Don’t piss on my leg and tell me it’s raining.
You can’t say in one sentence you're going to perform tax rape on those in the top earning brackets and then in the next say you are going to give small businesses tax credits to help create jobs. The two statements are mutually exclusive.
This being tax season for me (a quarterly and annual payer), I just paid an astronomically huge amount of money to various government entities, most of which provide no benefit whatsoever to me, my employees, my business or my customers. The sole benefactor is government. For starters, I am self employed, and will NEVER collect unemployment from the federal government-so how about you just let me keep that money and I’ll take care of myself when times get tough, ok?
And suppose as a rich SOB, I did take that money down and buy a pair of Jimmy Choos for the wife for Valentine’s day? How the hell is that bad for the local economy?
But the fact is, I’m not filthy rich (yet), I’m trying to get there. In the course of getting there, I’ve got 2k in dental work I’ve been putting off because I need to plough money back into my business. You have to appreciate the irony. I am one of the targets to pay for Obama care- and I am putting off medical work to pay for my business.
Further I don’t do debt, I run on cash. If I don’t have cash, I don’t buy things. Old school you know. That’s how one of my businesses weathered the recession, while many others have not. I can do that better when your hands are not in my pocket. The net of this is, you are not only screwing my business, you are also screwing my employees. my dentist, AND the local Jimmy Choo store.
I took a big risk this year and bought some big ticket items for my business. I also did pretty good on my gross; but your class warfare says- no tax benefits for the rich so I get to spend the next 5-15 years amortizing those items I just paid cash for. Gee- thanks, I hope some loser who probably drives a nicer car than me and has more cable channels and a DVR gets to walk away from their mortgage and give you credit for re-allocating my cash, because they sure as shit won’t get a job with a small business when government has this mentality.
How about this- if I drop 100k on equipment in one year- I get to deduct 100k from my income in the same year. Gasp! Tax break for the rich.
At some point in the next 5-10 years, I will hit critical mass- the point where I can coast for the rest of my life and never lift a finger (I’m under 40 now btw). At that point, I will weigh whether or not the headache of running a small business AND the government extortion is worth it, or whether I will be going Galt and cruising along. I hope my dentist is still in business then.
Lastly, since the inheritance tax is about to go through the roof, what’s the incentive to even attempt to create multigenerational wealth? You are going to take most of it at my time of death and make my heirs start from square one anyway. Creating bigger government by destroying family wealth; not a good plan for any country that intends to remain an economic super power.
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