Businesses hate higher taxes but say they'll take the hit
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That's how they feel about President Obama's plan to raise tax rates on income above $200,000, which would mean a higher tax bill for some businesses, including the Uptown Cheapskate retail franchise started by Chelsea Sloan. So far, Sloan's small empire has grown to two stores and 20 licensed franchises. Make no mistake: Sloan thinks she already pays plenty in taxes. But the amount more she'd pay -- estimated at roughly $5,000 -- would not derail her plans to expand. "If your business is good, you'll grow it. We'll figure out a way," she said. "Business owners who say they'll stop hiring if tax rates go higher are blowing smoke." Raising taxes for higher-income earners would affect just 3% of all small businesses. But that amounts to roughly 923,000, about 24% of those that employ workers, according to a report by Treasury Department economists.
Keywords:
tax Sloan taxes fiscal cliff tax increase Uptown Cheapskate cash tax rates higher taxes small businesses profits Cheapskate retail franchise Bush tax cuts Treasury Department economists earners Chelsea Sloan CNNMoney.com comment policy Email Jose Pagliery Cheapskate retail stores Western Wake Freeway higher-income earners Weaver higher tax income earners President Obama small empire cash flow fewer trade cash savings income levels tiny fraction Business owners Steve Weaver tax increases lending standards North Carolina government spending little bit consumer spending extra inventory political paralysis employee mistake gloom plans scramble franchises paycheck plenty workersPeople:
Chelsea Sloan
Overall Sentiment: 0.0617132
Relevance: 0.788006
| Sentiment | Quote |
|---|---|
| 0.226063 | "If your business is good, you'll grow it. We'll figure out a way," she said. ... |
| 0.176406 | "If your business is good, you'll grow it. We'll figure out a way," she said. "Business owners who say they'll stop hiring if tax rates go higher are blowing smoke." |
| Sentiment Stats: |
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Steve Weaver
Overall Sentiment: 0.104687
Relevance: 0.336286
| Sentiment | Quote |
|---|---|
| -0.22714 | "It'll delay me a little bit, but I don't mind paying what I need to pay," Weaver said. ... |
| -0.0681731 | "It'll delay me a little bit, but I don't mind paying what I need to pay," Weaver said. "I'm doing well. It doesn't bother me." |
| Sentiment Stats: |
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President Obama
Overall Sentiment: 0
Relevance: 0.235397
Jose Pagliery
Overall Sentiment: 0
Relevance: 0.201527
Bush
Overall Sentiment: -0.0856429
Relevance: 0.199057
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- The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).
Note that quote stats are likely to be meaningless beyond the aggregate score due to the tiny sample size. However, they are always provided just in case you find something useful there.
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They hate the idea of higher taxes, but some small business owners say they can handle paying a little more.
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- businesses
- fiscal cliff
- high income
- higher taxes
- jose pagliery
- obama higher taxes
- pagliery
- President Obama
- raising taxes
- small biz
- small business
- tax
- taxes
- top 1%
- top 2%
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Businesses hate higher taxes but say they'll take the hit
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