This is the last straw!
I'm selling my Trucking company and getting out of business for a while.
I learned today that Obama and other democrats are pushing laws to eliminate the independent contractor status or 1099 tax status. I have 18 1099 contractors working for me as of today. What this would mean is that I could not treat these guys as contractors, that I would have to treat them as employees. The difference is that an employee has to have taxes withheld and social security withholding. In case you don't know those of you who have jobs, take out your last paycheck and look at the FICA withholding. It's about 7.5% of your gross pay. Your employer has to match that. If I have to treat my contractors as employees and match their FICA and other tax withholdings it will cost me $175,000 this year and based on our growth rate $250k in 2009. I'll be damned if I take this risk. Now I don't really think Obama has much of a chance to win this thing but I'm not taking the risk.
I'm selling. I'll take my $2.5 million and move to Mexico if Obama gets elected. I'll be able to live like a king on that kinda money. And that's just the bucks from selling the trucking company.
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