Quote:
Originally Posted by Matt D.
My friend who drives truck is as scared as you. His employer makes over $250k. Fuel is already expensive, increase taxes, pay your employees less, and soon enough they won't be able to afford to live.
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How do you know that the TAXABLE income is over $250k? Did you see their tax return? Lets say for example that you have a business with $300k taxable income (Basic definition: that means revenues-expeneses) they will have 300k in their pocket at the end of the year (assumes no payoff of debt or additional investing). Lets say thier tax rate is 35% (I don't know off the top of my head, I am not at work), they will pay 105k in taxes and make 185k after tax. lets say that they increase the tax rate 10% (unlikely) to 45 %, the person will take home 165k, a difference of 20k. If this person cannot afford to pay their bills after taking home 165k in CASH, they are living above their means.
I do not feel sorry for anyone who is living the high life, making a good amount of money, and SPENDING TOO MUCH.
If these people are worried about their business, maybe they will decide to change their priorities and leave some money in the business instead of spend it. It is ignorant to believe that an increase in the tax rate is going to kill a lot of jobs. IF YOU ARE NOT MAKING MONEY, YOU ARE NOT PAYING TAXES, plain and simple.
I had a client come in for a meeting with me and a partner of the firm who makes 200k and was having cashflow problems. I wanted to slap him. He wanted us to solve his cashflow problem, he would be short 10k in the next couple months. His salary of 18k per month was included in his numbers.
Anyone who makes enough to worry about increased taxes through Obama doesn't get any sympathy from me. If they cant pay the taxes, they shouldn't be living above their means.