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Originally posted by ProfEmeritus
reply to post by whaaa
My business can't stand anymore of the GOPs economic model that favors the big corps and sticks it to the small business man. I'm facing Chapter ll and about to lay off my remaining workers as I type this. I was hoping to sell my small business and retire but now thanks to W and his crew, that's impossible.
Would you mind explaining what you mean about how the current tax favors large companies over small ones? I had a small corporation, and I saw no such disadvantage as a small business owner. Please tell me WHERE in the tax code, you are being disadvantaged?
I'm not talking taxcode. Where did I mention taxcode? I'm talking fuel costs, raw material costs and a generally unfavorable retail market due to the middle class having less disposable income.
It is critical for all businesses to have a business plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.
Components may include:
* Description of the business, vision, goals, and keys to success
* Work force needs
* Potential problems and solutions(such as increase in costs of materials)
* Financial: capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecast
* Analysis of competition
* Marketing, advertising and promotional activities
* Budgeting and managing company growth
Originally posted by ProfEmeritus
The reason this happens is that Obama's plan, as stated in his official campaign publications, throws taxpayers directly into the 15% bracket as soon as they cross the $50,000 threshold,
(note that the threshold is for total income, which is greater than taxable income).
Tax experts across the political spectrum also fault the Obama plan's abrupt $50,000-a-year threshold. As described by the campaign, seniors making, say, $48,000 would pay no income tax, while someone with income slightly more than $50,000 could pay several thousand dollars in income taxes. Seniors nearing the $50,000 threshold would have incentive to quit working.
I just don't understand the point of your post at all.
I asked Tax Foundation spokesman Matt Moon for the evidence, supposedly from the Obama campaign itself, that the candidate would throw seniors into the 15 percent bracket for all income after they crossed 50K.
The whole point of Mark's analysis ... is that Obama does not include the crucial details about whether or not there would be a phase-out. ... he's saying that a plain reading of Obama's campaign plan makes no mention of a phase-out, which therefore assumes that there would be an "income tax cliff."
UPDATE: The Obama campaign disputes the Tax Foundation's analysis, saying that his plan does actually include a phase-out of the tax break, so that the tax bill would rise gradually above $50,000 in income and there would be no "cliff."
Originally posted by redhatty
It WAS here
Eliminating Income Taxes for Seniors Making Less than $50,000. Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year.
Congress likely would add a phaseout, according to tax experts. "Everyone knows there would never be this $50,000 cliff," said Ben Harris, a senior research associate at Brookings.