Some text here… a bit here, and voila! A blog post.
I have a few thoughts on the election. I don’t want to go into too much detail, but I’m not particularly pleased with the outcome (though not surprised). I don’t feel like we accomplished much as a country in the last four years. Obviously I don’t put the blame completely on our president, but I think he shares some of the responsibility.
What really worries me for the time being are taxes. I don’t mind if the Bush-era tax cuts expire, or if some deductions are eliminated here and there, but I do mind a tax increase. President Obama has made it clear that he intends to raise taxes on the rich. Maybe that, in and of itself, isn’t a bad idea. But to Mr. Obama I look like a very wealthy citizen instead of a business. My company is a pass though S-corp which mean that on paper my income is the same as my company’s income. So, to clarify further, on paper I appear very wealthy.
I’m already in the highest tax bracket. Paying more taxes would simply hurt my company’s ability to grow. If we don’t grow then we don’t employ. It is the small businesses that drive the US economy. I feel like treating small business income like personal income is a mistake. In the next year I expect to pay nearly $100,000 of additional taxes. That’s money I could have used to increase inventory, expand, add employees or stimulate the economy.
I also worry about health care issues. This coming year companies with over fifty employees will be required to provide health care coverage to their full time employees. We already do this and it’s very expensive. Premiums keep rising. I worry that a mandatory health care program will drive prices up even more and eventually become a financial liability for us.
In the meantime many companies are hard at work cutting hours of full time employees so that they don’t have to provide insurance coverage to them. The net effect is that many of these workers end up with less money and they will now be required to purchase their own heath care (that’s a double whammy). Sometimes I feel like the laws that have been created to help have unintended harmful consequences.
Sure, I’m oversimplifying some things and the thoughts I’m sharing are comprised of a limited issue scope, but my point is that I’m worried. When a county reaches the point where the takers outnumber the givers there is an unsettling imbalance and the future seems bleak.
A quick update on Fran’s foot (toe, technically): The healing is going slower that we had hoped. Apparently all the walking around she was doing made exacerbated the wound’s bad mood. No more walking! On Wednesday we finally picked up some crutches. Thanks to those of you who have wished her well and sent money (which is, of course, appropriate in this situation).
“But he has two sports cars! Surly he can pay more taxes!” You know what? If I really thought the government would take additional tax revenue and use it to to pay down the deficit then I might not feel so unhappy.