Will a Business With Profits of $1.1 Million Be Devastated by Another $5,000 in Taxes?

Apparently they would be, if we listen to the people interviewed in an NYT piece about the impact of a surtax on incomes above $1 million proposed by President Obama. The NYT interviewed people who own small businesses that occasionally have earnings that would put them over this $1 million cutoff.

It would have been helpful if the article had reminded readers that the tax is a marginal tax so that if a business owner  crosses the $1 million threshold they would only pay the tax on the...