Increase in payroll tax raises concerns for Cleveland small business owner
Steve Presser, proprietor of Big Fun toy store in Cleveland, says although the deal to avert the fiscal cliff eases uncertainty among consumers, the payroll tax increase raises a whole other list of issues.
How will the deal to avert the fiscal cliff affect small business owners?
Steve Presser is the proprietor of the Big Fun Toy Store in Cleveland, Ohio. He says the deal will be good in the sense that consumers may have more confidence knowing that a deal has been made. On the other hand, he’s concerned about the payroll tax going up.
“My store is based on disposable income, so that will be the strongest effect: What’s left after for those to spend in small businesses like mine,” said Presser.
Presser said his confidence in the economy has actually gone up. He said he’s seeing people become more willing to spend money. And he’s so confident in the economy that he’ll be doing some hiring in 2013.
And about the $450,000 marker, Presser laughed, saying, “In the next years to come, it would be my greatest joy to pay taxes at that level.”