The following is an Email I just banged off to a good friend and business associate of mine
who is also a contractor.
His business is larger then mine but $250K a year in this day and age is NOT a big business by any stretch of the imagination.
"Not sure if you remember the discussion Joe and I were having about taxes and taxing the rich.
Joe might remember my statement of asking him if he thought he should be punished with more taxes for working hard and being successful.
Now I dont know how much your 5 Star makes.
But just doing some quick math in my head based on the amount of guys you have and a general idea of how much income you would have to generate to meet payroll and all its associated expenses.
Its in my opinion a decent guess to say you probably crack the $250K mark. Or at least come very close to it.
An excerpt from an article written about last nights speech.
(I included a link to the complete article on the bottom of the page if you care to read it)
I highlighted the point I'm making
Betcha didn't know you were "rich" or are considered to be among the wealthiest huh?
PALIN: "The Democratic nominee for president supports plans to raise income taxes, raise payroll taxes, raise investment income taxes, raise the death tax, raise business taxes, and increase the tax burden on the American people by hundreds of billions of dollars."
THE FACTS: The Tax Policy Center, a think tank run jointly by the Brookings Institution and the Urban Institute, concluded that Obama's plan would increase after-tax income for middle-income taxpayers by about 5 percent by 2012, or nearly $2,200 annually. McCain's plan, which cuts taxes across all income levels, would raise after tax-income for middle-income taxpayers by 3 percent, the center concluded.
Obama would provide $80 billion in tax breaks, mainly for poor workers and the elderly, including tripling the Earned Income Tax Credit for minimum-wage workers and higher credits for larger families.
He also would raise income taxes, capital gains and dividend taxes on the wealthiest. He would raise payroll taxes on taxpayers with incomes above $250,000, and he would raise corporate taxes. Small businesses that make more than $250,000 a year would see taxes rise.
Now Obama's plan looks great till you reach the point I highlighted
This is the problem I have with the plans the Democrats keep coming up with.
The way they keep putting it it sounds great
"Taxing the rich" sounds good if we're talking about Cheney or Trump.
That is what most people like you and I consider as being "rich".
But is that really who we are talking about here?
In this case your taxes will go up. We already know its going to hurt you.
Question is. in the long run Is this going to help or hurt your workers in the long run.
Yea they get a bigger tax break. But now you have less money to pay them with because your paying more in taxes.
Would you rather pay your guys more yourself for working hard and earning it because you are taxed less and thus can afford it?
Or would you rather the government force it from you to give to them regardless if they earned it or not?
Just some food for thought"
http://news.yahoo.com/s/ap/20080904/ap_on_el_pr/cvn_fact_check
