In reviewing some of B. Obama's acceptance speech I find some curious things. He promised to cut the capitol gains tax for small business owners of America. He is either ignorant or conning us all. I think the latter. I hope not the former.
In making such a statement he is pandering to all the stupid and uneducated people out there in the world. This statement sounds so great, and how he will save the small business owners who employ the largest population of Americans! He is counting on the fact that most Americans do not realize that he just conned them. He assumes that most Americans do not know that Small Business Owners do not pay Capitol Gains taxes. They pay income taxes! Small businesses are S-corp or Schedule C corportations which reports business income as personal income taxes. So when B. Obama says he will raise taxes on those who earn more than $250,000 per year, he is saying that he will raise taxes on the businesses that have an income of more than $250k per year! Again small business doesn't pay Capital Gains tax, they pay income tax and so it is easy for him to make such a promise to something that doesn't even exist anyway.
How stupid does he think we are?
1 comment:
Unless, of course, these small businesses own stock or sell assets that are subject to a capital gains tax.
What small businesses (gas stations, flower shops, local restaurants, etc.) really want are income tax cuts.
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