his plan, if a business? revenues are less than that amount. However, Obama would cut capital gains taxes for anyone investing in a small business. McCain would keep the Bush tax cuts.
Huntington small business owner Stacy Haber says Obama?s tax plan would be a very difficult burden. ?He would probably put me out of business," she says.
Frank Carbone, who recently had to close his restaurant due to taxes and high rent, also sides with McCain on taxes.
CPA Marty Cantor says McCain?s tax plan makes more sense for the majority of Long Island?s 100,000 small businesses because it keeps everything as it is now.
For Long Island?s ordinary taxpayers, independent economic analysts tell News 12 Long Island that McCain's plan would probably be better since it favors high-income earners.
Click for more on how each candidate?s tax plans would impact ordinary voters
Obamatax planMcCain tax planThe Urban-Brookings Tax Policy Center