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There is no first about it. We need to increase revenue and cut spending. But most importantly, we need the representatives to have the guts to do it.
Well said their need to be a balanced budget approach to the deficit that combines tax increases with spending cuts federal income tax today is the lowest it has ever been at 17 percent so their is great roome for tax revenue increases.
Having been a small business owner for over thirty years i am reading many post on this subject by people who know nothing about owning a business.
First off it takes a whole lot business to net 250K in taxable income. This is what is being bantered about at the cutoff dollar amount.
This is not gross income or even gross sales as some suggest.
There are thousand of small business owners who don't even come close to netting 250k a year.
For example we employed between 5 and 10 people a year depending on business and grossed at least 1 million a year for 25+ years. By the time cost of materials, wages, benefits, depreciation of vehicles and equipment was taken into account. My gross income was down to about 100K.
Every small business person has an accountant and by taking advantage of every legal deduction available to us we never netted more than 50K a year.
You might say that was not much money but let me tell you, in 25+ years in business we drove luxury cars, took multiple great vacations every year with before tax dollars, never bought a gallon of gas with taxed dollars. Never paid for dining out with taxed dollars.
The bottom line is that small business people do very well and the tax on 250k net income will have no affect on them.
If somebody is netting 250K a year they are not a small business.
If you ever wondered who owns all those great yachts that you see at the marina, I can tell you that none of them are owned by private individuals, they are owned by companies that some want to give tax breaks to. Do you think they'll invite you and board?
Well said their need to be a balanced budget approach to the deficit that combines tax increases with spending cuts federal income tax today is the lowest it has ever been at 17 percent so their is great roome for tax revenue increases.
Generally speaking, balancing the budget is a good idea. However, had the Govt not done what it did in 2009 and 2010, we would be in extremely bad economic shape. Many of you will not like the idea, but History will show that President Obama will be recognized as very instrumental in saving this Country. The method was one that could not have been done, if there were a strict Balanced Budget Law.
There is no first about it. We need to increase revenue and cut spending. But most importantly, we need the representatives to have the guts to do it.
I don't think you can do both at the same time. Because taxes need to be raised across the board not on just one segment of society and we simply can't do that to people in this economy.
Its the repugs who could care less about middle America. Dems have already said they would extend the cuts for 2 years but the repugs want their wealthy friends to have it permanently. If they truly wanted to help everyone, why didn't they do it permanently when they had control of both houses and the WH?
Its the repugs who could care less about middle America. Dems have already said they would extend the cuts for 2 years but the repugs want their wealthy friends to have it permanently. If they truly wanted to help everyone, why didn't they do it permanently when they had control of both houses and the WH?
Why didn't the Democrats fix the tax situation over the last 2 yrs when the had both the WH and Congress. Not as simple as you make it out to be....I would ask why should the top 2% pay for someone elses tabs and handouts...? Becase they can afford it is not acceptible...
Why didn't the Democrats fix the tax situation over the last 2 yrs when the had both the WH and Congress. Not as simple as you make it out to be....I would ask why should the top 2% pay for someone elses tabs and handouts...? Becase they can afford it is not acceptible...
Nice changing the subject, typical repug. The tax situation did not come up the past 2 years. Once again why didn't Bush and cronies extend it permanently when they had the chance?
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