Fingon Posted July 26, 2010 Share Posted July 26, 2010 * The Obama Administration and Congressional Democrats have said that they want to raise taxes in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and small business owners earning at least $200,000 per year * Unlike corporations, small businesses usually don’t pay their own taxes. Rather, business profits flow through to the business owner. The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes. * According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and “pass-through” entities like partnerships and S-corporations. * All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $981 billion. A large chunk of this net profit--$488 billion—faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan. * Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion—faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan. * S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $717 billion. A majority of this profit--$398 billion—faced taxation in households making more than $200,000 per year. 55 percent of S-corporation and partnership profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan. Read more: http://www.atr.org/smallbusiness.html?cont...7#ixzz0uoqerri6 Not a surprise. Link to comment Share on other sites More sharing options...
/dev/null Posted July 26, 2010 Share Posted July 26, 2010 Old news Link to comment Share on other sites More sharing options...
IDBillzFan Posted July 26, 2010 Share Posted July 26, 2010 Old news Still, it never hurts to keep putting it out there in hopes that, y'know, someone in the current administration will learn how small businesses operate. As it is, they're currently convinced the economy is not recovering because their message just hasn't been as good as it could be. If only people weren't so stupid, or if only their message was somehow better, the economy would surely turn around quickly. Link to comment Share on other sites More sharing options...
DC Tom Posted July 26, 2010 Share Posted July 26, 2010 But they're not anti-business. Link to comment Share on other sites More sharing options...
GG Posted July 26, 2010 Share Posted July 26, 2010 But they're not anti-business. They're not. They're anti imperialist oligarch trillionnaires. Link to comment Share on other sites More sharing options...
WisconsinBillzFan Posted July 26, 2010 Share Posted July 26, 2010 What makes anyone think Obama actually wants to reduce unemployment? His base certainly didnt put him office for jobs. They just want the unemployment checks flowing, the food stamps flowing, and the free healthcare flowing. If Obama actually started creating jobs he'd probably get primaried! Link to comment Share on other sites More sharing options...
KD in CA Posted July 26, 2010 Share Posted July 26, 2010 Still, it never hurts to keep putting it out there in hopes that, y'know, someone in the current administration will learn how small businesses operate. or, idiotic American voters will learn how jobs are created and that will drive them to make more intelligent choices at the polls. Link to comment Share on other sites More sharing options...
Magox Posted July 26, 2010 Share Posted July 26, 2010 They're not. They're anti imperialist oligarch trillionnaires. Even though it is "old news", it is an important point to make. Many people seem to think "well, they are rich so it's ok". That's not entirely true, over 75% of the people that will get hit by this tax are small business owners, and the vast majority of the jobs produced are from the small business sector. Considering that the job sector that has been lagging the most is small business, one has to consider if this is a wise and prudent move to get the labor market going. When Tim Geithner the other day said "I do not believe it will have a negative effect on growth." I just had to think to myself, "HOW THE !@#$ DID HE GET THIS JOB?" Of course it's going to have a negative effect on GROWTH!! What a !@#$ing idiot! Did he really say that? That comment alone is grounds for a verbal ass !@#$ing from the entire business community. What they should do if they are going to allow the Bush tax cuts to expire is offset them with lowering the corporate tax code and extra tax incentives for small businesses. We need to reduce the deficit, yes, but at the same time part of the solution to reducing the deficit is stimulating the economy to generate more tax revenues. It is a tricky balance, you can't JUST cut and then hope for the deficit to reduce in a meaningful manner. The reason why the deficit is so bad right now is largely due to lack of tax receipts, of course spending is a big problem as well, but it has to be attacked in a two fold manner. This idea of spending to produce aggregate demand to fill the gap just won't work. Sure it will produce some demand and jobs, but it's not a sustaining solution. As I've argued ad nauseum we have structural problems in the labor market and unfortunately there is no silver bullet solution. No matter who's in charge, pain is in the forecast. The best thing we can do is create an environment that is conducive for job growth, which means more Free Trade agreements to cater to the countries that are growing, which in turn will help us over the medium to long term for our manufacturing base, lower corporate and small business taxes to incentivize businesses to grow and allow them to be more profitable and have a weak dollar policy, and the way we can do that is having the Federal Reserve move up their inflation target from 2% to 4%. Yeah I know, doesn't sound appealing, and it's risky, but having a weaker dollar will spur exports and will allow us inflate our way out of our debt. At this stage of the game, a few risks will have to be taken. Link to comment Share on other sites More sharing options...
Alaska Darin Posted July 26, 2010 Share Posted July 26, 2010 SHUT UP! Apple had a record quarter! Link to comment Share on other sites More sharing options...
drnykterstein Posted July 27, 2010 Share Posted July 27, 2010 Old news It's also fake news. Grover Norquist loves his propaganda, you tards loves to drink it down without even stopping to question it. http://www.taxfoundation.org/publications/show/26320.html, http://www.politifact.com/truth-o-meter/pr...t-for-companie/ http://www.marketwatch.com/story/obama-urg...eaks-2010-07-17 Link to comment Share on other sites More sharing options...
Magox Posted July 27, 2010 Share Posted July 27, 2010 It's also fake news. Grover Norquist loves his propaganda, you tards loves to drink it down without even stopping to question it. http://www.taxfoundation.org/publications/show/26320.html, http://www.politifact.com/truth-o-meter/pr...t-for-companie/ http://www.marketwatch.com/story/obama-urg...eaks-2010-07-17 You're an idiot! Not one of those links disproved anything we've been saying. Fake news Link to comment Share on other sites More sharing options...
drnykterstein Posted July 27, 2010 Share Posted July 27, 2010 You're an idiot! Not one of those links disproved anything we've been saying. Fake news Yes it does. You've (or this thread has) been saying "Obama wants to raise taxes on small businesses". I've completely disproved that. Link to comment Share on other sites More sharing options...
DC Tom Posted July 27, 2010 Share Posted July 27, 2010 You're an idiot! Not one of those links disproved anything we've been saying. Fake news Seriously. Conner, never has your complete lack of understanding of a topic every been displayed more clearly than you just have. Link to comment Share on other sites More sharing options...
drnykterstein Posted July 27, 2010 Share Posted July 27, 2010 Seriously. Conner, never has your complete lack of understanding of a topic every been displayed more clearly than you just have. Does the title of this thread say "Obama: raising taxes on small businesses" or does it not? Link to comment Share on other sites More sharing options...
DC Tom Posted July 27, 2010 Share Posted July 27, 2010 Does this title of this thread say "Obama: raising taxes on small businesses" or does it not? Like I said: never has your lack of understanding been more obvious. Maybe you should have read beyond the thread title. Maybe you should learn what a partnership is, too. Link to comment Share on other sites More sharing options...
Magox Posted July 27, 2010 Share Posted July 27, 2010 Yes it does. You've (or this thread has) been saying "Obama wants to raise taxes on small businesses". I've completely disproved that. The topic is about the the Bush tax cuts expiring and how it effects small businesses you blithering nimcompoop. Read this and learn. Link to comment Share on other sites More sharing options...
drnykterstein Posted July 27, 2010 Share Posted July 27, 2010 The topic is about the the Bush tax cuts expiring and how it effects small businesses you blithering nimcompoop. So we completely fail to take into account the plethora of times Obama has tried to lower taxes on small businesses and Republicans have blocked him? Hating Obama is no excuse for being ignorant about what he's tried to do. Link to comment Share on other sites More sharing options...
Magox Posted July 27, 2010 Share Posted July 27, 2010 So we completely fail to take into account the plethora of times Obama has tried to lower taxes on small businesses and Republicans have blocked him? Hating Obama is no excuse for being ignorant about what he's tried to do. The only thing that is failing here is your little pea-brain. Link to comment Share on other sites More sharing options...
Dave_In_Norfolk Posted July 27, 2010 Share Posted July 27, 2010 Who is the anti-business party that's blocking Obama's $30 Billion in aid in loans to small businesses? Who is that again? Link to comment Share on other sites More sharing options...
Dave_In_Norfolk Posted July 27, 2010 Share Posted July 27, 2010 The only thing that is failing here is your little pea-brain. No, you are letting your blind hatred of Obama blind you to the fact Obama is trying to help small businesses but the GOP is blocking him. I hope you are not some financial advisor or something, that would be sad Link to comment Share on other sites More sharing options...
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