Pushed to edge of ‘fiscal cliff,’ small business owners worry about potential tax increase for high earners

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By Shira Schoenberg | MassLive.com | November 28, 2012

Joshua Golden is not going to be devastated by a tax increase. But he is reconsidering buying a new condominium in Boston. He is holding off on hiring new agents for his real estate business. He wonders if he will have less money to spend on marketing, advertising and business expansion.

Golden, 38, owns Luxury Residential Group, a Boston real estate firm that represents clients looking to buy or rent luxury condominiums in Boston and the surrounding suburbs. He makes more than $250,000 a year, which means his taxes could increase under Democratic President Barack Obama’s budget proposals.

“Because of the uncertainty about how much my taxes are going to go up, I don’t know how to budget for the next 12 to 24 months,” Golden said.

What to do about tax rates for the wealthy is one of the central disputes between Obama and congressional Republicans as they struggle to reach a compromise on avoiding the “fiscal cliff,” a mix of tax hikes and spending cuts scheduled to go into effect at the end of the year. The uncertainty has generated concern among business people who say the proposed tax increase could affect their business decisions, in addition to their own income. Read More

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