3 Things You Should Know About Small Business: August 2

President Obama is looking to increase the tax rates on the country's highest income earners, which may include small business owners who file their business income on their personal tax return. Republicans are in stark disagreement with the president, rejecting the idea to raise tax rates on anyone as the economy continues to struggle.

3. Is Chick-fil-A's CEO smarter than you think? It may not seem like a wise position to take if you answer this question in the affirmative, but it's all about knowing your customers and Chick-fil-A CEO Dan Cathy's outspoken remarks against same-sex marriage last month may have been the smartest marketing move of the year, says Charles Gaudet of Predictable Profits.

"All too often, companies try to stay away from taking a bold stance, choosing to play it safe by communicating a message that will appeal to the masses. The problem with this approach is that it doesn't make you unique, stand-out or give your customers something interesting to talk about," Gaudet argues.

Chick-fil-A, on the other hand, is known for its deep-rooted Christian values and principles (the restaurants are closed on Sundays because employees and customers should be in church). Cathy's opinions essentially stuck with the company's foundation, even with the controversy from opponents and praise from followers, Gaudet says.

Either way, the company had tens of millions in free publicity over the past few weeks as mayors spoke out against the fast-food chain's expansion plans and the subject became common household and water cooler debate.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.

To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowski

>To submit a news tip, email: tips@thestreet.com.