[gusty]

I'm not a millionaire either, but I'm a sub chapter S small business owner so when my taxes go up because on paper I made more than $250,000, money that I never get to see, receivables and such, would you volunteer to be laid off to help pay for the tax increase. Who do you think hires people, Santa Claus. Who do you think my customers are for my contracting business, welfare recipients. The hacks in government get too much of my money. I got a better idea, the next snow storm in DC, there will be an announcement that all nonessential government workers should stay home, we make it permanent.

[GerardKempf]

Gutsy - I too own a Corp (Subchapter S) that makes $800-900K gross sales per year on average. I employ 6 people including myself. You need to get a better accountant. There are a lot of legal and reasonable ways to reduce your corporate taxes and still enjoy the benefits of not having to lay off people. My company paid a total of $3950 on our 1120S form for 2011 on 704K total receipts (cash basis). I made $150K while the other 5 made $60K-$70K each. I also covered 50% of health insurance. So again, if $3950 on my 1120 (which goes to gov’t to pay for things like infrastructure, etc) then that’s not a crazy nut that’s putting me underwater (or affecting my upper middle class lifestyle). My wife makes $40K so we’re under $250K in payroll per year among us - which allows us to have a decent living. Get a good accountant. You’ll be amazed at what they can do.