If Robert Pozen were in charge, the former mutual fund chief executive and economic chief under Governor Mitt Romney would cut tax deductions and work on trimming back Social Security benefits.
Darryl Settles, a Boston restaurateur and jazz promoter, says he would back President Obama’s call for raising taxes on higher incomes but with a caveat: “Here in Boston, $250,000 is not wealthy,” Settles said.
Comments
Reverting to the pre-Bush tax rates for people making over $250,000, would mean people with a taxable income of $250,000 pay no extra. At $380,000, the break in the tax brackets, someone would pay an extra $4K, at $500K in would be $9K, and at $1M it would be $32K. I do not see how that is going to be damaging to small business. How many small business people make $500K a year? The Obama proposal is to increase the tax only on the amount over $250K. Below, $250K there is no additional tax. This is on taxable income, not revenue and it is after deductions. I just do not get this "job killing" argument for small businesses. Is someone making $500K in profits. really going to be forced to lay off people because of the extra $9K in taxes? Remember, those taxes are a lot less than they were before the Bush tax cuts.