For anyone here that thinks that 250K is rich, its not.
The only thing more ridiculous than that claim is for people to whine about the "fact".
Anyone making 250k a year that isn't rich (or, more accurately, wealthy) within a few years has a problem. I feel like I have a fairly high standard of living and I'm not ANYWHERE close to that number.
Less than 3% of people in the U.S. make more than $250k/year. If the top 3% isn't considered "rich", then where do you draw that line?
-AP
AP, do some research on how income is figured for an S Corporation. Cosnider that at 250K that person will already be paying 60k or so in federal taxes. Then consider the person took a loan to purchase that business and pays another 60k per year toward that loan. 250k shrinks pretty quick. The 60k paid toward the loan is a shareholder distribution so is taken out of the 250k net, not the gross income. 250k becomes a lot less quickly when many other taxes are factored in and taken out of the net income.
It's easy to look at others and think they have it made when in reality they're being hit pretty hard also. You can also take into account that loans taken out for a variety of business purposes are guaranteed by the individual, not sheltered by some corporate entity.
I am so tired of hearing the tax breaks for rich people line. For anyone here that thinks that 250K is rich, its not. The people making this amount of money are your boss, you wifes boss, the ma and pa shop owner that worked for years to make his shop work. The small companies that employ. They are not fat cats living on the hill looking down on everyone else as they would have you believe. That group makes far more than 250K.
If you start raising their taxes they will be forced to lay off workers. Your wives, your children, yourselves. As a small corp we carry people through these times when they are not needed as much. We do not wish to lay off as we feel obligated to help the people that work for us. They all have families. Raises taxes and eat into that bottom line we will be forced to lay off then you will see employment tank.
Now lets hear from those who pay their employees with hay and stump love. Tell us how it really is.
Sounds like you run your business a bit like mine. I keep my employees working because I see them as more than just a number.
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