Tuesday, September 14, 2010

Obama declares war on 19 million Americans

Obama declares war on 19 million Americans
Al Ritter

19 million is a pretty large number, especially when you discover that Obama and his Administration and Congress don’t think that those Americans are “paying their fair share.” The magic number that the Administration has set as the qualifier of “richness” is not necessarily true.

19 million Americans started and maintain their businesses as a “sole proprietorship.” By need or by design these people chose to set up businesses the simplest way possible avoiding the cost of creating a corporation. The large majority of home based businesses are sole proprietorships. Under IRS rules they file their income taxes to include the earnings from their businesses.

Now if a small home based business where to make a modest yearly income, we could expect they would make a 10% profit margin. If that owner were to make an average income of say $35,000 a year the amount of gross income would have to be at least $350,000 or higher, and that amount would show on his income tax return.

Under the Obama administration and under the democratically controlled congress that business owner who makes $35,000 a year is considered rich! None of this ever seems to get mentioned, and yet they continue to promote class warfare.

Obama is a lawyer, he knows what a sole proprietorship is and how important it is to America’s small businesses, but he has made the conscience decision to wage war on yet another group of Americans.

1 comment:

barb p said...

He fails to 'point out' or mention many things the average person would not know...