Thu Dec 6, 2012, 03:32 PM
Quixote1818 (17,461 posts)
Top Two Percent To GOP: Tax Us
WASHINGTON -- Congressional Republicans' opposition to any tax rate hike on the top two percent of earners shows few signs of letting up as the debate wears on. But the beneficiaries of that opposition, the nation's wealthiest executives, have themselves begun opening up to the possibility of a rate hike.
On Tuesday, FedEx Chairman and CEO Fred Smith, an adviser to Sen. John McCain's presidential campaign, said that the notion that tax hikes on the richest Americans would kill jobs was simply "mythology."
And on Monday, a gathering of the nation's top defense executives took a surprising turn when they endorsed tax rate increases on the wealthy and cuts of up to $150 billion to the Pentagon's budget. Top executives from Northrop Grumman, Pratt & Whitney, TASC and RTI International Metals appeared at the National Press Club at an event organized by the Aerospace Industries Association, the top defense contractor lobbyist.
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Top Two Percent To GOP: Tax Us (Original post)
Response to Quixote1818 (Original post)
Thu Dec 6, 2012, 04:37 PM
haele (5,985 posts)
2. Note that it's the 2% that actually create something for their money, rather than "invest" -
Even the eviiile defense executives realize that without more revenue, there is less taxpayer money in circulation to go into their coffers.
It's only those terribly put upon "small businesses" that are basically gambling organizations that play the casino called "Wall Street" or who are "venture/equity" firms, companies that don't really do much but play online and make up pretty algorithms and marketing strategies to rake in millions for shareholders that are against any rate hike in the upper level.
If your company actually does something tangible - like provide a service or a product, an income rate hike on the upper two% level is pretty negligible except at the personal take-home pay level, and should not affect the actual business. If an income rate hike affects your day to day business, then you're either doing something wrong estimating your costs, you have poor business advice, or you're paying a bunch of people under the table - i.e. "illegally".
In any rate, you've got the wrong business model and either deserve to fail through your own poor management or you should regroup, get some help, and make some decisions based on sustaining your business for the long run instead of trying to live in happily ever after land using your business as the family ATM until you go bankrupt (Like so many start-up businesses I've seen over the years). There's a reason most small businesses aren't usually self-sustaining until ten or more years; and my sad observation is that unless you have another source of income to pay your personal bills while you're trying to get your business through that start-up period, there is a 90% chance you will go bankrupt trying to get it off the ground and to a profitable state while you're also trying to live off the proceeds.
If your business depends on capital gains or other personal investment income to survive, then you need to admit it's a hobby to make a little extra money, not a "business".
Just my two cents, garnered from 30+ years in the defense industry watching lots of small hobby businesses fail through poor management, and from being three years into a Business Degree.