Originally posted by TKainZero
Originally posted by semperfortis
Obama's tax plan will increase taxes on business with gross profits in excess of 250K..
So its only on profit?
Would this law not then give incentive for Small business to lie/cheat/steal to get under the limit of 250K profit...
Say a small buisnes made 300k... couldnt the business owner just give himself or another family member a rasie, and lower his profit under the threshhold...
Wont this create more and more problems???
Originally posted by skeptic1
I thought that was the whole deal with "Joe the Plumber".
I guess it's no wonder John McCain was so happy to use "Joe the Plumber" as a debate prop last night -- he's a partisan Republican who also happens to be a member of McCain's old friends, the Keating family.
Originally posted by buddhasystem
I have no idea why Obama didn't nail McCain in the debate, with that stupid "Joe the plumber" thing. As Biden rightfully noted, 99.9% plumbers in this country make less than $250k even if they run their own plumbing outfit (which most do anyway).
Medium plumber pay range is $47k.
Originally posted by dragonridrNow Biden's statement was just stupid yes most plumbers wages are below 250000.00 but not most plumbing companies which is where most plumbers work. Pull open your local yellow pages and look at plumbers very few are just 1 guy working out of the back of a truck check your facts.
Originally posted by Unit541
My understanding is that the 250k mark is NET, not GROSS. to be determined AFTER business expenses. And the 42k/year tax increase is a myth perpetuated by the McCain campaign. There's a lot of misinformation in this thread that I didn't expect to see, especially since there's been so much fact checking going on lately.
For example, lets say I do have 25 employees, and paying them each 30k a year. That's 750k a year just in payroll, that my company would have to earn just to pay my employees. I think for a company of that size, another 250k is reasonable amount of business related expenses. That puts my companies earnings at a cool million. However, I haven't made any money yet, and I'm STILL 250k away from the tax increase, under obama's plan. So, my company, with 25 employees, in this example would need to earn 1.25 million to even get close to a tax increase.
Originally posted by proximo
I must say this is blowing my mind.
How can anyone that owns a business not understand they are taxed on their profit and not their revenue?
It is beyond irresponsible to be a business owner and not even have the slightest clue how your business is being taxed, but apparently this is not at all uncommon judging by some of the business owners I have encountered the last couple days. Obama has not clarified this point because he assumed (apparently falsely) that small business owners were not ignorant of this most basic principles of our tax system.
Look I hate both of these candidates, but it is absolutely clear Obama's tax plan is better for the vast majority of American's - I am flabbergasted that that is not clear to everyone. If you or your company is profiting over 250K a year I'm sorry you can afford to be taxed higher.
Originally posted by dragonridr
Ok let me try to explain something small businesses do not qualify for corporate taxes and is not based off profits. Small businesses pay income taxes at the household level This means that the Obama plan to raise tax rates is a direct tax hike on small businesses—sole proprietorships, partnerships, S-corporations, and family farms.
Throughout the debate, Sen. Obama repeatedly showed an unfortunate ignorance of one of the fundamental principles of taxation: all taxes are paid by people. On multiple occasions, Obama claimed that businesses or corporations "can afford" to pay higher taxes.
Originally posted by jam321
reply to post by buddhasystem
That 47k isn't going to mean squat once those plumbers have to start paying their fair share of the corporate tax Obama plans to increase.