Raising taxes for wealthy would benefit the economy

  • Thursday, December 13, 2012 11:39am
  • News

Looking at the Fiscal Cliff dilemma from an accounting perspective, raising taxes for the wealthy should actually benefit the economy.
Every dollar spent on creating jobs and paying employees is a business expense, and therefore already tax deductible, so the more a business invests in job creation, the fewer taxes they will have to pay.
Investing in their business, therefore, becomes even more of an incentive for the business owner, in addition to their privilege to be able to help grow the economy.
Our country was built on the principle of everyone paying their fair share of taxes so everyone could benefit.
A business with a minimum $250,000 yearly net income (the minimum for the proposed tax increase) is not a tiny mom and pop store. In order to show a quarter million dollars of net income, a business gross revenue is, of course, a whole lot more, since all expenses such as buildings, inventory, payroll, utilities, maintenance, etc. are deducted as business expenses, and only the income left after these expenses is subject to taxes.
Someone with a minimum of a quarter million dollars net income a year should be required to and able to pay a higher tax rate than an office worker, mechanic or teacher.
Dorle Harness

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