Christina M asked:
I mean if they are business owners adding employees and putting money into their business are considered business expenses so wouldn’t those things reduce tax liability by reducing net profit?? Also, it is Adjusted Gross Income that is taxed so it’s not like we are taxing people out of affording lifes necessities. Aren’t many of these people looking at higher taxes the ones we are bailing out anyway?? Like the CEO’s of corporations?
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I mean if they are business owners adding employees and putting money into their business are considered business expenses so wouldn’t those things reduce tax liability by reducing net profit?? Also, it is Adjusted Gross Income that is taxed so it’s not like we are taxing people out of affording lifes necessities. Aren’t many of these people looking at higher taxes the ones we are bailing out anyway?? Like the CEO’s of corporations?
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You’ve really hit the nail on the head.
And that small business owner with $349k in net profit will only pay about $2,000 in additional tax under the Obama plan.
A $10 mil a year CEO may get hit with an extra $45k in taxes, but at his income level I have a REAL hard time in dredging up any pity for him. I’ll swap my $75k for his $10 mil and HAPPILY pay the extra tax.
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No, not at all. You’d be surprised at how many people you know that make 250,000 dollars a year. It effects every single one of them, they are forced to pay their hard earned money to keep other individuals on welfare and healthcare.
Even if it isn’t life necessities could you imagine going to school for half of your life to get a decent job, then having to give away a ton of your money to keep others in line? It’s a little socialistic.
Also think about winning the lottery, or the Monopoly game at McDonalds, it’s really exciting until it goes through the taxes. You end up only getting around half.
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Small businesses these days are failing at a crazy level! Current business taxes are pretty hefty.
Being at that quarter mill mark pretty much means it’s time to expand. (new property, new employees, and increasing the customer base to pay for it all)
Yet, creating a “building fund” is not a deduction, and the other alternative is going millions of dollars in debt-or not expanding.
And an extra 10% in taxes could be the difference between 20 new family wage jobs with futures and more taxes to pay for welfare.
Being taxed at 40% pretty much ruins the idea of creating a better life through hard work and fair play.
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Taking any money out of circulation affects everyone. Here’s an example: An executive wants to buy a Lexus for $35,000 in 2009. However, due to tax changes, his net income is reduced by the $30K. So, he cannot buy the car. This happens to EVERY executive so the sales of Lexus cars go down. Lexus dealers retract operations, Lexus dealers lay off mechanics and parts people due to the contraction. Lexus dealers cut back on advertising, Lexus dealers sell fewer cars, affecting tire sales.
So, any increase on taxes on ANY segment of the economy affects EVERYONE, even the car mechanic.
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The answer is to cut government spending. If we did not have 10.5 trillion dollars in debt then taxes could be much lower on every one. Last year the government spent 415 billion on just the interest on the national debt. With only three hundred million people in America that is over 1000 dollars for every man woman and child.
If you want to do something about it join us in fighting government spending.