Pat Buchannan has been around a long time, in fact he gained credence all the way back in the Nixon administration. Needless to say he has seen the ebb and flow of the different moods of the populace and their embrace and/or rejection of Statist government. Politics is cyclical. He knows this. That is why it is so disheartening to hear what he says in his brilliant piece today. Taken from his piece –
”Two-thirds of small businesses are taxed at the same rate as individuals. Consider what this means to the owner of a restaurant and bar in Los Angeles open from noon to midnight, where a husband and wife each put in 80 hours a week.
At year’s end, the couple find they have actually made a profit of $500,000 that they can take home in salary. What is the Obama-Schwarzenegger tax take on that salary? Their U.S. tax rate will have hit 39.6%. Their California income tax will have hit 9.55%.
Medicare payroll taxes on the proprietor as both employer and salaried employee will be $14,500. Social Security payroll taxes for the proprietor as both employer and employee will be $13,243.
In short, U.S. and state income and payroll taxes will consume half of all the pair earned for some 8,000 hours of work.
From that ravaged salary they must pay a state sales tax of 8.25%, gas taxes for the 50-mile commute, and tens of thousands in property taxes on both their restaurant and home.
And, after being pilloried by politicians for having feasted in the Bush era, they are now told the tax deduction they get for contributing to the church is to be cut 20%, while millions of Obama voters, who paid no U.S. income tax at all, will be getting a tax cut — i.e., a fat little check — in April.”
At year’s end, the couple find they have actually made a profit of $500,000 that they can take home in salary. What is the Obama-Schwarzenegger tax take on that salary? Their U.S. tax rate will have hit 39.6%. Their California income tax will have hit 9.55%.
Medicare payroll taxes on the proprietor as both employer and salaried employee will be $14,500. Social Security payroll taxes for the proprietor as both employer and employee will be $13,243.
In short, U.S. and state income and payroll taxes will consume half of all the pair earned for some 8,000 hours of work.
From that ravaged salary they must pay a state sales tax of 8.25%, gas taxes for the 50-mile commute, and tens of thousands in property taxes on both their restaurant and home.
And, after being pilloried by politicians for having feasted in the Bush era, they are now told the tax deduction they get for contributing to the church is to be cut 20%, while millions of Obama voters, who paid no U.S. income tax at all, will be getting a tax cut — i.e., a fat little check — in April.”
0 comments:
Post a Comment
Comments that contain cursing, threats, David Plouffe trolls, circular reasoning, incendiary language, or general leftist hate and moonbattery may be deleted by the Left Coast Rebel….