Posted by
James Burns on Thursday, October 16, 2008 9:52:43 AM
As we all know, Barack Obama told Joe the Plumber he wants to spread the wealth around. Well I say Joe has a great concern. I know many small businesses make less than 250,000 dollars. But there are many out there that do. In fact quiet a lot of them do.
Lets take Joe the Plumber, he will probably make around 250,000 dollars a year. But now he has payroll, insurances, vehicles needed for the businesses. He has supplies to buy, licensing fees and local taxes. He has to banking money for expansion and growth. Joe has to take his salary as well. So he will have many expenses to pay and increasing his taxes will kill his growth.
Look at another scenario. Owner/Operator truck drivers are small business owners. I know quiet a bit about this business being a truck driver myself. Many owner operators make over 250,000 dollars a year as a business. But then you need to deduct all the expenses. Expenses included road use permits for all states traveled in. With these permits taxes need to be paid to each state. You have tires, repairs, maintainence, fuel, insurances etc. Fuel is a huge cost for drivers in fact its one of the biggest expenses. With the price of oil bouncing around like it is this cost cannot be forecast easily. Plus banking capital for these expenses and other unforeseen costs. After all is said and done many owner/operators end up taking home between 41,000-50,000 dollars for themselves out of the 150,000 to 250,000 they bring in.
So if the heart of the American economy is small business, then why target them and make them pay more? Why jeopardize the already fragile American economy so you can give money away to people who aren,t going to work for it. That is just stupid. Anyone can have success in this great country. All you need to do is get up of the couch and go for it. If you just sit there stating, I am this or that, I am being oppressed etc, its your own fault. Those days in this country are gone. Those who work hard make it here, it is proven time and time again by many who come here from other countries and do it. I am a second generation American, my grandfather came here from Ireland before WW2. He worked 3 jobs to support my dads family. He made it and my father and his siblings made it. But by working hard, not expecting a hand out.
Here below is a graph I have posted before comparing current taxes with Obama's plan. you can see the differences, and how it would effect small business owners.