Small business owners talk taxes - KSFY News - Sioux Falls, SD News, Weather, Sports

Small business owners talk taxes

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Johnstone Supply is a wholesale distributor for plumbing, electrical, and refrigeration supplies. Rick Hull owns the franchise in Sioux Falls.

"Most of us small business owners we don't take home $250,000. As a matter of fact, my wife and myself paid more in taxes, or twice as much in taxes, as we take home as our paycheck," said Hull.

That's why he wanted to talk with Congresswoman Kristi Noem. She says President Obama's proposal to increase taxes on individuals making more than $200,000 and couples making more than $250,000 will cost South Dakota thousands of jobs.

"As a result of this tax hike that's coming we're going to lose 2,200 jobs in South Dakota," said Noem. "That's a big deal. That's something we need to be really concerned about."

Noem thinks the increase will then be passed along to the customer, which she said could have major repercussions.

"I think it could be devastating because right now we're coming out of a recession. We're facing a drought, which our ag economy is what has always pulled us through tough times in the past, and then you have higher tax rates that keep people from being able to make decisions and grow their business."

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