Should the people who bring in 250K(+) be forced to pay more in taxes?

Question

Before I go into details, let me begin by giving you a background. I own a small business and employ 3 full time people. If the government raises my taxes, guess what, I'd have to let at least one of those people go. There are months when I don't take a paycheck because my employees must be paid, quarterly taxes must be paid, bills and expenses have to be paid.

My point is this: The upper class provides jobs for the lower class. Taxing us more is going to cut off the nose of the little guy because I won't be able to afford to keep you employed.

So why do people think that the upper class should be taxed extra? I'm really interested to hear it.

Note to the clueless
" If you can't afford to pay yourself than how are you making $250k + a year" folks:

I did not say I was making 250K a year. Read carefully. I bring in 250K. I should have worded it to say "the business" sorry if that confused you.
Just because a business brings in 250K a year does not mean I'm making that much a year, give me a break. I wish.

Answer 1

They already do....the tax bracket system takes a much higher percentage of one's income in the upper tiers...almost 50%...than it does for the lowest tier (around 13% I think).
But go ahead and tax them even more...then get back to us when these companies don't have enough money to pay their employees!
I knew of a business owner who had a union shop to deal with...contract negotiations would get so unreasonable that the time came they couldn't afford to continue running it here in the USA...so they moved it to CANADA.
No one ever looks at how THEY might be responsible for their own undoing.

Answer 2

If you can't afford to pay yourself than how are you making $250k + a year? At this point the lower and middle class are taking the brunt of the tax burden. These are people who are struggling to survive on their incomes, someone making $250k a year is living pretty good and can afford to pay alittle more in taxes. Even if it bumps them down to $200k a year or even $100k a year after taxes they are still making significantly more than most Americans. President Bush's tax cuts have simply given those with plenty of money even more, while those who are struggling to survive have received less and less help due to lack of funding. Paying employees shouldn't come from your personal income, it should come from the income of your buisness, which means that if your buisness isn't bringing in enough money to pay you $250k a year than you don't even fall into the situation your describing.

Answer 3

Are you a corporation?
You need to set up differently so you can take a salary. If your salary is only say $50,000 then you will pay far less taxes. You won't pay taxes on Owner's Equity until you sell or convert it. Even then, it's taxed as a Capital Gain (15%) not as earned income (%25+)

If there are months where you don't take a paycheck, then you are not making money those months, right?
Perhaps you can retain earnings from profitable months and pay yourself in the lean ones.
How much are you giving yourself as a bonus?
You need a business advisor. In a hurry!!

Generally poor people pay a higher % of their income on TAXES than wealthier people do, Because if sales taxes, car reg fees, gas taxes, taxes on telephone and internet.
Poor people pay taxes on 100% of their income, because they have no savings., Wealthier people do not pay taxes on %100 of their income because they can make contributions to their IRA, 401k etc,

Answer 4

i think the tax system in this country is evil.. the harder longer you work.. the more you pay it is stupid..

why do we punish people for hard work.. it is very stupid...
and just so you liberal hacks know.. I make 33k a year so shut up.
if you punish the rich we will have a replay of the 1970s under jimmy carter when we had a
10% unemplyement rate
19.9% interest rate
21% inflation
$5.25 gas adjusted for inflation in todays dollar
the stock market was at or near 1260 before carter after carter it fell to 850 or 860..
less than 5% of the American people owned stock
and banks came out with interest only home loans because people had no money to pay for the homes..
funny thing about those loans they ended the day carter was tossed out on his ear..
if you want to be fair.. we should ALL pay a flat say... 10% fo what we earn and NO more... that way the gov would have a reason to push people to do better..

schools would start teaching people to make it instead of teaching people to be failures in life

Answer 5

I think no one should be taxed more than 25% of what they make but in your case it really makes no sense. A small business shouldn't have anything to do with your taxes. You have as many employees as you need to make the most earnings for the business, not more not less. Whatever the business pays it's owner then you pay your taxes, that's how it should be.

Answer 6

You shouldn't be taxed. People should be taxed on their spending so that they stop buying Hummers and start living within their means. That way you don't have to pay just for making money, you pay when you buy new equipment, but that's the only time small businesses get taxed.

Answer 7

Hi,

I agree with you that these kind of people must not pay taxes (if they have any employee), but I think they must pay annual, at least 20% of their incoms, to be paid for poor people or to be paid for making new jobs for the young persons who need job.

if this money to be paid then we know that the money is in process , but if it stay in their account , it is just an account full of money and there is not any benefit for the society , because we earn money to live , not to live, to earn money.

Answer 8

I don't think anyone should pay a higher percentage than anyone else. I am in favor of a flat tax. Just my personal opinion.

Answer 9

It would seem fair to me if there was a set percentage of a persons income to be paid. Whether you make 10k or a million.

Answer 10

Why would a person with a live, a company and 250k+ salary waist its time on this board? I am retired, so I have an excuse, what's yours? (Basement, 30 years old, living with mam?).