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Re: CEO Council Demands Cuts To Poor, Elderly While Reaping Billions In Government Co
My business was small. 15 employees at its peak. I did strive for a certain income level so that my tax rate didn't go up but the greater impacts were minimum wage, utility user taxes ( local ), and several other impositions for the public good at state and local level. My staff had to be reduced from 450 hours a week to 360 in one year. Ultimately 300 hours after a few years. The only time the income tax was an issue was when my business thrived and peaked. In 2003 I was able to add IRA contribution to 5 long time employees. That benefit was cut in 2008. It wouldn't have happened without the personal income tax savings I got from the bush tax cuts.
My business was small. 15 employees at its peak. I did strive for a certain income level so that my tax rate didn't go up but the greater impacts were minimum wage, utility user taxes ( local ), and several other impositions for the public good at state and local level. My staff had to be reduced from 450 hours a week to 360 in one year. Ultimately 300 hours after a few years. The only time the income tax was an issue was when my business thrived and peaked. In 2003 I was able to add IRA contribution to 5 long time employees. That benefit was cut in 2008. It wouldn't have happened without the personal income tax savings I got from the bush tax cuts.
I might agree with you if your argument was regarding regulations. Certainly our excessive bureaucracy costs millions of jobs. There are many products that aren't made in Americxa at all due to EPA, OSHA and similar agencies.
But I don't agree that personal income tax is a factor in so much as one job. Income taxes are paid on your net income. If your company nets 10 million a year, you'll want to make that 10 million or more rehardless of your tax rate. Until the tax rate becomes 100%, every dollar you earn puts more money in your personal pocket.
The reason for low wages and layoffs in recent years is unrelated to taxes which are at historic lows. It's because business is slower. We don't have any more temporary rich people because those houses that were worth a million in 2005 are now worth less than they were bought for. Also, the mu;lti-year shopping spree the housing bubble caused ius over - how many flat screens can you possibly need? Also, with high unemployment its easy to screw your employees, never give raises and double up workloads and SOME companies have taken advantage of this to squeeze out more profit - on which the don't mind giving up the taxes on.
Can you honestly say you let go of employees because you wanted to make less money so you could pay less tax? I doubt that.
((this is a respectful conversation and NOT any kind of personal attack))