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Originally posted by zarp3333
The questions you ask are rational and valid. I am by no means advocating any form of communism. I never would have taken the chance to open a bar if the busboy made near as much money as I did.
What I am saying is this. Although I raised the capital, took all of the risk, invested in college and worked harder than the Honduran busboy, the bar could not have operated without him.
What is a "fair" split of the income? During the first 5 years it was open, I made about $240,000/year. The busboy made about $25,000. The dishwasher made half of that.
I never had a problem making 10 times more money than the busboy or 20 times the dishwasher. I would say what i brought to the table was worth 10 or 20 even 40 times more. How much is too much?
We can all agree that income should be a function of intelligence, hard work risk and luck. But we live in a society where bankers are making 100 - 1,000 times more than a teacher. That is absolutely insane. The same goes for the Dominican baseball player making 1,000 times more than the Dominican dishwasher.
Does the banker or ball player really bring 1,000 times more value to our society?
It's sometimes hard to convey the life of an entrepreneur to the hourly employee. I applaud your hard work and success. Many families depend on you for their wellbeing. I bet you are a fair steward.
What do you think is fair?
Originally posted by gamesmaster63
reply to post by dizzie56
I understand what you are saying, and I agree with you in principle. I feel that small business owners should have significant tax breaks. What I am against is the tax breaks that allow major corporations and the top 1% of Americans to get away without paying any taxes, or in some cases getting fat tax refunds.
I am not asking someone who is struggling to get their business off the ground to pay more than me, just to pay their fair share on their income. If they choose to place part of their income back into the business, that is their choice, but it does not mean that they should be allowed to not pay tax on that income.
They can always set up the accounting so that they do not actually have income, just a drawing account, so they would only be taxed on the money they actually withdraw from the business for their personal expenses.
IMO, businesses with less than 200K a year profits should never pay more than 15%, 200K - 350K 20%, 350K - 500K 25%, Higher than 500 K 30%. These percentages should include the payroll 'matching' taxes as well.
Personal federal income tax should be capped at ~ 10%, state,county,city, altogether should not exceed 3%, and there should never be a sales tax whatsoever. Also, those individuals that earn 25K a year or less should pay at half or less until their yearly income increases.
I happen to be lucky enough that I reside in a state without one, and have never understood why people should be taxed for the privilege of purchasing goods.
I am also against luxury tax and estate tax, by whatever names the politicians have given them.
All I am asking is that everyone pay their fair share.
Just wanted to add, I am not a Herman Cain supporter, I just think he has a some decent ideas on taxes.