I am a single owner/employee consulting engineering, Subchapter S corporation, thus any profit I make is taxable as personal income. I am mostly retired now, as age has crept up on me.
Back when I was working 60-80 hours a week, I was grossing between $130,000 and $180,000. This was 25 years ago; if you extrapolated that gross income to today’s dollars it would be between $230,000 and $320,000, providing I was working at the same level.
This means that as the present administration purports, I would be close to, if not in, the so called “rich” class. I made this kind of money because of effort, desire, expectations and risk, not because the government did it for me, as the president suggests. I would hire a part-time person occasionally to help with drafting, drawing review and other non-engineering tasks. Under the present administration’s stated policy, I would have to pay more taxes, have more regulations and have more costly paperwork.
This policy is not conducive to the effort I and others would care to put forth. Under the present policies, I would not hire this employee because of the burdens of higher taxes, more paperwork and possibly more government-required expenditures, thus someone would not have work.
If you extend these policies into larger firms, more people would not be hired, many full time, because of the added government restraints. No wonder the unemployment rate stays so high.
We need an administration that is business-friendly, one that will eliminate unnecessary regulations, reduce the tax burden on businesses in general and get out of the way of enterprises so that we and others can get back to work.
Charles M. Stone, P.E.