I never understood the purpose of that myself. It's almost as if you're intentionally being penalized by the feds for being self reliant.
first of all i was self employed in several business my whole working life. i know a little about self employment taxes. in fact you dont pay more. the employee pays the same as you do but in that case half is contributed by the employer as employee compensation.
I have no employees. I'm paying both the employee and employer portion of the FICA (SECA?) I did, and occasionally use sub-contractors, however. They, like myself, are self employed. I have been self employed for 20 years. The level I must file at is actually 400. The level that the average earner must file is 5700 (under 65).
what about the tax perks you get as a self employed person? deductions for vehicles,home office, tools,phone,insurance. small business in america has a nice tax situation. there are so many ways to shelter income. i used to be able to buy equiptment for 100k depreciate it to 0 in 3 years and it was still worth 50k. not bad.
its funny that people are even arguing more spending was going to fix a spending problem. Now unfortunately, we missed the opportunity to have a quick reset and we are at serious risk of having a long period of rising costs and slowing growth with very high unemployment. You can screw with the invisible hand of economics forever.
Pelosi announced her selections for the "SUPER DUPER FIX ALL THINGS COMMITTEE" and in the announcement stated: " ...will focus on economic growth & job creation--which reduces deficit." Sounds like she is not even considering cutting much of the useless spending that exists and is hoping growth will solve the problem. Sorry Nancy, I don't think that will work, and it sounds like she did not read the bill she helped pass. Seneca
There are times the deductions were nice, but to be honest with you, I felt there was a pretty good chunk of change going out for taxes even then. In addition, I don't always want to spend money to get deductions if I don't need the gear. You make some good points, free thinker. I would still prefer to have a flat tax across the board, and if we must have a graduated tax, letâs have it evenly charged regardless of how we earn. Would you agree on that?
He just doesn't get it, Lukie. Liberals are so overwhelmed with their agenda that they can't understand that if you only have one dollar, you can only spend one dollar. At the rate we're going though, maybe not too much longer before they reconsider their version of math.
She may be assuming a strong linkage between economic growth and job creation when there isn't one, not anymore.