I read yesterday that our new President is going to let the tax reductions for anyone making over $250K expire next year. That means the margin will increase from approximately 35% to 39%. No big deal to the libs I guess but they are proving clearly that they do not get it or that they do not care.
For someone who makes $250K, an increase of only 4% means approximately $10,000 after they make the few deductions they are allowed to. I have heard the BS spouted by the jealous class, " what is $10,000 to someone making that much?" Here are a few ideas.
For one thing, the money that someone earns does not belong to the rest of us. We are going down a very dangerous road as we progress towards the socialist state that the libs dream about. The phrase "what is yours is mine" is coming true with this administration.
To a business owner, $10,000 could mean one more employee. Yes, a minimum wage employee, but an employee just the same. Right now in this economy I have a feeling there are a few folks who would like a minimum wage job. Just a guess.
If I get to keep MY $10,000, I can invest it or spend it. Either way, someone has to be employed to help me do so. Somebody at either the bank or the store might get to stay employed.
The CBO has stated that it will cost $250K of the Stimulus to provide one job. The same CBO stated that for every $9 spent, about $1 hits the street. Thats efficient. Most businesses can create a job for way less that $250K.
It is relatively easy for a business owner to barter rather than actually earn more money. If I am close to the $250K limit, I may start to look for ways to get ahead that are not recordable. Business owners have the power to do that, and will, if pushed hard enough.
We need to let our government know that we do not like this tax idea. Money in the hands of the people will go much further than it will in the hands of our government. Write or call your Congressperson today!