Recap: Biden, Ryan Debate Small Business Issues
While last night's vice presidential debate was not totally focused on domestic policy, the candidates did discuss the U.S. economy--specifically issues pertaining to small businesses.
One particularly heated part of the debate concerned how the Democratic proposal to let Bush-era tax cuts expire would affect small businesses. Congressman Paul Ryan, the Republican candidate, said that if enacted, the tax increase would have a detrimental effect on small business resulting in 710,000 fewer jobs.
"We think that government taking 28% of a family and business's income is enough," Ryan said. "President Obama thinks that the government ought to be able to take as much as 44.8% of a small business's income. ... There aren't enough rich people and small businesses to tax to pay for all their spending."
Ryan added that small businesses account for two-thirds of new jobs and that the new taxes would affect 53% of all small business income.
Vice President Joe Biden countered by saying that 97% of all small businesses make less than $250,000 annually and would therefore be exempt from the proposed tax increases.
Ryan said last night that the taxes would reach 1 million small businesses.
In last week's presidential debate, Mitt Romney said that the 3% of small businesses whose income is greater than $250,000 employ half of all small business workers and 25% of the entire U.S. workforce.