But it doesn’t matter if “Joe” isn’t a plumber — business taxes should go down, not up
October 16th, 2008 at 02:25pm Chuck Sweeny
OK, so Joe the plumber isn’t joe and isn’t a plumber. The issue is the Democrats’ hostility to small business — the very businesses that create 80 percent of the new jobs. Many small businesses are “S corps,” where business’s income is listed on a personal income tax filing, not a separate corporate tax filing.
Thus, taxable income of, say, $250,000 on a man who has an S corp, reflects business income as well as the man’s personal income. To raise taxes on earnings over $250,000 is a disincentive for that business to grow, the exact opposite of how we create jobs.
We need to greatly reduce taxes on small business to provide incentives for them to create millions of new jobs. Small business can do the job if it is not punished for success!!!!
In fact, taxes should be reduced on all business, from the largest to the smallest. Europe knows this drill. As McCain pointed out in the debate, Ireland’s corporate tax rate is 11 percent — ours is 35 percent. It’s no secret why Ireland is becoming a mecca for high tech industries and entrepreneurial businesses — low corporate taxes combined with an excellently-educated workforce. We could learn from the Irish.
Entry Filed under: Business taxes
6 Comments Add your own
1. Bob Trojan | October 16th, 2008 at 3:11 pm
Chuck;
Right on! Check my blogs…”Tax the Rich” and my past experiences while in England. Also,the one on Corporate Taxes.
2. Effmuh | October 16th, 2008 at 4:53 pm
Holy schneikes!!! Chuck, is that you?? Are you no longer a Pod Person?
3. Chuck Sweeny | October 16th, 2008 at 5:22 pm
I’m an independent thinker. It’s stupid to be tied to a political party’s line.
4. SNuss | October 19th, 2008 at 9:35 am
Given Obama’s plans to raise capital gains taxes to “punish” stock traders at the expense of losing tax revenues, not lowering the corporate tax rate to encourage businesses to return to America, and his planned trillion-plus spending package with new taxes, anyone with ANY financial sense can plainly see that that our economy will go into depression, from it’s current depressed level.
5. sunshine | October 20th, 2008 at 8:26 am
Everything that happens to the economy after Obama is elected will all be characterized by the lamestream media as just a continuation of the mess the republicans got us into. So two years from now, when were in the depression, it will be the Messiah Obama working hard to dig us out from the years of privilege for a few. Whats a Messiah to do?
The democrats will never be blamed for anything, as the republicans are blamed for everything that goes wrong, The media simply ignores the success of the Bush economic policies, that helped us recover quickly from 9-11, and for the past 5 years, our manufacturing sector and economy was booming.
6. sunshine | October 20th, 2008 at 10:18 am
The democrat candidate running for Congress here in the 16th also supports raising taxes on small manufacturing businesses. That is really going to hurt Rockford’s local economy as we depend mostly on those small family run manufacturing businesses, that usually file as a Sub S Corp.
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