The last Presidential election featured the sideshow of Joe the (unlicensed) Plumber, who said he cleared more than $250,000 a year working on pipes, but would be inclined to give up that extraordinarily profitable business if the part of his income over $250,000 was taxed. He became the poster child for "small business", the Great Creator of Jobs, and politicians and reporters of all stripes competed to show their utter devotion to the small businessman and their desire to avoid taxing him. This month marked the official launch of the 2012 Presidential election campaign, continuing Congressional hearings on tax reform, the release of two reports on the impact of tax reform on small business, and the release of a Treasury paper offering new insight into what small business really looks like. So, let's revisit the small business tax issue before the spin masters turn up the volume too high for us to think any more.
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