a small business that builds airports, sea ports, railroads, oil refineries, nuclear power plants. but back when it was just ye old bechtel shoppe, they built the hoover dam. today, the world s number one engineering and construction firm, a small business. companies aside, who are the actual people who would benefit from the republican tax cut for the richest small businesses? him, for one. bloomberg news reports the president and other big authors and actors and celebrities, even hedge fund managers, file as s corps to save on taxes. nor is mr. obama the only famous s corp. owner. recognize this guy? how about now? thanks to court documents reviewed by countdown, we know one of texas two richest men in the 1990s became an s corp. back in 1991. senator john mccain knows about s corps.
corps when their filings become evidence in tax trials. that s how he identified one of the biggest small businesses in the world bechtel. a small business that builds airports, sea ports, railroads, oil refineries, nuclear refineries, but back when it was all just bechtel, they built the hoover dam. today, the world s number one engineering and construction firm, a small business. companies aside, who are the actual people who would benefit from the republican tax cut for the richest small businesses? him, for one. bloomberg news reports the president and other big authors and actors and celebrities, even hedge fund managers, file as s corps to save on taxes. nor is mr. obama the only famous s corp. owner. recognize this guy? how about now? thanks to court documents reviewed by countdown, we know
enough money to come on your program for it. there are people who may own a chain of fast food stores or a particularly successful group of liquor stores. but they re a small proportion of this. there are about 15,000 s corps have an average revenue of $18 million, and partnerships that have an average income of $137 million. these rich guys paying the top rates, they d have to pay a lot more in taxes if the democrats don t renew the bush taxes, right? well, yes and no. they do, after all, have access to tax shelters. there are all sorts of fine rules. the reason the tax code is so thick has nothing to do with ordinary americans, it has to do with favors bought with campaign donations. but, yes, overall they will pay higher taxes, which will go to provide better infrastructure, so they can move their goods and services, educate people so they have people to buy their products, et cetera.
senator john mccain knows about s corps. small businesses are the job generator of america. mrs. john mccain filed as an s corp. back in 2006. a small business owner who owns a massive beer distributorship and reported income of more than $6 million. and then there s small business man philip anschutz. a small businessman who gave $30,000 to the senate republican campaign committee last year, and $15,000 to the house. on top of his family s more than $500 million to republicans over all. he owns at least a part if not more than 100 small businesses, small railroads, small oil companies, small sports stadiums, small arenas, a small national movie theater chain, a small half of small major league small soccer, the l.a. kings, the l.a. lakers. his small business entertainment company likes to clean out the
yeah. that s very true. as it currently stands senate republican leaders don t have the vote. you hinted on what the big issue is the budget committee will meet to consider the proposal. here s the rub where it comes to that. republicans have a 12 to 11 advantage on the committee. there are two republicans very posed to the current plan, wants changes before it moves forward who sit on that committee. if they lose one i m not a math major but recognize they have problems there. let me back up on the policy side lay out what the issues are and where you re seeing the primary complaints are on the deficit side. the income is how it s taxed, business entities that pass through their income to be faxed on to the individual side taxed on the individual side. things like partnerships, s corps, llcs, small businesses but a lot of wealthy institutions and entities as well, doctors, lawyers, hedge funds. the issue right now is both in the house and senate plan, they