I am definitely not a millionaire myself. But I am self employed and am president of my own corporation that is worth 8 digits. We do not always make money. There have been years where we lost money. We employ 7 people. They work hard but don't even compare to what us partner owners do. Things are a bit different when you compare family farms to other large businesses or corporations. Our earnings and investments are far grander than what we take home as a salary. Bernie's plans, if he succeeds, would ensure that we would have to cut back and fire employees. It's even worse for other small businesses that are worth 200 grand or more.
Thanks for the honest reply, fr33. There are two things about your reply that stick out to me: "We employ 7 people. They work hard but don't even compare to what us partner owners do." fr33, I've worked for too many employers who took for granted what their employees did for the company, and developed an attitude of
I work harder than anyone because I own the company, and am thus motivated to make it succeed. I even had an employer who came in late to work nearly every day, was yet first out the door, took long lunch breaks, and even took classes while at work, and still had developed that "I'm the owner, I work harder" attitude. Now, obviously, I don't know your situation, so I'll leave my comment at that.
The other comment: "It's even worse for other small businesses that are worth 200 grand or more." To be honest, I don't believe a business worth $200,000 or more
is a "small business", despite federal guidelines that clearly state otherwise.
Sanders' corporate tax plan is
outlined here, and it's hard to imagine which category your business falls into, which would cause your corporate taxes to go up: I very much doubt fr33 Incorporated is claiming to be an overseas company, I doubt you're stashing money in the Caiman Islands, and I doubt you're running a coal or oil company that has only seven employees. Sanders' plan calls for an exemption of anything below $3.5 million on the estate tax, and you've already said you don't make $3.5 million per year, so that's not it. I doubt your company does Wall Street speculation (because the comment about "working hard" wouldn't really make sense). Without intruding too much (and feel free to ignore this question if it's too intrusive), how would your company's taxes go up based on Sanders' proposal?