I try to not broadcast my feelings about one candidate or another online. So many people do that already, what would be the point in repeating something already said by someone else?

But, I have to say something on this topic.

I've fought my way up through the American dream. Not so many years ago I was on food stamps. I've worked for minimum wage for companies like Wal-Mart and worked 80+ hours per week for Radio Shack while making $30k / year as a store manager. I lived for many years under the poverty level.

Now I am partners in three companies. I still make less than "Joe Plumber" in personal income. My house cost me $72,000, not counting the repairs I'm constantly putting into it. I drive a Ford pickup truck and a Town & Country minivan, both of which already had 80k miles on them when I bought them.

Unfortunately for me, Obama's plan would hurt. Bad. As a partner in a small business that employs 40 people, my individual income certainly doesn't hit the threshold, but the business income does. and a lot of my pay is based on a percentage of business net income. That means if taxes go up on the business, my personal income goes down AND my personal income tax liability will go up, because I have to pay taxes on the S corporation. As you can see by my spending I list above, my personal income isn't all that large. I make considerably less than I would doing this same job for a large company, and I take that sacrifice because I know that one day my company will be worth a lot more than it is.

What a lot of people also don't realize is that business net income does NOT mean you have that much cash. A lot of purchases and expenses that a business has must be amortized out over years, even if they have to be paid upfront with cash. That means you're paying taxes on "net income" that you really didn't have because you'll get a tax break on it spread out over the next 5 to 15 years. The business also can NOT provide health insurance for owners of the business, so that money that goes to pay my health insurance is taxed as well for the business. Other things the IRS says are not deductible as a business expense, and you pay income tax on them even though you had to spend that money to run the business. It's conceivable to have no cash at the end of the year because of costs of running a business, but still have to pay income taxes on a large portion of money that you don't have.

Unfortunately Obama's tax increase for small businesses might mean that in order to be able to keep my personal income above poverty level for my size family, I might have to consider cutbacks somewhere else. I hope it would never come to it, but this is business and layoffs are a part of business.

What Obama doesn't want you to hear is that he's talking mostly about sole-proprietorships when he says they won't be impacted. He ignores all other small businesses in his numbers, so you won't realize how many struggling business owners will be impacted adversely. An "S" Corporation is essentially a partnership in tax liability. Even if I only make $60k / year, my individual tax liability (along with all my partners) will increase because he will be taxing the business more. Last year I had to pay over $1500 of taxes on income I never actually got to see, for instance. Under Obama's plan even if I still made the same $60k salary (for example) I would still be paying even more taxes.

It's already hard enough to make a successful business in this economic climate. With Obama's tax plan I could actually make more personal income by laying off 90% of my staff and limiting how much business we take in to avoid paying Obama taxes. His plan could actually LOSE jobs for hard working American people. But at least they won't have to pay taxes on their food stamps.

And no, none of my dollar figures here (except my house) are real numbers but are only examples. Trust me though - I still qualify for the child tax credit.