extending 'middle class' tax cuts
Posted in the Morning Joe Forum
#1 Jul 11, 2012
Help me with this. The income tax is on net 'take-home' profit, after business all business salaries and other expenses are paid. It is not a tax on the business itself (regardless of whether a sole proprietorship or a company). If someone is making $250k a year (taxed at a tax cut rate), as take home profit on a business with 5 employees, and the same $250k is then taxed at the higher non-cut rate, why would they fire one of their employees? It could temporarily produce more take-home profit, but in the long run productivity drops & profitability drops. Is the point that this would happen in the real world?
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