chasfm11 wrote:warhorse10_9 wrote:I just wish a balance approach was taken by Washington. You cant fix everything by just cutting spending which is what many Republicans want. Taxes need to be raised too, mainly end the Bush tax cuts. Until both sides can actually compromise, the problem will remain. The problem is both side's fault, not one or the other.
Ok. I'll keep an open mind. Show me the tax increases. Let's quit talking about "taxes on millionaires and billionaires" and put pen to paper, outlining exact how much revenue will be raised.
I've seen some data that suggests that taking 100% of the income of the subject groups don't close the "revenue gap". Now what? After you have taken 100% , what's next?
Don't get me wrong. I think that the current tax structure is corrupt and allows many who should be paying their fair share not to do so. But the vilification of successful people is not the same thing. The biggest problem is that suddenly those who make $250,000 a year get on to the tax revenue radar. Many of our small businesses fall into that category for tax purposes. At the end of the day, these people are not rich but they are the engine that drives our economy. Taxing them to oblivion will take the rest of us with them.
Real revenue comes from jobs. Jobs come from a robust economy. A robust economy comes from an environment without crushing regulations that encourages investment. A robust economy does not come from massive government spending.
We are very frugal and have a modest income. I track every penny that we spend. Currently, the largest budget line in my tracking is taxes to the Federal government - by triple over the next largest budget category. That doesn't begin to count the other insidious tax structures in my phone bill, the gasoline that I buy and many others. I want to pay my fair share of the necessary taxes. I do not want to pay and I don't want anyone else to pay oppressive taxes whose goal has nothing to do with maintaining the country but is aimed at social engineering. Our founding fathers put nothing like that in the Constitution. So let's get off this "revenue" kick and get back to the reality of fixing the problem. Stop SPENDING!
Had to sign on (Mostly a lurker) to say
for this post.
Mr. Shasta and I are small business owners - set up as an S-corp, with 14 employees. We paid an obscene amount of taxes last year, between our personal income taxes (corporate profits are added to personal income) and employer portion of payroll taxes, unemployment tax, etc. Enough in tax to pay THREE other people full time. We personally - or even our employees - get little to nothing in return for these dollars.
Let me tell you, with 2 kids in college, we're not rich by any stretch of the imagination. My husband grew up poor to the extreme (no telephone in his house until the late '70s) with a widowed, disabled Mom and worked 2 jobs to put himself through professional school in his 30s. No grants, no scholarships, no nada. I'm not saying this for people to say "poor him" but rather to say that it CAN be done by able bodied people who want it badly enough.
So, we own our business, we have 12 other families counting on us. We have to keep 2 pay cycles' worth of $$ in the bank in case our A/R gets behind, we do the responsible thing. We pay a generous amount (12-15%) into SEP-IRA accounts-- this is for ALL pf our employees, not ourselves. Still, our business is going to be down about 30% this year. To be honest, I am not sure there will BE a next year, particularly if we see that our taxes are going to go up.
To be honest, both of US could make more $ working for others, but keep doing what we're doing because #1 we are BETTER than the average product being put out, and #2 we like to be able to determine our own destiny. Let me tell you something about being a "rich business owner" We tried to take 2 days off to go to New Orleans for our anniversary. We each got about 6 phone calls that HAD to be taken care of on the drive. We each continued to get e-mails that HAD to be addressed. There is no waiting until Monday to return phone calls or answer e-mails. I have answered business calls from ICU when my Mom was ill, and I have answered e-mails as I ran back and forth to the bathroom with food poisoning. Still, I love it, and it will ONLY be the tax situation that makes us stop. We are thisclose to closing shop. Financially, it makes very little sense anymore.
We simply have to stop spending. The money tree has been picked dry. Stop pointing fingers, take the bitter medicine, and get this country back on track.
