Originally Posted by
Preacher
That's not true. Many small businesses, such as roofers, plumbers, etc., all have their personal and business income combined as one, and continue to do so for years. For those people, they may get an average of 1.5 roofing contracts a week (Let's say), for $4000 each. . That's around $310,000 a year that is considered personal income, since it isn't done under a corporation. Out of that, the owner has to pay for the workers, (Say, two workers each, two days of roofing each job and 15 an hour)
That reduces it to 272,000 a year.
average 2000 per job on supplies (100 per square, 20 squares) (small homes) equal 208,000 on supplies, for a total of 64,000 a year.
Now, that is a guy that has employed two others part time. He is making 64,000 a year. But if he gets his taxes raised and loopholes cut, he will have to pay taxes 310,000 a year. At just 30 percent, that is 60,000 for everything over 100,000 dollars made. So, if he doesn't have to pay taxes on ANYTHING he makes for the first 100,000-- he will only clear 4000 a year.
Do any of you want to live on 4000 a year?
That is why tax breaks should extend all the way up to 500,000. That is why loopholes should also remain for self-employed people. They are the ones that provide the jobs, and also drive down overall cost with lots of competition in the marketplace.