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Fiscal cliff splits big, small businesses on taxes

Associated Press

WASHINGTON (AP) - The "fiscal cliff" debate is splitting the business community over taxes, driving a wedge between two natural Republican allies.

Negotiations between the White House and Congress are pitting corporate leaders who are helping strengthen President Barack Obama's bargaining position against the small business advocates bristling over the prospect of higher taxes.

Obama has been courting top CEOs during the talks. They have responded by being open to Obama's demand that tax rates go up on household income above $250,000. Obama has promised to consider changes in the tax code that would lower corporate tax rates.

Most small businesses pay at individual income tax rates and the biggest earners among them would end up with higher tax bills if Obama wins an increase in the top two marginal tax rates.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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