1. firedup49 says

    Great finally some good.  Time to cut budget.   I am not a millionaire but I have a small ice cream store, this makes me wealthy.   NOT!!  

    I have 3 PT students working,  I have to pay my bills  my employees, TAXES,  insurance first.  I pay myself last, or what ever is left over.  Not Much…  Prices are increasing for my products,  because it cost dealers pay more for gas to deliver products.  

    Maybe Bill Gates or Buffett will not miss the money for taxes.    Me as a small person trying to make a living for my family, would be a killer.

    • Publisher says

      The Buffett rule would only affect income beyond $1,000,000 per year, so from what I understand of your situation, you won’t be personally affected. Even if you made a little over $1,000,000 the tax only governs the excess and is phased in some the impact would be minimal.

      Regarding your ice cream store, you are able to write off all of your expenses. Tax is on profits, not revenue, so if indeed you are barely breaking even, then it sounds like you don’t pay much tax under the current system and you won’t under the Buffett rule either.

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