Current Events — HabitableZone

Current Events » in reply to The Bush tax cuts

There are 2 kinds of people who make 250K or more

There are the ones who work for someone else and bring home a salary of 250K and more and I consider them rich.

Then there are the ones who are self employed and or S Corps who make 250K or more, but that is there gross income before expenses and by the time they pay for payroll, payroll taxes, insurance, workers comp., business rent/mortgage, city business taxes, materials, supplies and all the other cost of sales they are left with little net income.

When you combine that self employed person with their wifes/husbands other personal income it will put you into a even higher tax bracket making their combined net income even lower. When my company had good years we made it into the top 10% of tax payers and I about died when I found out how much taxes I had to pay and the thoughts of buying new equipment, a car and going on a long vacation vanished. Rich? No way, taxes took care of that and for the S.F. Bay Area just considered middle class.

The so called rich who make 250K are the base for hiring people in the US and are greatly responsible for the growth also. If we want the economy to grow we need to give the small business person a break, not tax them more. People who make 250K or more pay their fair share of taxes even when lowered if you take a close examination.

If they lower it to 100K we are screwed as a nation creating growth.

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