We have 55 employees, and we're in the molding business. We make parts that go into other people's products, everything from cookware to oxygen containers to Boeing 787s.
I'd say 99% of what we sell is made in the United States, and we also export a lot to China, Europe, Mexico and Canada.
What bothers me the most is this ongoing attack on the top 1% of income earners. Technically, I would be in the 1%, and I am concerned that my tax rate could go up even more because of these attacks.
Most small businesses are either limited liability corporations or partnerships. All those entities report business income and losses on [owners'] personal tax returns. This year, we made $500,000 and that income goes directly on my personal tax return. My salary is $75,000, but I pay taxes on that plus the $500,000 income the business earned this year.
I pay 36% federal income tax, 7.2% state tax and a 4.3% surtax on incomes over $500,000. At some point, these taxes kill the small business engine by making it so expensive to be a small business owner.
The truly wealthy people pay nothing in taxes compared to me. The daily attacks on the so-called rich are actually attacks on private business owners, many of whom don't make that much money. A lot of my income goes back to investing in new equipment, retiring debt, payroll, growing the business.
In case you haven't heard, President Obama wants the wealthiest to pay more in taxes.
|Trump administration suspends FHA mortgage premium rate cut|
|Here's how much Obama's pension is worth|
|Bipartisan bill aims to reform H-1B visa system|
|'House of Cards' releases distressing new teaser on Inauguration Day|
|Octomom foreclosure haunts Treasury nominee|