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  •  And bad for small businesses (2+ / 0-)
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    blue in NC, elwior

    I'm a sole proprietor, so that means my taxes go up by double that.

    I realize that the cut was temporary, but we need more stimulus before raising taxes. I do not feel very optimistic about the economy at this point. And I direct my anger fully at the republicans, btw.

    "Mediocrity cannot know excellence." -- Sherlock Holmes

    by La Gitane on Wed Jan 02, 2013 at 10:23:30 AM PST

    [ Parent ]

    •  Actually, your comment made me go back and (4+ / 0-)
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      La Gitane, 3goldens, notrouble, elwior

      check my 2011 Schedule SE (I had a very small amount of Schedule C Sole Proprietorship income for 2011) and sole proprietors are not seeing a double increase.

      We were paying 10.4% through 2012. We will be paying 12.4% after this "grand bargain". We only had an overall 2% reduction via the payroll tax holiday, just like wage-earners, not a 4% reduction.

      "Bernie Madoff's mistake was stealing from the rich. If he'd stolen from the poor he'd have a cabinet position." -OPOL

      by blue in NC on Wed Jan 02, 2013 at 10:29:25 AM PST

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      •  Oh good (1+ / 0-)
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        blue in NC

        I thought it was going to be something like 16%. But I'm really a zero when it comes to taxes and finances so I will definitely defer to you! ;)

        "Mediocrity cannot know excellence." -- Sherlock Holmes

        by La Gitane on Wed Jan 02, 2013 at 10:31:54 AM PST

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        •  LOL, as I said, I had to go back (2+ / 0-)
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          La Gitane, 3goldens

          and check. I really wasn't sure what rate I was paying after the "payroll tax holiday", because I had no self-employment income in 2010 and only around $1,100 in 2011. By far the largest part of my income is salary (if you call $30K/yr large). ;-)

          Remember, too, that we had the $400/$800 "Making Work Pay" credit in 2010. To all those people who've insisted that "the payroll tax had to go back up", I say "fine...but why didn't our Democratic President and our Democratic Congressional "leadership" hold out for another onetime credit for low-income taxpayers?"

          Now, don't forget that your full "SE" percentage will be 15.3% this coming year: 12.4% for SS (up from 10.4%), plus the 2.9% for Medicare that hasn't changed.

          "Bernie Madoff's mistake was stealing from the rich. If he'd stolen from the poor he'd have a cabinet position." -OPOL

          by blue in NC on Wed Jan 02, 2013 at 10:42:31 AM PST

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          •  Oh okay (1+ / 0-)
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            blue in NC

            So I was close, then, on the 16%.

            Even though I'm a sole proprietor, I am a low-income tax payer. Definitely not one of those million-dollar "small businesses".

            This tax is going to hurt me; it's been hard to pay the way it is. I had no income in 2009, and virtually nothing in 2010 and 2011. But I still had to come up with more than $1000 in taxes.  I'm still trying to recover; I made some money this year, not a lot, but I owe people money from the years that I didn't do so well. Not to mention trying to get back the things I lost, like an office and my health care. I feel like I'm just barely coming up out of the hole and getting slammed.

            "Mediocrity cannot know excellence." -- Sherlock Holmes

            by La Gitane on Wed Jan 02, 2013 at 10:53:47 AM PST

            [ Parent ]

            •  Oh, you are, you are..."just barely coming (2+ / 0-)
              Recommended by:
              3goldens, La Gitane

              up out of the hole and getting slammed", that is.

              Most of us real "small businessmen" are. :-(

              I've run my small business (home improvement/handyman service) for 25 years, but income from that has declined (mostly because I'm getting too old to be crawling around in muddy crawl spaces and lugging around heavy construction materials) and I'm very grateful that I was fortunate enough to have gotten the part-time job that pays me ~$30K without quite the physical toll on the aging bones. Now, that job has no benefits, so I'm still paying for my own health insurance, and I'm sure you know how crippling those payments are to low-income sole proprietors like us.

              I just find it appalling that our "representatives" - and even our President - somehow see $400,000 as "middle class", when it's an incontrovertible fact that the median household income in the US was around $50,100 for 2011. To any rational person, "median" means "middle", and therefore "middle class" would represent an income of $50,000, not $400,000.

              These people are so clueless, so self-absorbed, so out-of-touch that it's disgraceful. Literally half the households in this country are getting by on less than $50,000 per year, while these idiots in Washington seem obsessed with focusing all their largesse on the people at the $400,000 level.

              No wonder we're the ones "getting slammed". They haven't had to subsist on less than $174,000 plus 24-karat gold benefits for as long as they've been "serving" us. Why should they care?

              At least Romney was honest when he admitted that he didn't care and wouldn't worry about 47% of the people. Unfortunately, I thought his opponent - the guy I vote for - did care about us.

              Silly me.

              "Bernie Madoff's mistake was stealing from the rich. If he'd stolen from the poor he'd have a cabinet position." -OPOL

              by blue in NC on Wed Jan 02, 2013 at 11:18:03 AM PST

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