Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Taxes, taxes, who's getting taxed?
This is long, I know, couldn't tell it any shorter.
Today I saw the light! I had the observation of a lifetime. I was driving home from work today, and passed my favorite little Italian place, a small family owned business here in Los Angeles I've gone there for so many years, everyone knows the owner, Good guy donates to the school where I work.. I smelled the garlic sauce and say "Yum pizza sounds good right now", but I don't get paid till next week, so no pizza. Then I stopped at the light and saw the guys at the Hand Wash, Car Wash sitting outisde, my car is filthy and they can get it done in about 15 min for $10, but, nope no money. Then it was clear.
These 2 examples of businesses that I frequent I know they make over $250,000 a year. They both have probably around 10-20 employees mostly minorities, lower income. If right now, I can't afford these little things (and I am a teacher, so my pay is okay) then most likely alot of people can't.
If under Obama, these two owners are taxed higher, they will increase product or service price and or lay off employees. Which is not good for me, or the employee losing his job or sent home early without pay. In turn, that owner will use the services in his neighborhood less, whether it be a maid, barber, or Restaurant.
So my question is, how many people out there know business owners that fall into this category and see the prevalence of his plan ruining our system?
Or is it just me?
20 Answers
- 1 decade agoFavorite Answer
I see it as you do. Raising taxes stifle the economy. Do a search. You will see that most big companies pay over 40% of their income in taxes.
This is a huge reason businesses shut down here and go overseas. This further exacerbates the problems we are already having with our economy.
- Kitten,DocLv 61 decade ago
It is not just you , I own my business I work in a Dr's office who owns his business. We make less than 250,000.00 a year considerably less we live in a small rural area and deny nobody.We have been looking over that wonder tax proposal and have researched and found even we would be taxed What he considers large business includes our business. I am a single mom raising three kids and can not afford my own health insurance, If i am forced to pay for theirs and refuse I am going to get fined , I may go to jail. He is a DAN Dr. with twins that have autism they have medical coverage but they will be preexisting once this is implemented. There are some hidden guidelines in that plan that preexisting people are considered incurable and wont get the plan or the help they need payed for or not. What does this plan do for family's like the people in our office. It all starts with bigger taxes and trickles down into complete poverty . We are just trying to keep the lights on and put food on the table. Under these plans we will be punished for it.
- liberal_60Lv 61 decade ago
It's not that simple. Your reasoning is flawed because the free market sets prices that a business can charge. If these businesses try to charge more than the market will pay, then potential customers will wash their own cars or make their own pizza. So the owner can't automatically increase prices just because his costs [taxes] go up. Consequently prices at the car wash and pizza place may or may not go up if taxes go up. The owner will probably have to absorb some of the additional cost and live on and income of $223,000 instead of $225,000.
Source(s): Small business owner since 1980 - Anonymous1 decade ago
You are a good observer of what make the world work
.
Customers shopping at the local small stores
.
And you seeing the drop in sales at these stores is the same
.
And the cost to those stores have already gone up in transportation of goods they sell cost and that cost is passed on to he customer
.
And no matter how much the government charges more in taxes to them they will have to rise their product cost to compensate
.
Just like the cost of fuel effecting their products that they need to keep in business
.
Only that fuel cost effected every one even if you don't go to that gas station to buy the diesel fuel.
.
See it will all balance out only this time the customer will be exempt from the tax increase so the customer can still go and shop at that little corner store because they have not had a big chunk of their paycheck taken out in tax increase.
.
- How do you think about the answers? You can sign in to vote the answer.
- Anonymous1 decade ago
Actually 90% Small Business profit less then 250.000 a year.
My business has Millions in revenue, each year but when it comes down to it I make about 6%. Which is far less the 250.000
Currently I am looking at opening a car wash. Right now I pay close to 40% to the IRS. If My taxes were lower I would have the down payment to start my car wash...
- 1 decade ago
250k Profit. That makes it a little harder to deal with. 250k is above middle class also. If your making 250k, and you pay you taxes (don't use loopholes created by Republicans), the country would have a surplus of money. If everybody paid the tax they are suppose to pay, we would not be in this problem. It's the rich, that can afford tax lawyers, that are causing the deficit by not paying the full amount owed. (very unpatriotic).
- Anonymous1 decade ago
God Bless you! The light is a beautiful thing. Not only will businesses increase prices, and be forced to cut jobs, you better get some job security because Obama wants to recruit an army of new teachers.
- Anonymous1 decade ago
All of us will be taxed. After 8 years of Bush incompetence we had a huge national debt. To that, we just added $1 trillion dollars in the bailout.
If you think that we will not be raising taxes you are living an illusion. No matter what McCain says, taxes have to go up - we spent the money.
Obama 2008
- 1 decade ago
You are concerned about the owner, but what about his employees who would be getting a tax break under Obama. There are tax exemptions for certain small businesses under his plan as well. Are you sure these aren't those businesses?
Source(s): Obama- The man for the Job. - 1 decade ago
Everyone!! Nothing has changed about taxes, we all get taxed...those are the two things for sure...death and taxes.