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.

Small Business Owner with Message to Obama Supporters?

My wife and I have a small business and it brings in over $250,000 a year but less than $300,000. Since it is only 2 years old, we are still paying a lot of debt that we borrowed to buy this business. We have 3 full time and 1 part time employees. My wife and I make $60,000 a year combined right now but we are working hard to increase this. Our goal is to make $100,000 year for our family and to create 3 or 4 more jobs and maybe open another location.

Under Obama's tax plan, I am going to have to fire the part time employee and either cut the hours of the full-time employees or fire one of them. We were talking about offering dental plans, but now that is out of the question. We doubt we will be able expand, which would have created 4 more jobs.

Does anyone see the repercussions of this tax plan? It is really going to hurt us and our employees. And I am not alone. Many people will lose their jobs.

I

24 Answers

Relevance
  • Anonymous
    1 decade ago
    Favorite Answer

    Who in the **** cares about you, you rich fat cat! You must be greedy if you don't want to share the wealth. I can't work because it causes me severe emotional distress and I'm sick of being poor! Obama has promised me that he will take your money and give it to ME! Because I deserve it more than YOU!

    Why can't you understand this!!! It is simple!! I vote for Obama, and he gives me YOUR money!

  • 1 decade ago

    Join the club .... The business me and my partner are in are in the same boat, except we have 9 FT employees we wont give out our earnings, but its well over 250K, we already pay a hefty share of taxes, on top of that we paid over $260k in Taxes just on our Gambling winnings last year (28% right off the top of any winnings). We do make more from our winning then we do from the business.... So if Obamas tax plan goes into effect we basically have some choices.

    A: Lay Off 2-3 Employees

    B: Move to Ireland

    C: Shut the Business down and just make money off the gambling

    Good Luck

  • Anonymous
    1 decade ago

    JMB, Marcia, Stiggo, Phil, wendy, Clean & kitty: Will you guys read the Obama plan already? It seems like not a single Democrat has. Every "cut" Obama mentions, without exception, is only a cut at all compared to "pre-Bush" tax rates. Commloan doesn't pay 1990s rates because he's currently living in 2008. How about you? Anyone living in 2008, and earning enough to be on the tax tables AT ALL, is getting their rate INCREASED.

    Spud, how is it that you know more about commloan's Schedule C than he does?

    stackoladan, I trust that you can simply adjust your income and expenses at will. Write about it and I promise you will get even richer than you no-doubt are already.

  • 1 decade ago

    Most people voting for Obama dont realize that 85%of Americans are employed by small business and that the majority of those are in Obamas 250,000 tax bracket. Job loss and cutbacks,more unemploymentand less pay are what is going to happen,to the majority of middleclass Americans but most of his supporters do not understand this simple fact.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    He keeps saying "98% of small businesses won't see a tax increase," but in terms of actual employees, those 98% of small businesses only employ about 10-20% of all workers in small businesses.

    I feel for you, man. People somehow think that these tax changes will actually help the poor, but it's going to lead to much higher unemployment, inflation, and a higher cost of living.

  • 1 decade ago

    Not only does it have a terrible effect on the work force, but it hinders the desire to want to even make more...they are trying to say it is a 3% increase, but that is not in writing, and things have a funny way of changing all the time...

    so maybe all that change we can believe in, is just what he means...that he will change it all the time...and not for our benifit....socialism at it's finest.

    Source(s): Oh, sorry, I am NOT an obama supporter
  • 1 decade ago

    Government has been very kind to small businesses in the past I don't think you have much to worry about there. However, the larger picture is much more bleak. We are reaching an extremely high unemployment rate. The government is bankrupt and is running out of unemployment benefits. If McCain gets elected, it will be a continuation of Bush, failed policy. People have already cut back on there spending, buying only the essentials and things are getting worse -not better. There will be no one buying your goods or products, small businesses can not compete with larger business. Supply and demand can drop prices where there is too much supply and no demand.

    I am employed but I have cut back on my spending to the bare necessities, food and gas, that's it.

    McCain wants more war and plans to cut back on every program in order to fund his wars. We all lose big time with McCain in the white house. None of us can afford McCain/Palin.

    Obama -Biden

    Source(s): economics 101
  • Gem
    Lv 7
    1 decade ago

    You have forgotten that you will also have to deal with every one of your expenses and vendors raising their prices to pay the tax.

    The little guy always pays. Always.

    When the price on food, gas, utilities, insurance and everything else shoots sky high, as unemployment continues is rise, some of us will say, "see, told ya' "

    The rest will say, "give me more".

    Rewarding people for failure, creates failure.

    Punishing people for success, creates failure.

    Guess which way this is going to go.

  • Fauna
    Lv 6
    1 decade ago

    Try running a small business in the NY metro area. State taxes here KILL KILL KILL small businesses! I wish there was something done about this matter. A 3% increase for federal can't make that much of a difference, but I agree it's not a good idea.

  • G-gal
    Lv 6
    1 decade ago

    Well see he just wants to make it "fair" for everyone and spread the wealth around.

    You're just being selfish, for wanting more.

    No seriously, he's really hoping no one will think it through that much, and that everyone will just seem themselves as a victim of Republican economic policies.

  • Anonymous
    1 decade ago

    Not to sound mean but if you were truly a good business person, then you would be able to make the appropriate adjustments while still running a successful business. However, since you are a small business, then you will not be affected as greatly by Obama's tax plan as you believe.

Still have questions? Get your answers by asking now.