In the interest of clarity for all us common folks, let’s understand who would be impacted by tax increases. The “wealthy” are those earning $200,000 or more. This group makes up about three percent of total tax payer base and pays around 50% of the total taxes paid annually. Let’s be clear that they don’t pay 50% of their income. I believe Warren Buffet said he had paid around 17%. Those same people hang on to their income and contribute little to the economy as far as injecting their considerable disposable income back in to pool. So why does an entire political party spend so much of their effort protecting 3% of the population? Sure they say that they are defending small business owners but most small business owners will never see $200,000 a year. Having owned several small business’s, one producing over $3,000,000 a year, I still never saw half of that annually. Even if I had, I’d have fired my account if they ended up showing that kind of money on my tax return.
Most folks probably don’t realize that the majority of small business, the true job creators, fall into two categories – LLCs and S Corporations. Basically what that means is that the company’s profit or loss goes on the owners’s personal income tax. So I think the Republican party’s energy is focused in the wrong direction. Seems like they are focusing on huge corporations, similar the GE’s that don’t pay taxes at all. So how does this help the middle class and below. Why are our tax dollars going to pay for large salaries and five week vacations for representatives only worried about 3% of the tax payer population. No taxation without representation? Seems like we sure aren’t getting much value for our tax dollars.
We hear so much about deregulation and the oppression of unions. Regulations are there to keep people safe on the job and payrolls above the poverty line. Sure some may be over the top but big business needs a supervisor. The same big business that doesn’t pay taxes certainly doesn’t want to pay higher wages or provide benefits. I hear arguments about how people should save themselves. Well the little guy has a mortgage, three kids but no flock of corporate attorneys. Not all big business is bad but it lacks a conscience. It looks at numbers and percentages, some level of collateral damage is ok if the gross profits are in check. We have to remember that real people are what the economy is made of, so how about showing them some love Republicans.