Richmond business owner reacts to fiscal cliff discussion
RICHMOND, VA (WWBT) - Reaching a deal on the fiscal cliff is important to many business owners as they calculate pay roll, because it sets the tone for how much to take out in taxes.
As lawmakers go back and forth in Washington D.C, it's another day on the job for employees at James River Air Conditioning off of Broad Street.
Talks of going over the fiscal cliff didn't preoccupy people working on New Year's Eve. Company president Hugh Joyce has already addressed the issue when employees started asking if threats of a tax increase would affect their paycheck.
"What we have stressed to our employees is the majority of them will ultimately be unaffected short term," he said.
While Joyce says nothing changes on their next pay stub, for right now. The uncertainty of what comes next worries him.
"Right now we're using the old tax table which is lower and we don't know how high or how low [taxes will go], we don't know if they hit certain income earners, they would be taxed, others are not," he said. "Average America is suffering as we place through this game. And I hate to see it, it's unnecessary."
Another issue, even if a deal is reached on the fiscal cliff automatic spending cuts will go into effect and thousands of federal employees could lose their jobs. Sounding off on NBC12's Facebook page, the issue hit a nerve.
One viewer wrote, "Good the gov't needs cuts. Lots of them their throwing our money away like it's going out of style!!"
Another wrote, "Forget middle class status, we are quickly becoming the working poor!!"
As a business owner, Joyce has his own suggestion.
"If it was me I think I would extend everything another year or two with everything the way it is and take a more comprehensive approach," he said.
James River Air Conditioning has been in business for about 35 years and they say no matter what happens in D.C. the have always managed to find a way to stay in business.
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