Yeah, logic like, "a person making $250,000 is going to pay 39% tax and cost $97,000 a year." Or "This is going to kill small business!"
People need to look at what Obama is proposing. The $250,000 is compensation OVER that amount and he is going to increase the social security tax on amounts over that to 2 or 3 percent OVER that amount. Then, for people with TAXABLE INCOME over $349,700 he is proposing to put back in place Clinton's tax rate of 39.6% instead of 35%. And that is only on the TAXABLE INCOME OVER that amount. I personally know a person with compensation over $1,000,000 that is not in that tax bracket. It is called tax loopholes for the rich.
Now, for the small business part. Roughly 400,000 small business owners have over $250,000 a year in compensation and far less than that have taxable income over $349,700. There are roughly 30 million tax returns with small businesses in the nation. So, how will that kill small business? Now keep in mind, the majority of the businesses that make that amount are professional service or medical businesses. In most businesses, they hire or buy equipment/inventory not on their tax structure, but on the expected return they get from that employee or equipment/inventory. In my firm, if they hire a staff at $41,000, after medical and other benefits and adding in some for admin and such, the cost is $60,000. They bring in roughly $150,000 off that employee, so the net income is $90,000 for that transaction. Do you think they won't hire that employee because they have to pay an additional $4,500 in taxes to make $90,000.
How is that for logic and facts? Sorry, I am just one dumb liberal.
