Does Obama know the definition of "small business?"

reply to post by maudeeb

Of course it'll be people paying these taxes !! Who owns and runs corporations ? People. Duh.

try telling that to many of these Obama supporters who don't believe this...duh.

they are the ones who seem to have a problem understanding this.

I agree with you that if people don't agree they can vote the way they want.

reply to post by buddhasystem


What you don't seem to capture is that Obama is giving a tax break with his left hand and collecting taxes with his right hand. At 47k you will get Obama's golden rule of no tax increase. Fine. But then he turns around and tell these businesses and corporations making $250,000 or more to pay a higher tax so that Obama can spread the wealth around. These corporations have an obligation to their shareholders to make a profit which benefits the shareholders greatly. These corporations will merely charge higher prices for their goods and services to cover the amount they have to pay in higher taxes. These higher prices affect regular people and smaller businesses who buys their goods and services from corporations. Smaller businesses will also have to increase their prices in order to keep up with higher prices for the goods and services they are often. Therefore all consumers will have to pay higher prices to cover Obama's tax plan.

This doesn't even take into account the higher taxes everybody will have to pay State and locally. Our federal government cannot continue to spend spend spend. They will have to cut back. This would mean less money going to the State. That means State and local government will have to raise taxes to cover the difference. And let's not forget about the federal mandates to States that are already underfunded.

Personally, neither one has a great tax plan. I think we need a new and fair tax code. The continuation of attaching legislation to the current tax code solely makes it more difficult to understand.

Christ with a good accountant Im sure his tax plan will be a mute point unless youre making millions.

I always wondered why all these people with small businesses were driving arround in hummers and similar vehicles. Well The last time my father bought something that I consider overkill....I guess that isnt saying much, I love my little civic.
Anyway, I found out small busninesses get a 25,000 tax deduction for heavy vehicles. (Ok you accountants dont rag on me too much...this is a Douggie generalization). Its incorporated into a farm act or something.
Theirs a lot of little perks out there....just need the right person to find em.

Originally posted by jam321
reply to post by buddhasystem

 

What you don't seem to capture is that Obama is giving a tax break with his left hand and collecting taxes with his right hand. At 47k you will get Obama's golden rule of no tax increase. Fine. But then he turns around and tell these businesses and corporations making $250,000 or more to pay a higher tax so that Obama can spread the wealth around. These corporations have an obligation to their shareholders to make a profit which benefits the shareholders greatly. These corporations will merely charge higher prices for their goods and services to cover the amount they have to pay in higher taxes. These higher prices affect regular people and smaller businesses who buys their goods and services from corporations. Smaller businesses will also have to increase their prices in order to keep up with higher prices for the goods and services they are often. Therefore all consumers will have to pay higher prices to cover Obama's tax plan.

This doesn't even take into account the higher taxes everybody will have to pay State and locally. Our federal government cannot continue to spend spend spend. They will have to cut back. This would mean less money going to the State. That means State and local government will have to raise taxes to cover the difference. And let's not forget about the federal mandates to States that are already underfunded.

Personally, neither one has a great tax plan. I think we need a new and fair tax code. The continuation of attaching legislation to the current tax code solely makes it more difficult to understand.

If you have a business with share holders and only make a 250,000 a year profit - something isnt adding up. Im sure at least your shareholders arent happy.

Yeah, we should have kept Clinton in office for another term. He was trying to find a way to eliminate most taxes. He actually did relax the tax laws quite a bit.

[edit on 13/10/08 by Douggie]

reply to post by semperfortis


Nobody is ever taxed on gross profit. To change that would be to go against all principals of US Tax code and international accounting standards and is a total non-starter. Anybody here "posing" as a small business owner and claiming otherwise is being disingenuous.

The tax plan is simple, those earning over $250K would pay 29% vs. 26%.

reply to post by mythatsabigprobe


Good signature

Many years ago I was a former joint-owner of a multi-million dollar business. I can tell you that we didn't pay taxes! The finance experts on Fox etc. are telling the truth! There are countless ways to divert your money into losses so that one doesn't have to pay taxes.

If taxes are raised on the larger businesses the business then raises their service or product to reflect that. This then trickles down to the consumer and the consumer pays more, while the worker for the company gets a pay cut or gets laid off.

Unfortunately the average person does not understand this fact and will think that Obama is actually looking out for them!

He also says he will incur a fine for companies that do not offer health insurance. But somewhere it slipped out (I cannot recall where) that he may also fine the individual citizen if they don't buy insurance. Time will tell. But you tell that to a household that cannot pay their heat bill that they now have to purchase insurance to the tune of hundreds a month!!

Mark it! He is a wolf in sheep's clothing!

There are a couple of things to consider. . .

According to McCain anyone who files a schedule C,E,F is considered a small business. But a lot of people files one of those don't use their 'small business' as their main source of income. I think even McCain and Obama file one of those for their book/speaking money.

Also of note. According to Obama's plan, if you are so lucky, if you make $300,000, you get taxed at the higher rate on the amount above the $250,000 (so $50,000 is taxed higher).

Sorry. Took a break to find a source:

Source

reply to post by TKainZero


its 250,000 gross

Well I think Obama has at least thought about how to fix whats wrong with this country. Maybe the current state of things is okay with people like you . You must be rich and have access to unlimited resources to wait out several generations of widespread famine war and joblessness and disease. Must be nice to be Republican the whole no thinking thing must make your life pretty easy, that combined with your unlimited wealth , and your obvious lack of a conscience

reply to post by maudeeb



The concept is that if you are making 47k a year, you are probably working a 40 hour work week. If you plan to take over the business and that business is making over 250k, the person is stating that if Obama's plan taxes on the gross, then it wouldn't be worth taking on the ownership because they will be spending way more time then 40 hours and making other personal sacrifies so that is why it wouldn't be benefical because of the additional taxes they will be paying, I think that is the point the person is making.

reply to post by invisiblewoman


and I guess your one of those people who think that you have a right to a handout from our government at the taxpayers expense. You further fail to realize that middle income from all parties are the ones footing your free goodies, not the wealthy. The wealthy have the resources to hide their money and they also have the resources to continue to get richer. lastly they have the money to influence our legislators via lobbyist. Guess you better start thinking about who Obama has to pay back for that record breaking campaign money he has been raking in.

You also fail to recognize that Pelosi and Congress will have the last say on Obama's tax plan.

reply to post by invisiblewoman


I do not know who you are talking to as you did not use the "reply" button. If it was me you are talking to - you are having contempt prior to investigation. You will have a real problem on ATS if this is the case.

I "used" to be well to-do but am no longer, and haven't been in many years. And if you had read my post you would have noticed that I said: many years ago.

When I walked away from religion and sought a spiritual life, I lost everything. But I have not forgotten the realities of commerce and due to people's naivete they are being duped into believing lies. These political canditates are relying on the fact that most have never owned their own business and therefore have really no clue what is truth.

ATS is about exposing the lies!

Sorry I should have said OP,


to ever thinks I want a handout , I'm not rich enough to get one ,don't worry

reply to post by invisiblewoman


Oh, that's okay. Love your signature, I can relate more than you can imagine!

"It's only after we've lost everything that we're free to do anything " Tyler Durden

Originally posted by MatrixProphet
reply to post by invisiblewoman

 

Oh, that's okay. Love your signature, I can relate more than you can imagine!

"It's only after we've lost everything that we're free to do anything " Tyler Durden

That Tyler Durden quote makes more sense to me now than when I first started using it! I love your avatar by the way.

to everyone else
As far as taxes go ,Taxes are going to happen ,some people think that umm JOE,SIXPACK' should pay them. Of course JSP,thinks the wealthy should pay them
I think we should get accountability and that tax expenditure should reflect the goals and needs of the society from whom it is collected,or in other words we should get some tangible benefit collectively .
I believe that the reason everyone is resentful of taxation as it exists now is that NO ONE in todays society can recognize a gov't program that directly benefits any of us rich or poor . I can can completely relate. I think all of us no matter what our income need to unite and demand better spending and accountability. TOGETHER!

I just realized I've been forgetting to tell this thread

I AM A small Business OWNER!

YEP 17 years,wish I had known that all I had to do was start an offshore Hedge fund ,blind trust ,make a few shoddy business decisions and pocket the money and then ,turn around and say hey my investors went broke,get bailed out and then pocket that money.

It's the gift that keeps on giving

,I guess I can live with that as long as honest hardworking people are being turned away from hospitals because their healthcare insurance is non existent or inadequate . Oh and as long as we're engaged in an unwinnable war whose definition of victory changes every day.

Originally posted by jam321
reply to post by invisiblewoman

 

The wealthy have the resources to hide their money and they also have the resources to continue to get richer. lastly they have the money to influence our legislators via lobbyist.
You also fail to recognize that Pelosi and Congress will have the last say on Obama's tax plan.

Hey Jam - I think you hit the nail on the head with this one. The problem isn't in raising taxes for the upper pay scales , it's that those in those upper scales will then find ways to compensate that forces the lower scales to pay more in the end. Those are the things I'd love to see addressed along with Obama's tax plan. If this article's data is to be trusted (need to dig some more but it reflects what I've heard in the past) then this is the real issue in need of addressing...

"CEOs at 365 of the largest publicly traded U.S. companies earned $13.1 million, or 531 times what the typical hourly employee took home"

www.finfacts.com...

These figures are obscene - and hats off to Japan for the lowest CEO average ! Figures that the Japanese probably have the greatest societal concept of honor...

[edit on 19-10-2008 by maudeeb]

reply to post by Anonymous ATS


But I was under the impression this thread has already discounted the "tax on gross" concept. That goes completely against the existing tax codes and common sense. If we're wrong on that please provide sources.

As a sole proprietor I've NEVER been taxed on gross. I'm taxed on gross less business expenses and deductions.

[edit on 20-10-2008 by maudeeb]

reply to post by TKainZero


you are incorrect. the $250k threshold refers to profits after expenses. if your company make $2million but has 1.75million in expenses (salary,equipment,etc) what is left is the amount he refers to $250k