Quick thought here:
Self-employed, investors, landlords and similar classes of people don't file their quarterly estimated taxes until September 15th. Consider that 21M of the 27M firms in 2008 had no employees, and they represented over $960B in sales / receipts.1
Assuming a rough 25% tax of an estimated $1T in sales, that would be 11.5% of 2010 total estimated US government receipts.2
Suddenly, that 35% cut is now much larger, because of a cash flow problem where some of the US' income won't be coming in until at least September 15th. With the debt ceiling cap in place, August is about to get real.
Real scary.
1. http://www.census.gov/econ/smallbus.html
2. http://www.census.gov/compendia/statab/2011/tables/11s0467.pdf
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