New York Renovator

Small Businesses Penalized

Posted on 12. May, 2009 by Mrs. Mecomber in business

Ouch. It’s a bad time to be a small business owner in this country. Not only do we have no real voice in our government (compared to the heafty lobbying power of the big corporations), we are being penalized for our success. The Washington Post reports that small business owners are going to see a big bite of their earnings taxed.

Gail Johnson doesn’t think of herself as wealthy. The former pediatric nurse has spent 20 years building a chain of preschools and after-school programs that accommodate sick children so working parents can keep their jobs.

But, like most small-business owners, Johnson reports her profit on her personal tax return. In a typical year, she and her husband make more than $500,000, according to her accountant, a figure that throws them squarely into the ranks of the richest Americans — and makes them a prime target for the Obama administration’s tax policy.

Since last year’s campaign, President Obama has vowed repeatedly not to increase taxes for families making less than $250,000 a year. That pledge, while politically popular, has left him with just two primary sources of funding for his ambitious social agenda: about 3 million high-earning families and the nation’s businesses.

19% tax is way, WAAAAY too much. I have always been against the income tax, anyway. People, we are being robbed.

And the government is getting pretty smart about their taxation methods. Did you know that your barterings are taxable? Yes! For example, if you trade Joe Plumber a Moen faucet for watching his kids for a weekend, the government says you have to pay tax on that service, by estimating the dollar amount of the trade. Ridiculous!! And here in New York State, the state requires us to incriminate ourselves by estimating how much tax we owe on supposedly non-taxable Internet purchases (from other states). Outrageous!

The taxation is getting way out of hand. What would happen if the government taxed us all and nobody paid?

Tags: economy, New York State