As Guy wrote about already, President Obama is proposing $50 billion in new spending on the backs of America's small business owners, otherwise known as those who make more than $250,000 per year. House Majority Whip Kevin McCarthy is out with a new video today explaining why the "rich" tax hike Obama is proposing will only make a bad situation worse for those who are barely capable of being successful in this economy. "This is Small Business America," profiles S corporation owner Jerry Gorski, who lives just 15 miles away from where Obama will kick off his campaign today...
1st year as an S Corp- was a C Corp for 5 years. We had expansion plans in mind. Im not in danger of being hit with the tax this year. 2 things Im doing I didnt think I would: Invest in an expensive computer work system allowing for substantial increase in productivity and 2 not expanding beyond our 2 employees. IF we do our dreams and are successful, we'll cut back, defer more into additional deductible retirmement vehicles and accellerate expenses. This sucks and ironically as a realitive "start up" we were the MOST likely to start hiring. Not now. More Change is just going to be permanent ongoing structural unemployment..
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