I have a small business; the business employees less than 30-people. My business is highly regulated and subject to scheduled audits by my sponsoring banks, as well as, VISA and MasterCard. Naturally, like every other business in America I am required to risk capital and resources so to meet current obligations; it is understood that if I do not create cash flow and profits I will loose my capital. I understood going into the investment that there are no guarantees issued by the US Government to insure my investment; I also understood, that if I did produce a GAAP measure of profit those profits were subject to a federal tax of 35%. Additionally, if the business issued a dividend to the shareholder that dividend was taxed at 15% and depending on my tax bracket I could be taxed once again on my personal income tax obligation at 35%.
Of course, I, as well as, my fellow citizens could be responsible for state, city, even county taxes and fees; plus, of course, we all pay sale taxes and a bundle of user fees as we traverse our way across the street of life. I am omitting property taxes, and other applicable taxes and fees simply because it will take up all the space on this blog.
My story is not unusual; there are literally hundreds of thousands of small business persons such as me strung across America creating jobs, investing capital, and paying corporate taxes on profits. A friend once told me,” a poor person never gave me a job,” and since he and I were once, census bureau models of the measured poor, we truly understood the meaning that poor people do not create jobs. We also were of the belief that the object was to not be poor-the ways out of poverty was work-start somewhere and work to improve the starting position.
We citizens are nearly paying 50% of earned income to the government or varying governments. I would like a leftist thinking-socialist practicing-liberal such as those in power: How much is enough? Is there a ceiling on how much the government can tax the individual? Or is that an open ended issue subject solely to the discretion of congress? When does the concept of redistribution of wealth become highway robbery?
Under the banner and guise of fairness; supporting the middle class, and eliminating poverty the democrats in congress are eradicating the very principles of entrepreneurship and bucolic existentialism that as been America’s winning edge in a very competitive global business environment. Their concept of America is doomed to fail; unless, of course, these liberals can turn America into Europe or better yet into Norwegians. Of course these Democrats need to understand even Norway drills for oil off-shore…