Well put, and I would like to add that in many cases business and the wealthy benefit from social programs – education lowers crime rates, and prepares a workforce for tomorrow’s jobs – both of which improve the business environment.

Those who benefit from the stable business environment/infrastructure/human infrastructure that the U.S. supplies should think twice about proposing to remove support for the programs that support those things.

Blondie Writess last blog post..Gay Adoption Ban In Florida Ruled Unconstitutional

It’s sensible to think that those with the most money are in a better position to help contribute to society, and it seems to me that it has always been America’s stance that we help those less fortunate than ourselves. Just as our country reaches out as the stronghold it is to help other countries with their needs, our country relies on those “stronghold” individuals to help other individuals with their needs.

Those needs are supported by taxes. Taxation is a necessary evil, and if you go back into the furthest reaches of history, you’ll see it always has been – and not just in America.

Yes, I believe cutting spending is good too, but there’s only so much spending you can cut before it turns around and affects the economy through layoffs, homelessness, increased economic crime, bankruptcy, local development and other stuff. It’s all a big vicious circle, and the trick is to find a good balance between cutting spending and taxing.

Thanks for explaining this for Lincoln – you did a much better job than I did.

And, in response to @Lincoln about the costs of creating a corporation, it’s not nearly what you think.

In terms of an accountant- anyone in small business should have an accountant regardless- there are too many deductions and it’s too complicated, sole prop or not.

And as for incorporating, it cost us a $50 filing fee with Oregon (I know other states have higher fees- some as high as -shock- a few hundred dollars) and the cost of a book that walked us through the process. Incredibly easy. We didn’t need a lawyer, even to file the subchapter S.

And, if you have a company that makes a PROFIT of over $250K (that includes after you’ve paid your expenses, including all salaries and bonuses), and that $250K is just sitting there, well- I’m guessing you’d have to be doing either a few million a year in revenue, or you have amazing profit margins.

And either way, I’m doubting the tax increase would impact anyone’s personal lifestyle that much.

If you need the $250K for biz expansion? Well, if you spend it, you’re not paying taxes on it…

Many thanks for laying the facts on the line for us. I appreciate your mostly unbiased “coverage” of Obama and look forward to what you have to say about McCain.

I have been on the fence for much of this election because no matter what the candidates say they will do, it all boils down to what they really have the power to do. For instance, they may say they will cut taxes or take from the rich and give to the poor but unless Congress passes it or there is money to do so, their hands are tied.

And if they promise social reform (as many candidates throughout history have), it will remain to be seen if they can actually pull it off. It seems we hear the same promises from both sides time and again.

Change! Let’s face it, no matter who gets into office, there will be CHANGE because President Bush cannot run again!

I am looking forward to seeing what goes on in the next 60 days….

Warmest regards,

Heidi Richards Mooney ~ Founder
Grow a Million Dollar Business Summit: http://www.WhereWomenProsper.com

Kelly McCauseys last blog post..Does Political Talk Ever Make You Want To Scream?

One thing you can count on from a rich person is that they will use their money to try to make even more money. When this happens, it requires INVESTMENT….dumping the money directly into the active economy. Even if the money is in a bank, it STILL gets invested.

I for one would rather let rich people and successful business invest the money that then for the government to take it away and watch it be wasted.

This government has got to consider reducing the spending and the amount of political representation we have or we’ll be bankrupt. And I wish someone would print the benefits our congress has given themselves in the last ten years. It unbelievable…

By the way, my PET scan which I had to fight Blue Cross to get approved, gave me a clean bill of health…I’m so happy I’ve been able to write and work as I did before the Ovarian Cancer….

Dorothy from grammology
http://www.grammology.com

Dorothy Stahlneckers last blog post..A Moment to Reflect and Give Thanks

Small business owners should take not of how he used these two things to propel himself into a position of great importance.

You can read the full post here: http://unraveledideamill.com/node/28

Patrick Bowens last blog post..Unemployed Segment 6: Relativity, Unraveled Style

I don’t know how much of a distinction is made between sole proprietorship and an LLC or incorporated entity, but if it’s anything like Canada, I can see how a business person can get hosed pretty quickly because of two distinct special interests: lawyers and accountants. You”ll get taxed up the ying yang under a sole-prop but if you incorporate the tax breaks are very substantial. The only problem is you have to enlist the aid of an attorney and an accountant in order to file for an Inc. and get those benefits, for what you have to pay for those kinds of headaches, it can be a pain, even if the tradeoff is worth it.

I really wish the government would simplify and stop this overly complicated taxing nonsense. Ignore the cottage industries that live and die according to the byzantine nature of our tax code, institute a flat tax that reduces oversight, penalties and closes all the loopholes that only the most affluent can exploit, and enact a system of competitive fairness that precludes powerful companies from using their monopolistic status to circle the wagons and prevent and even punish small businesses from enjoying their level of success *cough*Google*cough*.

If Obama has any proposed policy that resembles these approaches, his economic platform would certainly be more appealing.

The problem with politicians though is that regardless of party, what they propose to do, and what they actually do when in office are often two different things.