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1 Scott A. Hodge, Wealthy Americans and Business Activity 1 (1993)

handle is hein.taxfoundation/srbdbxz0001 and id is 1 raw text is: e high-income' siness owners, lividuals with I e which tax c-L en a hotly coni the top margin )tion in 2001. The Bush Trc lividual tax rat( taxpayers entrepreneurs an or are they simply well-pa rivial business activity on th its have no effect on? This h :ested question since the cul al tax rates were first set in asury says that recent cuts ii .s help businesses too, citin .ghly three out of four high- Sreturns show business acti o tracing te scon -ntities such as S-Cc For instance, th ity, that is, income from sole proprietorship s, partnerships, farms or S-Corporations. Such businesses range in size from small sole proprietorships to multinational S-Corporations. On the other side of the debate, scholars such as William G. Gale, (Tax Notes, April 26, Small Businesses and Marginal Income Tax Rates) argue that the top marginal tax rate cuts did little for business owners because (1) only a fraction of small business owners earn enough to pay the top tax rates, and (2) those high- income taxpayers who are business owners receive only one-third of their overall adjusted gross income from business income. Both sides of the debate define business owner broadly to include everyone who re- ports business income on Schedules C, E and F of their individual income tax return, but even still) it is difficult to reconcile the two differing interpretations of the data. Publicly available IRS data are not detailed enough to reveal how business owners and/or high-income taxpayers 11 1 1 her ffArc.d n-i1_TX~e r r- 2004) and, as a consec Augus No. 13J o 004 bu i Sid be in in( ev in( )f pass-i )ration tS's pu business

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