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Take a number at the unemployment office. - 10/10/2008 6:52:31 PM
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JJB1222
Posts: 227
Joined: 7/16/2008
From: where the mountains meet the sea, Puget Sound.
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Mark my words...if Barack Obama becomes president he will indeed destroy the small businesses of this country. Don't be fooled. He promised to give breaks to families that make less than $250K. Here is the definition of a small business according the Small Business Administration:
Crop production of all types $750,000
Animal production except for cattle & chicken/eggs $750,000
Cattle feedlots $2.5M
Chicken/egg production $12.5M
Forestry & logging $7M
Fishing $4M
Irrigation, sewage, water supplies $7M
Housing construction $33.5M
Heavy and civil engineering construction $33.5M
Dredging and cleanup $20M
Concrete, framing, and other housing contractors $14M
Car dealers $23-29M
RV, motorcycle, & boat dealers $7M
Furniture, hardware, clothing & sporting good stores $7M
Electronic stores $9M
Supermarkets, gas stations & department stores $27M
Pharmacies $7M
It may sound like these companies are making a lot of money, but that income also includes payrolls of up 500-1000 employees and with that, these companies are providing benefits to their employees. Now, with the financial crisis and the credit freeze these companies are hurting more than ever. And now is NOT the time for pointing fingers, it's time to fix it. Obama wants to continue their tax rate of 35% which will cripple them. And remember, they are the driving force of our country. They are the ones providing many of your jobs. I should know because I am one of those business owners. I will be faced with laying off employees if we continue to have to pay this INSANE tax rate.
McCain wants to lower the tax rate to these companies to 25%. That would make all the difference. Unless you work for a government bureaucracy or plan to...you might be out of a job or out of business.
Now...I need to get back to work...I have payroll to do!
_____________________________
~ Jamie ~
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RE: Take a number at the unemployment office. - 10/10/2008 7:07:55 PM
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Lady_of_Faith
Posts: 81
Joined: 9/18/2008
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Yeah, that was one of the issues that disappointed me about BO. That would cripple 'small' companies as a whole. My concern is since JM wants to lower the tax rate by 25%, where will that 25% come from to make up the difference? I don't know if I'm making sense, but money revolves around in circles.
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Obama's tax plan - 10/10/2008 7:36:57 PM
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Evangel70
Posts: 550
Joined: 10/28/2006
Status: offline
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quote:
Don't be fooled. He promised to give breaks to families that make less than $250K.
You do realize Obama's tax breaks are for INDIVIDUALS and they are NOT corporate taxes. So yes, if the cattle feeder or car dealor or electronic salesman is making a PROFIT of over $250 K (after taking all his business expense deductions if he's filing a schedule C) then he will see a small bump in his taxes.
Maybe the individuals running small business in YOUR neighborhood make a yearly profit of over $250K but most small business owners I know consider it a profitable year if they can take home a third of that amount.
_____________________________
May the God who gives endurance and encouragement give you a spirit of unity among yourselves as you follow Christ Jesus, so that with one heart and mouth you may glorify the God and Father of our Lord Jesus Christ.
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RE: Obama's tax plan - 10/10/2008 7:41:46 PM
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Peter_Gunn
Posts: 706
Joined: 6/12/2008
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The formal name for Obama's tax and economic plan...Redistribution of Wealth.
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RE: Take a number at the unemployment office. - 10/10/2008 9:42:58 PM
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iluvatar
Posts: 2028
Joined: 4/12/2005
Status: online
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quote:
ORIGINAL: JJB1222
Mark my words...if Barack Obama becomes president he will indeed destroy the small businesses of this country. Don't be fooled. He promised to give breaks to families that make less than $250K. Here is the definition of a small business according the Small Business Administration:
Crop production of all types $750,000
Animal production except for cattle & chicken/eggs $750,000
Cattle feedlots $2.5M
Chicken/egg production $12.5M
Forestry & logging $7M
Fishing $4M
Irrigation, sewage, water supplies $7M
Housing construction $33.5M
Heavy and civil engineering construction $33.5M
Dredging and cleanup $20M
Concrete, framing, and other housing contractors $14M
Car dealers $23-29M
RV, motorcycle, & boat dealers $7M
Furniture, hardware, clothing & sporting good stores $7M
Electronic stores $9M
Supermarkets, gas stations & department stores $27M
Pharmacies $7M
It may sound like these companies are making a lot of money, but that income also includes payrolls of up 500-1000 employees and with that, these companies are providing benefits to their employees. Now, with the financial crisis and the credit freeze these companies are hurting more than ever. And now is NOT the time for pointing fingers, it's time to fix it. Obama wants to continue their tax rate of 35% which will cripple them. And remember, they are the driving force of our country. They are the ones providing many of your jobs. I should know because I am one of those business owners. I will be faced with laying off employees if we continue to have to pay this INSANE tax rate.
McCain wants to lower the tax rate to these companies to 25%. That would make all the difference. Unless you work for a government bureaucracy or plan to...you might be out of a job or out of business.
Now...I need to get back to work...I have payroll to do!
Are businesses taxed on profits or on revenues?
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
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RE: Obama's tax plan - 10/11/2008 1:33:19 AM
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blessedinnyc
Posts: 1999
Joined: 10/12/2007
Status: offline
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quote:
ORIGINAL: Peter_Gunn
The formal name for Obama's tax and economic plan...Redistribution of Wealth.
Ouch! It's almost as bad as the redistribution of wealth we had under Ronald Reagan when the tax schedule was more progressive. Oh well, Ronald Reagan was a darned commie, and I guess Barry is, too.
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RE: Take a number at the unemployment office. - 10/11/2008 11:40:35 AM
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KaseyTom
Posts: 163
Joined: 9/12/2008
Status: offline
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quote:
ORIGINAL: JJB1222
Mark my words...if Barack Obama becomes president he will indeed destroy the small businesses of this country. Don't be fooled. He promised to give breaks to families that make less than $250K. Here is the definition of a small business according the Small Business Administration:
Crop production of all types $750,000
Animal production except for cattle & chicken/eggs $750,000
Cattle feedlots $2.5M
Chicken/egg production $12.5M
Forestry & logging $7M
Fishing $4M
Irrigation, sewage, water supplies $7M
Housing construction $33.5M
Heavy and civil engineering construction $33.5M
Dredging and cleanup $20M
Concrete, framing, and other housing contractors $14M
Car dealers $23-29M
RV, motorcycle, & boat dealers $7M
Furniture, hardware, clothing & sporting good stores $7M
Electronic stores $9M
Supermarkets, gas stations & department stores $27M
Pharmacies $7M
It may sound like these companies are making a lot of money, but that income also includes payrolls of up 500-1000 employees and with that, these companies are providing benefits to their employees. Now, with the financial crisis and the credit freeze these companies are hurting more than ever. And now is NOT the time for pointing fingers, it's time to fix it. Obama wants to continue their tax rate of 35% which will cripple them. And remember, they are the driving force of our country. They are the ones providing many of your jobs. I should know because I am one of those business owners. I will be faced with laying off employees if we continue to have to pay this INSANE tax rate.
McCain wants to lower the tax rate to these companies to 25%. That would make all the difference. Unless you work for a government bureaucracy or plan to...you might be out of a job or out of business.
Now...I need to get back to work...I have payroll to do!
The 250K refers to personal income, not receipts from your business. For a small business owner, this would be the amount you pay yourself. If you are paying yourself 250K, you can afford to pay a higher personal income tax. If you don't want to pay it, leave the money in your business.
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RE: Take a number at the unemployment office. - 10/11/2008 9:59:59 PM
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rlj
Posts: 2349
Joined: 4/14/2005
Status: offline
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quote:
Eh...either way...whichever party is in the "seat"...the outcome will be about the same in that respect.
Like it's been said...both parties want the same thing, the Dems just want it faster!
Walter Williams when he'd fill in for Rush Limbaugh years ago was the one who I always remember saying "there is no difference between a democrat and a republican. They both want your money, the difference is who they want to give it to".
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Take a number at the unemployment office. - 10/12/2008 8:54:41 AM
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iluvatar
Posts: 2028
Joined: 4/12/2005
Status: online
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quote:
ORIGINAL: rlj
Walter Williams when he'd fill in for Rush Limbaugh years ago was the one who I always remember saying "there is no difference between a democrat and a republican. They both want your money, the difference is who they want to give it to".
Along those same lines, somebody on here a couple weeks ago described a libertarian as people who realize that it's not government or "big business" that's the problem, but people. And people, be they in government or in business, will find a way to screw you over either way.
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
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RE: Obama's tax plan - 10/12/2008 3:45:24 PM
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rhippie
Posts: 558
Joined: 4/13/2005
From: Rich The Hippie
Status: offline
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quote:
ORIGINAL: Evangel70
quote:
Don't be fooled. He promised to give breaks to families that make less than $250K.
You do realize Obama's tax breaks are for INDIVIDUALS and they are NOT corporate taxes. So yes, if the cattle feeder or car dealor or electronic salesman is making a PROFIT of over $250 K (after taking all his business expense deductions if he's filing a schedule C) then he will see a small bump in his taxes.
Maybe the individuals running small business in YOUR neighborhood make a yearly profit of over $250K but most small business owners I know consider it a profitable year if they can take home a third of that amount.
While I may not agree with BO or any of his policies I have to admit that this is one of the areas that the R's are misstating the truth. BO will only be raising taxes on folks with income greater than $250K not gross revenues greater than $250K
_____________________________
Stand up for what's right....even if you're standing alone
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RE: Obama's tax plan - 10/12/2008 4:09:42 PM
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rcjames
Posts: 5767
Joined: 7/15/2005
From: Oklahoma
Status: offline
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It is pure kool-Aid drinkers that think most businesses are set us as pure corporation.
The vast majority are either DBAs or Subchapter S corporations which the owner pays tax on the profit as personal income because it is.
If a person sets up a business as a pure corporation then they must pay taxes on the profits of the corporation (paid by the corporation not counting dividends), and then pay personal taxes on the dividends (Read double taxation).
This is the reason for the pass through Subchapter S corporation for small businesses.
Obama's tax plan will for certain destroy the entrepreneurial spirit that has been the mainstay of America.
Thanks
RC
_____________________________
Just a country Preacher's humble opinion
Read the first chapter of my latest book here;
http://www.deliveranceofsara.com
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RE: Obama's tax plan - 10/12/2008 6:46:30 PM
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rgsoundguy
Posts: 396
Joined: 4/12/2005
From: Pottstown, PA
Status: offline
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Unemployment can be applied for both over the phone and online, no need to take a number at the office.
_____________________________
Albert Einstein said that insanity is doing the same thing over and over again and expecting different results. That convinces me that our nation is insane because we continually elect republicans and democrats expecting change and get none.
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RE: Obama's tax plan - 10/12/2008 6:57:32 PM
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Zhi
Posts: 1500
Joined: 7/31/2007
Status: offline
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I guess you could always declare your family an LLC...
I look at it this way... tax breaks for me are not really worth a whole lot if I don't have a job for them to take a taxed portion of my salary out of. Therefore, I would rather protect the small businesses that I work for so I can keep my jobs, than reduce my own tax rate, if it's an either-or proposition.
_____________________________
The optimist says the glass is half full. The pessimist says the glass is half empty. The engineer says the glass is twice as large as it needs to be.
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RE: Obama's tax plan - 10/16/2008 3:37:58 PM
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JJB1222
Posts: 227
Joined: 7/16/2008
From: where the mountains meet the sea, Puget Sound.
Status: offline
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quote:
ORIGINAL: rcjames
It is pure kool-Aid drinkers that think most businesses are set us as pure corporation.
The vast majority are either DBAs or Subchapter S corporations which the owner pays tax on the profit as personal income because it is.
If a person sets up a business as a pure corporation then they must pay taxes on the profits of the corporation (paid by the corporation not counting dividends), and then pay personal taxes on the dividends (Read double taxation).
This is the reason for the pass through Subchapter S corporation for small businesses.
Obama's tax plan will for certain destroy the entrepreneurial spirit that has been the mainstay of America.
Thanks
RC
Thank you! Yes, corporations themselves do not pay the taxes...it goes to the individual owners who file it on their personal returns. Nobama doesn't want to tell you that part and he hopes that we're all too stupid to figure it out before we cast our votes.
_____________________________
~ Jamie ~
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RE: Obama's tax plan - 10/16/2008 4:29:33 PM
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Peter_Gunn
Posts: 706
Joined: 6/12/2008
Status: offline
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Okay, here's my plan:
First, I'll empty my 401K (tax-free, thanks to Obama) then pay off my house with it.
Second, I'll quit my job...the only job in the household.
Third, I'll get a job at Home Depot (for no more than 39 hours a week) to pay the monthly expenses.
Fourth, the wife will get in the food stamp line, plus bank the tax subsidies that we'll get because I won't make enough to pay taxes.
Sound like a plan?
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RE: Obama's tax plan - 10/16/2008 4:41:59 PM
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NoShow
Posts: 450
Joined: 5/10/2005
Status: offline
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quote:
ORIGINAL: Zhi
I guess you could always declare your family an LLC...
Your family and the Gov't can be the LLC Members.
In a LLC, the allocation of Profits and Loss for tax purposes, does not have to be the same as the actual distribution of Cash. So can I have 99% of the Cash and the Gov't can have the other 1% and the Gov't can have 99% of the Profits for tax purposes and I'll take 1%?
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