Tax group: Obama will raise taxes on most small businesses

If you're still not sure what Barack Obama meant when he told Joe the Plumber he plans to "spread the wealth" when he's elected president, Americans for Tax Reform has the answer.

From a news release issued by the non-partisan watchdog group:

According to the IRS Statistics of Income Division (http://www.irs.gov/pub/irs-soi/06in14ar.xls), there were about 28 million small business owners in 2006. Almost 3 million of these earned at least the Obama tax hike -- triggering $200,000 per year.

Altogether, these business owners reported $700 billion in profits. And two-thirds of these profits -- $470 billion -- were earned in the Obama tax hike households.

You can't tax "the rich" without raising taxes on the lion's share of small business profits. Their marginal tax rate could easily exceed 50 percent.

ATR: Obama's 'Spread the Wealth' Plan Raises Taxes on Two-thirds of Small Business Profits