Millionaire Tax Would Punish the Biggest Job Creators
Senate Majority leader Harry Reid (D–NV) drifted off to fairy-tale world this week and dreamed up some statistics as he did. On the floor of the Senate, Reid said the following:
Many of our job creators are like unicorns—they’re impossible to find and don’t exist. That’s because only a tiny fraction of people making more than a million dollars, probably less than one percent, are actually small business owners and only a tiny fraction of that tiny fraction is a traditional job creator.
This claim is wildly off base.
Senator Reid’s statistical confusion on small businesses and job creation could be understandable. The statistics were once notoriously difficult to find, because there was no objective definition of small business. But the Treasury Department rectified this with a recent study. It contains firm data that refute Reid’s unsubstantiated and implausible claim.