Businesses hate higher taxes but say they'll take the hit
December 13th, 2012
10:13 AM ET
2 years ago

Businesses hate higher taxes but say they'll take the hit

New York (CNNMoney) - They hate the idea of higher taxes, but some small business owners say they can handle paying a little more.

That's how they feel about President Obama's plan to raise tax rates on income above $200,000, which would mean a higher tax bill for some businesses, including the Uptown Cheapskate retail franchise started by Chelsea Sloan.

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Filed under: CNNMoney.com • Fiscal Cliff • Taxes • White House
soundoff (18 Responses)
  1. anonoymous

    As a single person with no children I realize my tax dollars pay for things I dont use but I benefit from. Like schools for one. For all the people who feel the rich need not pay their fair share call them for help when the next natural diaster strikes or mall shooting or fire. If people really knew what their tax dollars paid for....

    December 13, 2012 10:31 am at 10:31 am |
  2. Rick McDaniel

    Those who don't have the profit will simply struggle until it no longer makes sense, and then shut down.

    Others, like GE, will simply pay no taxes anyway.......because they are run by Democrats.

    December 13, 2012 10:34 am at 10:34 am |
  3. Wire Palladin, S. F

    Turtle Mitch McConnell has a lower approval rating in his home state than President Obama. When a senile old man like Mitch, introduces a bill and then filibusters against it, you know that 2014 cannot get here soon enough. Two and the door for the czar of filibusters.

    December 13, 2012 10:35 am at 10:35 am |
  4. Wire Palladin, S. F

    Things are getting better, even though Chuck Norris predicted a 1000 years of darkness if President Obama was reelected.

    December 13, 2012 10:38 am at 10:38 am |
  5. plain&simple

    When you are paying taxes...you are making money!!! The stagnation of policy has done NOTHING to help our country.....except to bring to light how STUPID it is!!!

    December 13, 2012 10:39 am at 10:39 am |
  6. Wire Palladin, S. F

    Rick – Sensata in Freeport, IL, was making huge profits until Bain bought them out and shipped the jobs to China. Mittens made $8 million on the transaction. Greed is the motivator.

    December 13, 2012 10:42 am at 10:42 am |
  7. Evergreen

    Keeping the tax cuts for the 98% will help small businesses because we will be able to buy their goods and services.

    December 13, 2012 10:44 am at 10:44 am |
  8. ST

    The problem we have is: a lot of people do not understand why we pay taxes. I really hate to hear what the right side say: what will be collected from the rich, can be used as a government expenditure for 3 days. That is an ill thinking and totally wrong. The government doesn't operate that way. They do not use a revenue from one sector and locate it to a lump sum expenditure. We need to educate people on this. Their claim is totally misleading.

    December 13, 2012 10:48 am at 10:48 am |
  9. ghostriter

    Pretty Ricky....you do know Inmelt, CEO of GE...is a republican.....right?

    December 13, 2012 10:52 am at 10:52 am |
  10. Wilson

    Businesses take the hit?? Doubt it. The added taxes will be passed on to the consumer, making the cost of these "goods and services" higher.

    December 13, 2012 11:16 am at 11:16 am |
  11. James Bond

    Rick dont know didley, but is thee first to mouth off about democrats, if this guy only knew, if your not wealthy, your not worthy, how many idiots vote for a party that wants nothing more than for you to suffer, then die, my dear man, you need to do some serious research, lets start with, tax breaks for rich does not create jobs, then check to see who raised the defecit, and made government bigger, you sound like a lunatic when you spout off lies, like a republican spokesman

    December 13, 2012 11:23 am at 11:23 am |
  12. Sniffit

    "Their claim is totally misleading."

    That is 100% intentional and pervasively supported and assisted by the MSM.

    December 13, 2012 11:25 am at 11:25 am |
  13. maf

    @ Rick, tough couple of weeks for you since the election huh?
    Would be difficult to be associated with you because of all your negativity! How about adding something positive and upbeat to ANY of these conversations? You want a dictatorship, move to Cuba! Tax revenues alone won't solve the debt issue, but it's a start. Fixing tax loopholes won't solve the debt issue, but it's a necessary step. Cutting money from entitlements is also a good step, but it won't solve the debt issue either. Many steps together will. Compromise is the word of the day for all three branches of government, but the President did win some leverage in this negotiation.

    December 13, 2012 11:29 am at 11:29 am |
  14. Sniffit

    "Businesses take the hit?? Doubt it. The added taxes will be passed on to the consumer, making the cost of these "goods and services" higher."

    Yeah, that will work so well when average middle-class salaries haven't changed for 40 years and we're experiencing the inevitable demand vacuum that results from the middle-class being squeezed more and more and more over time so that the wealthy and business owners can take all the increased profits for themselves. They can try to raise prices to recoup their taxes all they want. If nobody can pay the higher price, they sell nothing and go under. If they really want to fix the problem, wages need to start going up across the board and across the country and 8 figure executive slaries need to be trimmed down to 6 in order to make it happen. Nobody needs a home with 14 bathrooms sporting gold toilets, a helicopter to get to work and a 250 foot yacht....and you will never ever ever convince any reasonable, sane adult that they such things are necessary to make the economy grow.

    December 13, 2012 12:09 pm at 12:09 pm |
  15. Joi Gibson

    No one "wants" to pay more taxes, but taxes do serve a purpose; e.g., fire, police, schools, infrastructure. As Anonymous says, I too am single with no children but gladly voted to pay higher taxes in Florida to support schools and students. It is for the greater good. The uber-rich have had their cake and ate it too; well guess what, your party is over. Time to pay up a little. And good on Ms. Sloan; I would definitely be a patron of her business.

    December 13, 2012 12:24 pm at 12:24 pm |
  16. Rudy NYC

    Wilson

    Businesses take the hit?? Doubt it. The added taxes will be passed on to the consumer, making the cost of these "goods and services" higher.
    -------------------–
    ...and if they had a lower tax rate, then they would lower their prices??? BTW, demand creates jobs, not paying lower taxes.

    December 13, 2012 12:33 pm at 12:33 pm |
  17. ja

    and they should, taxpayer give abatements to businesses to attract them , they earn millions, be patriotic as most claim

    December 13, 2012 12:58 pm at 12:58 pm |
  18. Wilson

    @Sniffit
    "Businesses take the hit?? Doubt it. The added taxes will be passed on to the consumer, making the cost of these "goods and services" higher."
    Yeah, that will work so well when average middle-class salaries haven't changed for 40 years and we're experiencing the inevitable demand vacuum that results from the middle-class being squeezed more and more and more over time so that the wealthy and business owners can take all the increased profits for themselves. They can try to raise prices to recoup their taxes all they want. If nobody can pay the higher price, they sell nothing and go under. If they really want to fix the problem, wages need to start going up across the board and across the country and 8 figure executive slaries need to be trimmed down to 6 in order to make it happen. Nobody needs a home with 14 bathrooms sporting gold toilets, a helicopter to get to work and a 250 foot yacht....and you will never ever ever convince any reasonable, sane adult that they such things are necessary to make the economy grow.
    ----------------------------------------
    A socialist is disgusted by a big house and says "no one should live like that." A capitalist sees the same house and says, "everyone should be able to live like that."

    December 13, 2012 01:15 pm at 1:15 pm |