Under Barak Obama’s self-described tax plan, the “rich” would pay more taxes. And he says that $250,000 a year in income is rich.
Let’s state you are a baby boomer with a small business - not a C-corp. If your business is an S-Corp, an LLC, or a sole proprietorship, your business income is included in your personal 1040 and taxed right along with other income (like a pension or spouse’s salary).
If your business profit is, state, $150,000 for the year, and you and your spouse also make $100,000 from other sources, you’re considered “rich” and you’ll pay more tax.
Back to my question: Is $250,000 a year RICH?
Tags: baby boomers, barak obama, income tax, small business
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