I listened with great intensity to the Republican political debate. These debates and the issues that are talked about affect every American and nearly every small business owner.
It is difficult for me, and for you perhaps as well, to pull away from the routine to spend 2-3 hours listening to the debates and the political commentaries that follow. But when your small business is affected, it should give you some motivation to take the time to get better informed.
Tonight the political analysts are focusing on what they think is a big rift between Romney and Perry in regard to Social Security. Mark my words - the differences between Romney's and Perry's position on Soc Sec will turn out to be NOT that great.
The fact is that both Romney and Perry believe that if no one pays attention to Soc Sec funding, it will go bust in short time. No one wants to abolish Soc Sec (but the Democrats will use some scare tactics to try and make you think this is what the Republicans want).
With the situation the way it is on Soc Sec something HAS TO BE DONE. Any one who is ignoring this or trying to use scare tactics are not focusing on finding a solution to the funding problem.
Some say, "Well let's just take some more money away from the 'rich'". But this is not a solution because at some point rising payroll taxes will cripple not only the "rich" but it will destroy small business owners and the middle class.
I and other business owners pay 15.3% of our wages for payroll taxes. Most of my time working as an accountant in the past, I was struggling to come up with the money to cover payroll taxes. It is difficult for most small businesses.
To be sure, current Soc Sec recipients do not have anything to worry about. But if no one finds a solution for future generations, it will be a sorry situation for everyone.
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