Business owners cut to the bone
Recent surveys indicate that business owners are still sacrificing staff, benefits, and personal savings to keep their doors open. Have you had to cut back? Tell us about it.
From Andy, Thousand Oaks, CA I can understand the frustration from the article written on July 2 by Dave from Nashville. it is frustrating that when you work hard with a business of your own, pay your taxes, pay for health care insurance, in the end, you get screwed because you have to pay more in taxes because you're a business owner, all the un-documented illegals get to have free health care and in the end, playing the game by rules seem to only screw you as a business owner. It's frustrating and i too have to borrow in order to keep our business alive just to pay for taxes. Very frustrating, i think it's time to move out of this country where you can find more business friendly environments.
From Nashville, Dave I myself have enough work to HIRE 10 to 15 people but I will not! The reason?
It is not worth it anymore!
The 'reward' for PRODUCING At the end of the year EXCESSIVE over the top, taxes ( Federal, State, local) make it not worth it! …and just think,…The Government( all levels) want even MORE….
I am 54 years old and Semi retired! and have ALWAYS lived well within my means.
I have STAYED AWAY from 'wall street' and and have not lost ONE DIME!
YOUR personal FEAR'S and GREED are used AGAINST you to get YOUR money for NOTHING!
I have cut back no less than 80 % work one or two days a week, If even that.
I have no health insurance and do not live in FEAR of that… I get sick and it's off to the emergency room… just like the FREE LOADERS and 'UN- documented persons! …..
They do not provide me with care then its of to my LAWYER!
I LEARNED a long time ago 'MORALS' are used AGAINST YOU by people that have NONE!
Soon as I hit 62…. It's off to the Social Security office to get MY money back ….. I WANT MY FREE power scooter to (As seen on TV)
I stay AWAY from churches and money grubbing 'preachers'….. YOU work and THEY play GOLF!
SWEEEET!
From Fedup, Orland Park, Illinois I operate a one person law office performing legal services for small and medium sized businesses and for some individuals. Clients are tapped out and my receivables are growing while my client's collection actions against third parties are increasing in record amounts. I am now using a home equity line on a house that is free and clear to keep the doors open in the hope that enough clients will survive this mess so that the decision to borrow money to stay in business does not turn out to be among the dumbest decisions ever made.
Each month it is getting worse. We have no debt, and earnings supplemented by borrowing are going to pay current bills, many of which are among the highest in the country (Chicagoland area). It may soon become time to close the doors, abandon this area and move to someplace with a sustainable cost of living, and just retire, that is how completely out of whack things are becoming in an area we have lived in for the past fifteen years. Real estate taxes on a comfortable but hardly extravegant house are about what an apartment would cost outside of this area, and with utility costs being flat out crazy here the nut on the paid up house comes to about $40,000 a year. Sales taxes are through the roof, and all the government entities around hear are increasing taxes and fees like there is no tomorrow.
Another few months of this, and going further in debt while working and while waiting for a turn around may well turn out to be an idiot's game. The only significant thing that I can see stopping me from leaving is being unable to sell the house, which appraised at $650,000 in '01 and is now purportedly worth $383,000. At times I wonder if I am watching my families financial destruction one day at a time while more and more people continue to lose jobs, bills continue to increase, tons of money is being spent by the federal government, and not anything of any real consequence seems likely to get better any time soon, and, when viewed objectively, there is absolutely no good reason for anything to change for the better. This is like drowning while your head is above water. Last one standing turn off the lights.
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I run a small business employing one person. A once profitable business is no teetering. The slow down in consumer spending while at the same time raising of utilities and taxes is begining to take its toll. With sales down and nothing but doom and gloom, I hope to be able to weather the storm and keep the doors open. I have residual income from other ventures which allows be to squeak by. The only way to break even would be to fire the one employee. Unlike big business I have some empathy. Knowing the to fire the employee who has been loyal and an asset would put him and his family on the road to destruction. Even possibly ending in loss of necessities that are not a problem for me. Maybe even causing his family to experience homelessness. there is no way I could see myself taking such action. So, I tighten my belt, defer purchase not immediately needed and hope things get better soon. If not what I am trying to avoid for my employee may be my future too.