Success Happy

Is it wrong that I am now no longer inspired to own my own business?

Let's be honest. The point of owning a business is to make money and make your life a little better. So, now I'm not inspired to start my own business because I will be taxed higher if I'm successful (successful means making over 250k a year). Yes, maybe I am a little bit greedy, but I am human and want to provide for my family. Is my point of view wrong? Brad...but what about all those people who proclaimed that President Bush wasn't their President?

Public Comments

1. Yes. There are countless ways to run a successful business, and no 3% tax increase should stop you. Perhaps you could create a business to take advantage of the billions of dollars that will be pouring in to State's coffers because of the Obama stimulus bill?
2. I get it -- you'll get nickeled and dimed until it makes more sense for you to be employed by the state. We're all doomed.
3. if you think owning a small business = making money and making life better, i'm sorry to burst your bubble but you're sadly mistaken. it's ten times more work and 10 times the stress plus little money. it ain't worth it. not right now.
4. Wow... one does know that Obama got greased going up..... See there are many tricks business owners used... 250k would be in Profit not gross... But hey one doesn't have too.... don't bother with that business however let's hope that your neighbor doesn't get rich using your idea... but the 25 cents extra that Obama spreads in ones direction might be will worth it??
5. I think it's kind of funny (and a little sad) how you set the mark for success at 250k. . . my husband & I make far less than that & we count ourselves quite comfortable. We have a roof over our head, decent vehicles, enough to eat, a vacation once a year, and enough income left over to put into savings for the future. We are fabulously happy, because we don't measure our success by some kind of material score card. But if you want to be a sore loser, and cut your nose off to spite your face, go ahead & lie down & be a big baby quitter. Otherwise, suck it up & pay a little higher taxes. . . consider it part of the price of the privilege of living in our wonderful country and the opportunities you have here & nowhere else in the world!
6. Your loss of inspiration couldn't have come at a better time. Fear not, the coming Obama welfare state will take good care of you and yours. That is as long as you don't regain your inspiration.
7. first you need to learn to read. it's 250K net not gross income. so if you make 310K a year after expenses, SEP contributions, etc. you lower your taxable income to $249,999.99. it's not rocket science. only 4% of small business owners make enough to fail into the higher tax bracket.
8. Your point is well taken. Owning a business is excruciatingly difficult today, especially for the small business owner. Let's start with the basics: 1. You need a place to do business. So there's rent. With rent comes insurance, usually a million dollars of liability but these days more and more landlords require 4 million dollars liability. 2. Your premises have to be ADA compliant. 3. You need an occupational license for both city and county governments. And usually you need a tax certificate or ID no. for sales tax, even if you don't make retail sales. So you have to file a monthly report for that. 4. If you want employees, well then there's withholding and social security, unemployment compensation premiums and of course workman's comp insurance. That doesn't include county, municipal or state employment taxes that also have to be withheld. 5. Then there's code compliance. Everything that you do may require additional permits and code compliance issues and resolutions. Fire control, safety devices and other things, and of course, there's the issue of just keeping the sidewalk clean so some numbnuss doesn't slip and fall on his butt and sue you. 6. You need a good accountant to take care of your accounting and tax issues. 7. Then you may require product licenses, such as the right to sell certain brands like ADT, Coach products, and so forth. And then there's government permits like EPA and Dept. of Environmental Compliance or whatnot for chemicals wet or dry that you may be using on your premises. 8. And then there's the lawsuits. You'll get one or two easy but likely hundreds of demand letters from lawyers. 9. There will be the inevitable issues concerning other issues. 10. And after the end of the day, when you have 2 cents left to YOUR name, the US Government will come in and tax that. Yep. Its futile. Why bother. And don't even get me started on manufacturing in this country. There's a reason why they make York peppermint patties in Mexico.