Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business

reply to post by MOMof3


Sadly that is all we got left to rely on right now, as big corporation in the manufacturing business that used to be the backbone and bread provider in the nation had given the finger to the middle class American worker in exchange for cheap labor and higher profits in foreign countries.

Is not that the small business model have change or is wrong is just that big corporations now runs the government with dirty money.

First of all I want to say that I don't think this is going to happen. ( I would like to think the people would never stand for it.) Having said that, I am a small business owner and if this DID happen I would have to shut my doors. Oh I'm sure I could work my fingers to the bone just a little bit more and barely get by............but that's not why I chose self employment.

If I had to barely make it by being self employed, the reward wouldn't be worth the risk I take to keep the ship running. For example, small business loans to grow my company and etc.

Originally posted by MOMof3


Wealth was never the motive for most of us.

Despite you saying it wasn't, wealth is always a factor for working. Now, building that wealth or just getting it to pass on in bills is what it really is about.
You, and many like you, could build wealth, meaning a retirement and savings. So, please, don't mix up the items here.

Originally posted by MOMof3
I remember much happier families when most of us had one car, one tv, one bathroom, one vacation and a savings account.

Yes, as the time called for such things.
But, people want more, and if they work hard, and earn it, are deserving of what they have earned.

Originally posted by MOMof3
Getting medical care and food was not a stressful decision.

Remove Govt from the equation, and most of that will be gone.

Originally posted by MOMof3
You could lose a job one day and have another one in an hour.

I have gone through that just a couple years ago. My skills and career field are highly sought after.
Not to mention that my company I own and run, along side working my day job, has a high demand for our product as well.

Originally posted by MOMof3
That is what rich people just cannot seem to get. Not all of us want to be rich with money. There are other types of "wealth".

That is all well and good, so long as you stop trying to push that on the "rich" people, as they don't subscribe to what you want or need.

The boroughs are full of small businesses, there are a lot of people out here, but these businesses struggle as it is because there are so many small businesses competing. I say all of NYC have a small business strike for a few days, demand compensation for every single day they're on strike, demand the taxes be lowered to whatever number they want. It would be the equivalent of NYC shutting down, Obama would be forced to comply.

Originally posted by supremecommander

Originally posted by neo96

The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

Obama said WHAT?

Are you kidding me?

28% for corporations 40% on small business that is already getting hammered by Obama care, and this living wage bullcrap.

Small business pays double?

Small business is the largest employer in THIS country and small business is already paying half of your SS contributions, and everything else it takes to keep a business doors open.

40% ?

Small business is mostly middle class your mom and pops and he thinks it's a 'sound economic policy'.

Obama destroying the middle class since 2008 Yes We Can ! ! ! !

Who the hell are his economic adviser's ?

Talk about the clueless leading the hopeless.

His economic advisors are from the same ilk that would advise Mitt Romney to do the same.

When you people realize that Washington is nothing more than a tool for the big corporations to bleed the paupers dry and eliminate all small business, the sooner a proactive discussion can be had about removing these people from power and putting all of the corporate powers in handcuffs.

Any American citizen who subscribes to partisan politics is at this point a fool and also a part of the problem.

Abandon your party allegiances. Realize that the enemy controls both parties and all presidents.

edit on 31-7-2013 by supremecommander because: (no reason given)

THANK YOU

Originally posted by FidelityMusic
The boroughs are full of small businesses, there are a lot of people out here, but these businesses struggle as it is because there are so many small businesses competing. I say all of NYC have a small business strike for a few days, demand compensation for every single day they're on strike, demand the taxes be lowered to whatever number they want. It would be the equivalent of NYC shutting down, Obama would be forced to comply.

No, i say these small businesses struggle because of the insane laws ans taxes being constantly levied against them, which in turn fosters more dire, kill or be killed competition.

You have 20 businesses crammed together on a single block, and they can all all pull in some good dough weekly if it wasn't for these tax increases, laws, and payments that they must make.

reply to post by macman


Since it was my life experience and I was born in 1951, I don't need you to tell me how I feel or what makes me happy.

I guess this was the change and hope Obama was talking about!
I can't understand how he still has support and my only guess is that his support
is tied to the fact of his ethnicity! I fear we are doomed to perish the way of ignorance, greed
and selfishness! I expect America's rage is being pacified by distractions, handouts and utter stupidity!

Originally posted by sligtlyskeptical
The income tax is the wrong way to raise money in the first place. Taxes should be on accumulated wealth instead. Exempt the first $500,000 per person. So if you are married, $1 million is exempt. Make it progressive so those that have $100 million pay a large percentage (say 6-10% annually) than those at a $1million (say 1-2%). Couple it with a straight tax on corporate revenue of 1-2% and a national sales tax of 2-3%. Enact laws to ensure full disclosure(forfeiture if caught, etc).

Eliminate the Fed, exchange all Fed Reserve notes for Treasury dollars and pay off all the US debt with the same. Allow limited short term printing but never two years in a row and the following years budget must include full repayment or something along those lines. Force the government to run a balanced budget. if they can't, then you simply sequester over and over again. If the need for foriegn war arises then force a national vote for a special levy. If it fails you don't fight that foriegn wars. Quit funding programs which are not advancing the interest of the general population and quit failing to hold those who run accountable for excessive spending. If they can't get it done, we can find someone else who will. Tight ships can be run when there is the will.

I don't see why accumulated wealth should be taxed. My older relatives lived through the war years, were told that "take care of the pennies, and the pounds take care of themselves". They were thrifty through their best years, not counting rationing, they avoided debt and credit cards, put a little away every week over 40 years, until they thought they had enough to carry them through retirement, and avoided being a burden on the system. What was their reward? To have interest rates slashed to 0%, reducing their retirement income down to zero, have all the money they saved up became worthless due to "quantitative easing", all because the banksters thought everyone could become richer through inflating house prices. And then they are called "coffin dodgers" by the very same numpties that got the country into this mess in the first place.

Other people bought homes and farms when they were younger and prices were cheap with the goal of creating a future for their children. It isn't their fault that the government decided to bring in millions more people into the country in order to deliberately create a housing shortage and push up prices. Then they find that the inheritance tax forces them to sell up their family business thus defeating the purpose of their investment.

Originally posted by sligtlyskeptical
The income tax is the wrong way to raise money in the first place. Taxes should be on accumulated wealth instead. Exempt the first $500,000 per person. So if you are married, $1 million is exempt. Make it progressive so those that have $100 million pay a large percentage (say 6-10% annually) than those at a $1million (say 1-2%). Couple it with a straight tax on corporate revenue of 1-2% and a national sales tax of 2-3%. Enact laws to ensure full disclosure(forfeiture if caught, etc).

Eliminate the Fed, exchange all Fed Reserve notes for Treasury dollars and pay off all the US debt with the same. Allow limited short term printing but never two years in a row and the following years budget must include full repayment or something along those lines. Force the government to run a balanced budget. if they can't, then you simply sequester over and over again. If the need for foriegn war arises then force a national vote for a special levy. If it fails you don't fight that foriegn wars. Quit funding programs which are not advancing the interest of the general population and quit failing to hold those who run accountable for excessive spending. If they can't get it done, we can find someone else who will. Tight ships can be run when there is the will.

I don't see why accumulated wealth should be taxed. My older relatives lived through the war years, were told that "take care of the pennies, and the pounds take care of themselves". They were thrifty through their best years, not counting rationing, they avoided debt and credit cards, put a little away every week over 40 years, until they thought they had enough to carry them through retirement, and avoided being a burden on the system. What was their reward? To have interest rates slashed to 0%, reducing their retirement income down to zero, have all the money they saved up became worthless due to "quantitative easing", all because the banksters thought everyone could become richer through inflating house prices. And then they are called "coffin dodgers" by the very same numpties that got the country into this mess in the first place.

Other people bought homes and farms when they were younger and prices were cheap with the goal of creating a future for their children. It isn't their fault that the government decided to bring in millions more people into the country in order to deliberately create a housing shortage and push up prices. Then they find that the inheritance tax forces them to sell up their family business thus defeating the purpose of their investment.

reply to post by buster2010


So I take it, that a you were not one of the folks that profited from those Reganomic years? Those were the best years of my life. I went from little money to nice and cozy. Something many here will never get to experience. I kind of equate it to the carefree roaring twenties.

Now you talk about the national debt like it is something evil. I thought present day thinking is the more the better? Ya know stimulate the economy and redistribute the debt, er I mean wealth. Can your remind me how much the debt has gone up in recent years? Spending this much I guess remedied the present recession, correct? A least during Regans years, we got out of the recession.

Originally posted by FidelityMusic
The boroughs are full of small businesses, there are a lot of people out here, but these businesses struggle as it is because there are so many small businesses competing. I say all of NYC have a small business strike for a few days, demand compensation for every single day they're on strike, demand the taxes be lowered to whatever number they want. It would be the equivalent of NYC shutting down, Obama would be forced to comply.

I doubt very much this would effect any of the large businesses and may only inconvenience those employees that work for them! Doing this would also reduce profits for those businesses and cause them to lose money!
These businesses would still have to pay rent on these days and still have to pay for utilities! If these businesses are struggling now, think of the effect this strike would have on them!

I recently read in the SI advance (a NY city paper) that NY is about to go the way of Detroit! I did not read the article because I did not have the time then but I wonder if NY really is about to fail economically! I would expect every city in the nation to fail as well! If this is where we are heading then not even the early twentieth century depression would come close to what we are facing! I have been expecting economic failure since 2009 but now I see it will most likely not happen as suddenly as we might expect and I believe that its been happening since Nixon took us off the gold standard! I also expect the pace to escalate until the world realizes the good times are over! Once this is the case we can expect to see world wide riots but nothing compared to the mess we would see here in the USA and that would be nothing compared to here in large cities! I don't know when this will happen for sure but I expect it to begin some where before the end of Obummer's reign and expect him to declare marshal law along with an emergency extension of his term until order is once again established!
I hope I'm wrong about all this, as wrong as I was about those collapses I've been predicting each summer since
the 2008 Banking shenanigans but even a broken clock is right twice a day!

reply to post by neo96


This should be reversed, 28% for Small Business 50% for large corps.

reply to post by elouina


Wrong, America has been in debt Since Andrew Jackson, the last president that pay off the national debt

Regan was credited with making the nation soo good, but the reality is that he paved the mess we had today with his Reganomics. No wonder no other president has adopted his economic legacy since then Actually the mess he created with the Hike on interest rates cost Bush Sr. his second term because in order to fix the mess he had to increase taxes,

Originally posted by marg6043
reply to post by elouina

 

Wrong, America has been in debt Since Andrew Jackson, the last president that pay off the national debt

Regan was credited with making the nation soo good, but the reality is that he paved the mess we had today with his Reganomics. No wonder no other president has adopted his economic legacy since then Actually the mess he created with the Hike on interest rates cost Bush Sr. his second term because in order to fix the mess he had to increase taxes,

What's wrong? Try that again? I have no clue what you are referencing.

So now we are not only blaming Bush, we are blaming Regan also. Look, like I said, at least we got something for our debt under Regan. With Obama, we have both a continuing recession and a debt that is growing faster than ever. AND, we have record numbers of people in poverty. 13% poverty would be an impossible dream under the Obama admin. He hands out too much incentive to keep them there.

I am not sure if anyone's interested in the nitty-gritty details about the reasoning behind the proposal. For those who are the New Yorker article does a good job explaining the logic for what's on the face of it an unappealing tax code "improvement."

www.newyorker.com...

In the nineteen-fifties, corporate taxes accounted for about a third of federal tax revenues; today, they contribute less than a tenth. At a time when over-all revenues are running markedly below their historic averages relative to G.D.P., the Obama Administration and Congress should be focusing on ways to wring more money out of big companies—not less, or even the same amount. At least in private, the White House and the Treasury Department will say that’s what they are doing. In calling for the reform to be revenue neutral over the long term, and in appropriating some of the monies that would be created during the transition to the new system, they are effectively calling for a modest tax increase over the short term, although they would be understandably reluctant to describe it as such.

reply to post by marg6043


True which is why the income tax was created after the civil war to pay down debt, now the only thing it is used for is political manipulation, and giving people 'free' stuff.


Flat tax 15% for both corporate and small business IMO and the feds need to stop manipulating wage increases , because that is extends to SS contributions as well.

reply to post by bigman88


There is a bodega on every street, sometimes two per street on opposite blocks. Same with laundromats, restaurants, clothing stores, $.99 stores, etc. The taxes add to the struggle already present through competition, not the other way around. If the stores were being taxed less and the larger corporations were being taxed more, the stores would be paying more for the products being delivered by the corporations. Either way extra dough is kept out of their pockets, the system isn't made for them to thrive and do good.

The only problem anybody is having with this is the government showing their willingness to take directly from the people trying to make ends meat rather than the people getting million dollar bonuses.

reply to post by elouina


Americas economic mess is actually the result of decades of government mismanagement, yes Obama has done nothing but creating more mess but that is the way is going to be with any other president that comes around.

The only reason people feel that they got it soo good with Reagan is because he increased interest rates while lowering taxes, that was the way to make the working class feel like they were getting something.

But it was unsustainable.

Presidents after Regan had to either lower interest rates while increasing taxes, that do not go well with the working class.

But having both things at the same time like Obama has been doing is proving to be even worst because is not end to vicious cycle of decades of crappy government.

reply to post by neo96


Yes, but also remember when the federal Reserve was created, somebody wanted to profit from the taxes and for the new loans that the government was going to incur after that, we the citizens of this nation has been nothing but slave since then.