Senator Obama plans to raise taxes on those making more than $250,000 a year. If you happen to be a sole proprietor that makes more than that, Obama is coming after you. There might be a way around it.
Let’s say your internet widget business is bringing in a healthy $300,000 a year. Under Obama’s plan, you will have your taxes raised. Consider the possibility: If you and your spouse were both sole proprietors, you could split that business between the two of you and both be under the $250,000 wire. Sure it’s relatively high income (although not nearly as high as it used to be), but that’s the tax line we’re talking about here. If both sole proprietorships are making $150,000, that’s well under the Obama radar. I’m not suggesting that a couple fraudulently claims that both spouses are running businesses of their own, while the fact is that only one spouse is running both. I never suggested that. I’m suggesting that you can add a new dimension to the idea of a couple.
I realize that most Americans aren’t making nearly that much, but for those who are…If you’re not going down the sole proprietorship road, a two income family is essential. Education is the key there. Two systems analysts will obviously be doing better than two burger flippers. Not that there is anything wrong with flipping burgers (I’ve flipped a few of my own in the past), but as far as household income, an education is a valuable tool to have. That piece of paper can never be taken away. The knowledge gained with that piece of paper can also be a benefit if you do decide to go the sole proprietorship route.