The Joe the plumber analagy strikes a chord with me, being that I operate my own audiovisual business. The way Obama's tax plan works, my business stands to be trampled HARD by taxes. Why? Well, it is very simple, audiovisual equipment is EXPENSIVE!!! Yet, I am not a millionaire, by any means! The profit margin on audiovisual equipment is nil....in the 2-1 percent range. We make our money off of installation and service. The problem is that I can move well over a million dollars worth of equipment through my shop in a year's time. The way Obama's tax plan has it laid out, my shop will be taxed by INCOME, not on revenues. That money I take in from my customers goes right back out to my suppliers, just like the gas station owner that MattL mentioned. The problem is that on the way in the front door, and out the back, Obama wants to tax it! The only way around this is going to be to significantly raise my prices on the products I sell just to break even....I am suprised the gas station owner is too short-sighted to figure out that chances are, he moves more than $250,000 gasoline and groceries through his store, and although he doesn't make any money off that fuel, the money he takes in for it will be taxed!
The second problem is that my company's core business comes from the $250,000 + "tax bracket". I don't see anybody in the ghetto installing high-end multimedia systems. If this tax bracket is taxed hard, then they will not be spending as much money on discresionary things like me installing high-end audiovisual equipment...double whammy! I am worried, really worried. My business is holding out fairly good through this recession, but we stand to loose some business here as schools and colleges get their budgets cut because of tax revenue loss. I am saving up now, because if I'm doing the numbers right, I don't know if I am going to be able to keep the lights on if Obama gets elected! Yea, let's "help" the middle class out by taxing the money faucet out of existance, and making it harder to run our businesses! Yea, my tax return will be smaller, but what good is that going to do when I don't have any income in the first place!
...and yes, I am licensed and CTS certified!!!