Paul Ryan loves Canada so much he wants their tax structure! Does that mean he also supports Canada's public health care system?
During the vice presidential debate, Paul Ryan made claims about how The Obama administration would raise taxes on small businesses. He stated "President Obama thinks that the government ought to be able to take as much as 44.8 percent of a small business' income," and later , "This one tax would actually tax about 53 percent of small-business income."
Vice President Biden ably and accurately refuted Ryan by stating that "97 percent of the small businesses of America pay less, make less than $250,000," and later, "Let me tell you who some of those other small businesses are: hedge funds that make 600 million - $800 million a year. That's what they count as small business ."
and later, "Ninety-seven percent of the small businesses make less than $250,000 a year," he emphasized. "(The Obama tax plan) doesn't tax 97 percent of the American businesses, (specifically) small businesses,"
though Biden was correct and forceful in his response he did not directly counter the 44-53% claims.
During the exchange Ryan also pointed to Canada, 'just across the water, which has a much lower small business tax rate , claiming that Canada recently lowered their rate to 15%". First the facts: Canada does have a lower across the board corporate rate ,but they also have additional taxes which are levied on businesses which are not included in that 15 %. Also , our system of deductions drastically lowers our higher initial corporate rate, so comparing the two is apples and oranges.
More after the beep...
In addition, as Biden and Ryan both alluded too , most small businesses such as sole proprietors, use the individual rates , which has nothing to do with corporate rates . Small businesses have indeed struggled in recent years, but the Romney /Ryan tax plan has nothing for these small businesses. I can tell you that deductions play heavily into the final amount of taxes businesses pay, from the smallest business to the largest. Prime example? remember Enron and it's ZERO tax liability?Small businesses need customers, and believe me ,those customers won't come from the giant corporations Romney /Ryan wants to help.
Anyway Ryan's comparing our system directly to that of another country just does not wash.
However , two thoughts struck me.
1. We need to be able to directly derail that '44%' compared to '15%' for small business claim.
2. Paul Ryan actually made his case by saying 'See what Canada does? We should be like Canada!" OK. How many times have libs been bashed for trying to use Canada's health care system as an model? how many times have we pointed to models from other nations (France, Great Britain, Scandinavia, etc. ) and been ridiculed as Unamerican?
and here Ryan scurried across the border to cover for his party's giveaway tax ideas.
here's data on the corporate tax points