Actually, Obama’s plan to increase taxes for those making $250,000 guarantees increased prices for not just the middle class, but everyone else too. Sure, the Mary Kay Cosmetics independent beauty consultant may not make more than $250k, but many small businesses do.
Let’s talk about those families – and small businesses – that make more than Obama’s arbitrary definition of “rich.”
Landscapers, home builders, plumbers, electricians, restaurants, dentists, physicians, attorneys, auto repair shops, caterers, chiropractors, dry cleaners, fitness centers, funeral homes, jewelers, convenience stores, veterinarians, liquor stores, bars, accountants, independent grocers, trash haulers.
Every one of these small businesses could easily have an owner, owners or managers that would be considered rich by the Obama standard.
If Obama’s tax plan pulls an extra $12,000 from that business, where do you think that money is going to come from?
Small business owners have choices, they can pay the increased taxes themselves, cut staff, slow expansion or pass costs to consumers. Most likely they will choose a combination of all, which is not good news for those in the middle or lower class.
If you’re interested in reading more, review my post from Aug. 2. Raising the minimum wage is exactly like raising taxes on a business.
Read more at Patterico’s Pintifications.