As an employer with only a few employees, what can you do to lessen government’s effect and impact on my day-to-day business?
After three decades of workaholic medical practice, I have been able to retire, on my own private savings. I see nothing in the 9-9-9 Plan that will prevent my considerable life savings from being DOUBLE-TAXED.
Although a high earner, I have always been a frugal guy and a high saver. I had the top income tax rate rate of 35% last year. So, let's do the arithmetic for $100 earned and saved in December 2010 and then spent in 2014 under the 999 Plan.
($100 earned in 2010) - (35% Income rate) = ($65 left over to put in the bank in 2010)
($65 of saved money) - (9% Federal Sales Tax in 2014) = ($59.15 of left over purchasing power)
TOTAL CUMULATIVE TAX RATE ON THAT MONEY SAVED AND SPENT: 41%
Those of us born in the 1950's who were taught the conservative values of hard work, frugality and savings will take it in the shorts as our life savings will be double taxed at an obscene cumulative rate.
Those who were taught to spend like drunken sailors without ever saving a dime don't have to worry about the double taxation on their current savings because they HAVE no savings.
Unless this double-taxation issue is addressed and resolved, it is a Poison Pill and an indication that the 9-9-9 Plan has not been well though out.