Glad I’m no longer considered wealthy.
As a self- employed full charge bookkeeper:
I am giving out this free advice. I don’t claim to be a fiscal expert, nor a CPA, nor do I admit to having a crystal ball....but:
IF I were your bookkeeper, Mr. “Rich”, I would recommend the following:
Depending on the type of business you are running, most likely one which you built from the ground up, I would browse the parking lot and the Facebook pages of all of your employees. I would lay off ALL of the Obamaites you are now providing with a paycheck.
They are your ENEMY!! Do not be fooled....I said ENEMY and I meant ENEMY!!! They are voting with their precious votes to destroy you and the company you built that provides them with the funds to even purchase that Obama bumper sticker—to put on the car they bought with the money you pay them!!
Another option is to pay yourself ONLY the minimum you require to pay your monthly existance. Mentally, put aside the extra money you would normally pay yourself or in Accounts payable or something & when these stupid tax laws get reversed, make up the difference to yourself.
Look long and hard at the CORE employees you have. Every business has them. They have been with you the longest and are the most dependable to work when there is an emergency & to be accurate in their work. Hand out bonuses to them—quietly and privately. Most likely, they are not in the higher tax bracket you are, and paying them a bonus will support more loyalty. This is a BONUS—NOT a permanent pay hike. Attach it to company profit, which makes them aware of being careful with company expeditures. This will also divert funds on which you will pay a higher tax into a bracket that is much lower. In other words: Get it out of the hands of the Fed government on YOUR tax return.
Make sure that you and your immediate family are taken care of, and I don’t mean with endless funds to spend willy-nilly. Put all of them on a limited budget and stay there. They all have to realize that this is an austerity move, and that your family is not part of ‘The Housewives of Orange County’. I know many people who have built up their businesses and have enjoyed the ability to travel, gamble, or do as they wish with the funds they have. Now is the time to starve the beast of Washington.
Got a teenager who doesn’t cut the lawn because you are paying a lawn service? Tell that kid that they are now the official lawn service!! Trips to the tanning salon are no longer needed because this kid will be out in the real sunshine—mowing the lawn!
Take a look at the cell phones and other electronic items that seem to now be surgically attached to your entire family. Cut down tht usage—or put them on a pay as you go phone usage. Give them an allowance and when that money is gone, they cannot keep buying ‘minutes’ on their phones.
Look long and hard at all of your current charitable donations. Write a long letter to each of those recipients of your largess and tell them exactly why you will NOT be sending them any funds this year—or again in the near future. Even the heads of such groups need to understand why voting for the dictator, Obama, wasn’t a good idea. Many ‘rich’ people make many charitable donations to avoid paying the taxes. I predict that those donations will drop dramatically in the next 2 years.
I know a couple of men who are laying off literally half of their people and they’re only retaining the best of their clients. They are cherry picking those who are not a hassle and who pay on time. The problem employees and problem clients will be set adrift. The core center of the business will be kept alive. The rest will be amputated.
Does your business pay for ‘key man’ insurance now? It needs to do so. IF anything happens to you, the company will benefit. Look into what other kinds of life insurance are not taxable when you are gone.
Can you open a ‘college fund’ for your grandkids? I think some of that is deposited before taxes. Some states even have a fund that you can buy a college education NOW for their young grandkid at today’s prices. When kid goes to college, it is already paid for. IF they die or don’t wish to do to that college, most of your money is refunded.
Or look into doing something similar with a family trust.
Have a long consult with your best CPA or tax attorney.
You have a right to keep alive what you built. Even if the whole thing is scaled down for awhile.
Damn the cliff. Full speed ahead. Thelma and Louise-style exit.
It doesn’t matter what the republicans do, they’ll be blamed no matter what. With the help of the media they’re in a no win situation. Same thing goes for Tea-Party which I was hoping would replace the Republican party. There’s just simply too many obstacles standing in the way for truth, justice, common sense, etc. to prevail. Several quotes I’d like to share:
So this is how Liberty dies... with thunderous applause ~ Star Wars
When the People find they can vote themselves money, that will herald the end of the Republic. ~ Ben Franklin
I predict future happiness for Americans,if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. ~ Thomas Jefferson
When the People fear the government there is tyranny; When the government fears the People there is Liberty. ~ Thomas Jefferson
Republican House Members.Fire Boener.NOW.
Did anybody really believe he’d stand up to Obama?
Thus al Quaida leaves us alone, as we self destruct via the Beltway boys and girls.
Nazi Bonehead doesn’t say much about cuts, does he?
Scandal his Nazi a$$ out of leadership.
I don’t see what all the fuss is about reverting to Clinton-era taxes. According to the media and the Democrats, the tax rate was fair and at the perfect level for everyone. Why, we even had a surplus which, although unconstitutional, the liberals were ecstatic about. So once again, why are the liberals so upset about going over the “cliff”. /s
FUJB - im out of here.
The GOP does not represent me any more. I’, not rich by any stretch 0 but boehner and the gop can rot in hell for all i care
And by rich, he and Zero mean “anybody with a job.”
Why is everyone defending the rich?
Leaderless RINO File.
Yep.
Goodbye Republican party. No way will I be associated wiith cowards and wimps. I have little doubt the “plan” is to get enough GOP votes to pass this cowardly crap - - and promising those quislings a boatload of campaign cash for their votes - - while giving as many Republicans as possible a “pass” so they can say they voted against it and were “vehemently opposed”, etc., etc., blah blah blah.
No
Freaking
Sale
In my opinion, any Republican who votes for Boehner to remain Speaker should have his ass primaried out into the street.
There is no way I can express my deep hatred for Boehner. It borders psychotic.
I don't think America even with all its faults, deserves this kind of pusillanimous failure.