RE: Just plain vote!
I apologize for my delay I have a lot of homework lately, ironically Economics, plus I tend to tire of this conversation after a while.
I'll just hit my main topic for now as I have to study for a mid term but I will be back when I can to hit other topics. + as I stated earlier I don't respond to sarcasm (SP?) ect., hint hint Salmon,
The rich can still make their money from this country while living outside it. Another way to think about it a good majority of the rich use off shore accounts avoiding major taxes if Obama's plan goes through almost all people over his "rich line" will go for those loosing more money.
A second point to consider Obama said during the recent debate that all those over 250,000$ in income would receive the increase. The main group of people from around 250-500 thousand are small buisness owners. Every where from Contractors, Franchisers, Card Shop Owners ect will get this hard hit. You might say "Larcan that sounds rather rich to me they deserve it". Wrong, Income tax is on income not profit.
Example: Lets say there is this guy Joe. Joe owns a card/ comic shop that dose rather well bringing in around 320,000$ a year. Most would think man pretty good haul Joe but this is only the beginning. First Joe must pay his employes he has 3 and at around minimum wage, will go 9$ an hour really low for a full time job but pretend they are dropouts who on average make around this much, and a 6 day 9 hour work week thats 22,464$ thats 67,392$ in all thus bringing Joe to 252,608$ then joe needs to pay rent for his building it's average size and in a strip mall after fees it runs him around 36,000 a year bringing joe to 216,608. Next Joe has to restock his shop, Cards shops tend to make a 45 to 50% markup on goods so joe spends around 165,000 on goods to be sold this has joe at 51,608 next the nit picky things. Joe pays around 10,000 for Utilities he's now at 41,608. And finally a bunch of tecy stuff like employe tax and all the fees for employing people chop off around 8K, being really generous here, leaving Joe with an actual profit, before taxes, of 33,608$ a decent income as Joe has only minor college experience.
But here is where Obama's plan really hits Joe. Even though He only takes home 33,608$ a year , before taxes, he would be taxed by Obama's standards as if he brought in the original 320,000 thusly leaving Joe with almost nothing after taxes.
Basically to sum it up even though Joe brings in 320,000 the money that is actually his is only 33,608. But since his technical income was 320K he would fall in Obama's high Income bracket and receive a high tax raise. Our friend Joe can't live on what he is left with after the huge tax increase so his shop folds and he finds a job to put his income under Obama's 250,000.
So my question is, what do you think will happen to all the other small business owners like Joe?
The same thing eliminating jobs and a big part of our economy thus hurting the economy more.
