While it's making the rounds because of that interview today, 'Ol Chokin' Joe, has been using that tag line for a while:
What the Democrats are counting on here is that most of us don't know Joe about tax law. And we don't. A quarter mil in 12 months sounds like you're rich. And if you pocket that much in a year, I'd agree that you are well off.
But ask yourself - how does a business pay taxes? Most businesses in this country are not corporations, subject to corporate tax law, but partnerships and LLCs. Our firm is an LLC. Our firm, like most small businesses, does not pay taxes on the firm's income - the firm's Owners do. Our firm makes more than half a million dollars a year, which means that, because I own 50 percent of the firm, the gross earnings on my 1040 exceeds that number Biden was tossing about as the threshold. Do I pocket that much? Hardly. But that is what our tax liability, and most business owners tax liability is based on. On paper, it looks like I'm farting through silk - but I only see a percentage of that in my pocket. (Yes, yes, we do have deductions. But Democrats think business deductions are EEEEEEEEVIL.)
The more we have to shovel out to our crazy Uncle, the less we have for salaries, benefits, new computers, another AutoCAD license (goodness, they are expensive!), or renovating our
Government didn't make our firm. Me and my partner, and our staff, made our firm. Where there were no jobs in 2001, there are now eight.
For those of you who own a small business, you know what I mean. For those who work for one, don't get suckered in by that lefty class-warfare twaddle. Remember, the salary you get comes from your employer having enough cha-ching in the bank to pay you. If that goes away, where will you be?
1 comment:
I'm a 1/3 owner of a small business. Our accounts are actually pretty simple, but the cost of complying with all of the applicable regulations and tax laws means that all of that is done by an outside firm.
We have very large gross revenues. Insurance alone takes a hefty chunk of that. Add in payroll and office expenses and all of a sudden we're wondering if flipping burgers wouldn't be more profitable.
We also make decisions based upon our prospective tax liability.
You have to have been a small business owner to understand the burden that government can be. I wonder which one of teh four candidates (President and Vice President) gets that?
Post a Comment