So I want someone to explain something to me re: Buffett Rule

PMeg819

So Obama wants the richest people in this country to pay more in taxes- that it's not fair for someone making millions to skate off paying less than someone in the middle class.

But I keep hearing that if we do this, this is going to hurt small businesses. But how? How is taking a little more of Mitt Romney, Jamie Dimon, or Warren Buffet's money going to hurt small businesses? I truly don't get it.

AuntFlo

Good question.  Is the assumption that small business owners are rich?   Because that is not the case, in my experience.  Interesting.

VarunaTT

I think what *I* define as a small business and what rich people define as small business are way different things.  I feel like to be a true small business, you're looking at under 50 people.  I'd even go as high as 75-100, but anything over that is no longer small.  It's not corporate level to me, but it's not small.

ReturnOfKuus

If those guys have to pay any more in taxes, they're going to start lighting small businesses on fire.

PMeg819

Yeah- that's what I was thinking but I don't get it. If you are making millions upon millions, getting a loan to start a business or having the cash to start a business isn't probably going to be an issue. If you truly have a small business- say an auto repair shop with like 5 employees, you probably aren't making enough to be taxed at a higher rate or if you are, you probably are paying everyone else on time and don't have some sort of huge financial obligation that you require that money for.

PMeg819

They light small businesses on fire already. Nothing new.

**O-Face**

I just don't understand what is qualified as "small business" and "middle class" as definitions.  It's not very objective.

TheDuckis

It's a threat to the lower/middle class. Basically if you support raising taxes on the rich, your bosses will take it out on you in the form of reduced salaries, hours, benefits, etc. Like that asshole CEO who sent the company-wide email saying if Obama got re-elected, he'd do mass layoffs.

What they're really saying is that the rich are greedy bastards who are going to find some way to keep their money. So if more of it has to go to the government, less of it gets to go to their employees.

PMeg819

Okay- so that makes me hate them more. Because basically we're a nation of greedy a-holes who are constantly trying to stick it to the little guy? Thanks Republicans for having faith in this country.

VarunaTT

Small business as definied by SMBA:

• 500 or fewer employees for most manufacturing and mining industries (a few industries permit up to 750, 1000 or 1,500 employees)
•  100 or fewer employees for all wholesale trade industries
•  $6 million per year in sales receipts for most retail and service industries (with some exceptions)
•  $27.5 million per year in sales receipts for most general & heavy construction industries
•  $11.5 million per year in sales receipts for all special trade contractors
•  $0.5 million per year in sales receipts for most agricultural, forestry and fishing industries

And wow.  That's a really big group.

**O-Face**

Okay, well I know who that is now...thanks V!   Obviously my fingers are broken and I can't actually do my OWN research. 

DG1

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_wedding-woes_so-i-want-someone-to-explain-something-to-me-re-buffett-rule?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:47Discussion:14a2d6b4-3256-4404-9fbd-7aa3229e4695Post:18a4c7bc-0934-45fc-bed0-d0a2caa90dca">Re: So I want someone to explain something to me re: Buffett Rule</a>:
[QUOTE]I just don't understand what is qualified as "small business" and "middle class" as definitions.  It's not very objective.
Posted by **O-Face**[/QUOTE]

<div>I got into a "middle class" definition discussion with a republican on FB, which led me to look stuff up. It's that "people earning below $250,000" figure you hear all the time.</div><div>
</div><div>So, even though a family bringing in 200k is in maybe the 96th %ile of income (as in, only 4% of the country makes more than they do), they're still considered "middle class." I'm not sure where the bottom cutoff is, but given the top cutoff, I'm guessing it's a smidge above the poverty line. </div><div>
</div><div>Even the republican friend agreed it was stupid, but that's how the tax code defines it.</div><div>
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TheDuckis

Pew research defines middle class as 39-118K for a family of 3.

http://www.usnews.com/news/articles/2012/08/22/pew-study-middle-class-losing-ground

That's not as high as DG's numbers, but the low end is pretty staggaring.

VarunaTT

PMeg, your mini rant reminds me of when the Papa Johns owner was ranting about how if Obamacare passed, he was going to make sure that he passed that expense on to his customers and it could as high as a quarter a pizza!!!

I posted the link and said that I would gladly pay a quarter more for pizza for their workers to be able to get health insurance.  And I didn't think I knew anyone who would be veklempt over that quarter.

PMeg819

My issues with Obamacare are a whole separate thing- but the passing the costs on to the employee or consumer thing just makes you look like a giant a$$hole when it comes down to what amounts to pocket change.

dharmabunny

In Response to Re:So I want someone to explain something to me re: Buffett Rule:[QUOTE]PMeg, your mini rant reminds me of when the Papa Johns owner was ranting about how if Obamacare passed, he was going to make sure that he passed that expense on to his customers and it could as high as a quarter a pizza!!!I posted the link and said that I would gladly pay a quarter more for pizza for their workers to be able to get health insurance. nbsp;And I didn't think I knew anyone who would be veklempt over that quarter. Posted by VarunaTT[/QUOTE]

In a similar line of thinking, I think CNN posted an article about a CEO of a resort group that sent an email to the whole company saying if they voted Obama, he was elected and taxes were raised, he'd lay off employees or close down resorts or other business ventures. That's like Mickey d's closing franchises and laying off workers because the cost if pink slime went up...way to cut off your miserly nose.