[quote=AN]The more I see these kind of stuff, the more I’m convinced that it’s not worth it to be a rich W2 earner. If you want to be rich, be a biz owner. There are a shit load of stuff you can write off or have the company pay for your life style. Then, you don’t need a big pay check to live just as lavish of a life style as those W2-er in the upper echelon.[/quote]
I think a lot of the complaints are simply people voicing what will affect them the most, and even then, it might not be true…If implemented, it probably wouldn’t jump once you hit past a certain income level.
Being a poor non-w2 business owner, whenever I see people complain about people who are self employed with tax write offs, I’d challenge anyone to quit their safer “day” job and become a biz owner.
It’s a ton harder than most people see/make it out to be and there are some tax benefits, but you lose a lot as well. Before it was impossible to get decent healthcare, good luck trying to refinance (we can’t currently)…also, competition in almost every market is insanely fierce.
A lot of people only see the few successful people and think it’s a cake walk, but try it yourself and see how it goes.
Also, I think this tax law only affects people who make over 500k in income. I don’t think that many people actually pushes this high in income (I do know some dual doctors who do…), but all the better I feel as these people already pay a much lower tax rate than regular Americans (think Warren Buffet comments). I agree that they should just tax income at the higher rate to begin with.
All that said, it’s always been easier to make it super rich as a business owner. Look around at the super wealthy.
Most business owners dump every single profit cent into their business and actually have little or no income…no income = no tax…They expand till the business is massive.
Also, a lot of large massive business pay little to 0 tax and it’s all offshore. They’re already not paying much, if any tax so there is no double taxation. If anything, more things should be done for normal Americans/small business who can’t have offshore operations like the Apples/Googles of the world.
Wishing this would pass, but with a republican controlled Congress, don’t see how this can pass at all…
