Question by -Mewtwo-: If you ran a small business, would you want to hire people if the government taxes you on NO profits?
If you own a small business and want to hire people but new tax comes in stating you must pay a percentage on all your sales, profit or not, would that make you want to hire people or call it quits?
Lets say you ran a family business or a startup, profits were negative, does more taxes really make sense?
Best answer:
Answer by Stickboy
No, taxes on income is extortion.
Add your own answer in the comments!
Of course not! What’s your point?
I already fired 2 just after the election….preparing to protect…MY …money from Obama and his minions…..Who did I fire….2 Obama Supporters and told them not to worry their messiah will take care of them…
If you sale a product your charging a sales tax which is the governments piece of the pie. Reguardless if you end up negative on your 1040 Sch. C. But you still have to pay the self-employment Tax even if you have a loss. But your income tax will be nothing.
I can tell you our family business is not hiring and we will not be anytime soon. Of course we would not hire more people with the increased taxes on zero profits. Our business is down about 75% from last year at this time.