Does that even make sense? Let's tax big businesses and give their money to poor people? How will that help anyone? They don't have jobs, but heck they got a stimulus check for $1200. That's the change we wanted!
What Obama and his economic advisors are missing is that big businesses create jobs. They create economic growth. They create investment opportunities. 401k plans are investments in big business. In his own word with the "greatest economic crisis since the Great Depression" looming, he presents us with increased taxes on businesses and the wealthy and a tax break for 95% of Americans. Well how can you give a tax break to 95% of Americans when 40% of Americans don't pay any taxes at all? How does that create jobs? When was the last time a guy making $20k a year gave you a job?
I'm concerned with this because I am about to start a small businesses. If I want to hire employees than I need to earn enough money to pay them. Let's say I pay them about $15 per hour, which is a decent wage. I would have to earn at least $60k per year just to pay for 2 employees!
What about my businesses expenses? A good business runs at about 50-60% overhead cost. So overall if I want to make $120k before taxes, I would have to make about $250k. So I'm going to be taxed at an ever increasing tax rate under Obama, even though I don't get to take home that money. So my $120 grand turns into about $70k. Not bad right? Well considering that i had to put in enough work for $250k and only get to take home about $70k is not exactly fair. Especially when my taxes end up going to a guy who hasn't made enough money to even pay taxes and now he gets my taxes as some sort of bonus!!!???? Good job, you don't work nearly enough, here's some money from that guy who works too much.
So some Joe Schmoe gets to not only keep 100% of his earning, because he doesn't pay taxes, and on top of that gets some of my money. While I only get to keep about 30% of my earnings? What's so fair about that?
Well guess what, I guess I'll let one person go, save $30k and try to make up some of the difference. That plan sure created more jobs didn't it? Nope.