Obama: raising taxes on small businesses

[Dave_In_Norfolk]

SHUT UP! Apple had a record quarter!

Lots of corporations are doing great. Profits all around! Bad bad!!

[Magox]

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

Oh, look who showed up? Dumb's sidekick, Dumber

[drnykterstein]

Oh, look who showed up? Dumb's sidekick, Dumber

Keep on dodging the point.

[IDBillzFan]

Who is the anti-business party that's blocking Obama's $30 Billion in aid in loans to small businesses? Who is that again?

Jesus, I can't possibly believe how unbelieveably incompetent liberals are when it comes to business.

 

"Hey everyone...let's just loan them more money, and when the GOP fights our efforts to once again throw money we don't have at a problem we don't understand, we can tell everyone that the GOP is anti-business. It's perfect, and we're so smart for not fixing anything, but getting our pathetic base to THINK we're doing something."

 

Fuggin' incompetent idiots.

[drnykterstein]

"Hey everyone...let's just loan them more money, and when the GOP fights our efforts to once again throw money we don't have at a problem we don't understand, we can tell everyone that the GOP is anti-business. It's perfect, and we're so smart for not fixing anything, but getting our pathetic base to THINK we're doing something."

Just because you don't understand it, does not mean others suffer from the same dilemma.

 

You certainly seem to be saying that making money available for small businesses to borrow does not help them. I would concur strongly that you do not understand.

 

The GOP is not anti business. The GOP is Pro-GOP. They have demonstrated they are perfectly willing to sabotage the economy so that uneducated idiots will think Obama is the problem. The uneducated idiots then proceed to create threads like this one and try to spread their false propaganda.

[....lybob]

Not a surprise.

 

Sorry this is Bush raising Taxes on small businessmen- you can only blame Obama for not thwarting Bush's devilish Tax increase.

[Magox]

Keep on dodging the point.

I'll play along

 

 

Let's see here Conner,

 

1. the $1,000 per child tax credit will fall to $500

 

2. the marriage penalty will be re-imposed.

 

3. The death tax will return in 2011 at a 55 percent rate.

 

4. Capital gains and dividends tax rates currently 15 percent for most investors – will jump to 20 percent and 39.6 percent, respectively, and capital gains to nearly 24 percent in 2013.

 

5. More business income is taxed at individual rates rather than corporate rates. According to the Treasury Department, two-thirds of all flow-through business income is taxed at the top two rates. More than 2 million of the taxpayers in the top two tax rates are small business owners. Therefore, one-third of all business income will see its tax rates rise under Obama’s tax increase plan. Nearly seven out of ten new jobs since 1992 were created by small businesses, according to the Bureau of Labor Statistics. Raising these tax rates would punish the very taxpayers most likely to hire unemployed Americans and create new jobs.

 

6. A 40% tax on health insurance plans exceeding determined levels. Those levels are projected for 2013 to be $8,500 for self only and $23,000 for any other level.

 

7. An increase from 10% to 20% on taxes of money in a health savings account not used for qualified medical expenses. For Archer medical savings accounts, an increase from 15% to 20%.

 

8. A $50,000 tax on hospital organizations, which fail to meet described quality requirements.

 

9. A fee based tax upon the sales of pharmaceutical companies in relation to the total sale of such pharmaceutical products to the public.

 

10. Medical device manufacturers must pay a fee (tax) in relation to the sales of their product in the marketplace and the total sales of devices.

 

11. A fee (tax) applied to all health insurance providers based upon net premiums and any third party fees associated with the administration of those programs.

 

12. High income tax payers, making on a joint return over $250,000 and a standard return over $200,000, are required to pay an additional 0.5% of wages. This applies to both self-employed, and regularly employed individuals.

 

13. A 2.5% income tax on individuals who do not have health care coverage, limited to a cost less than the average national health care premium. Mandate to carry health insurance, You know the exchange between STEPHANOPOULOS and Obama on ABC

Stephanopoulos: That may be, but [Obamacare is] still a tax increase.

 

OBAMA: No. That's not true, George. The -- for us to say that you've got

> to take a responsibility to get health insurance is absolutely not a tax

> increase. What it's saying is, is that we're not going to have other people

> carrying your burdens for you anymore than the fact that right now everybody

> in America, just about, has to get auto insurance. Nobody considers that a

> tax increase.

 

 

> ---

 

 

> OBAMA: No, but -- but, George, you -- you can't just make up that language

> and decide that [Obamacare is] called a tax increase. Any...

 

 

> STEPHANOPOULOS: I -- I don't think I'm making it up. Merriam Webster's

> Dictionary: Tax -- "a charge, usually of money, imposed by authority on

> persons or property for public purposes."

 

 

> OBAMA: George, the fact that you looked up Merriam's Dictionary, the

> definition of tax increase, indicates to me that you're stretching a little

> bit right now. Otherwise, you wouldn't have gone to the dictionary to check

> on the definition. I mean what...

 

 

> ---

 

 

> STEPHANOPOULOS: I wanted to check for myself. But your critics say it is a

> tax increase.

 

 

> OBAMA: My critics say everything is a tax increase. My critics say that

> I'm taking over every sector of the economy. You know that. Look, we can

> have a legitimate debate about whether or not we're going to have an

> individual mandate or not, but...

 

 

> STEPHANOPOULOS: But you reject that it's a tax increase?

 

 

> OBAMA: I absolutely reject that notion.

 

When Congress required most Americans to obtain health

> insurance or pay a penalty, Democrats [Obama] denied that they were creating

> a new tax. But in court, the Obama administration and its allies now defend

> the requirement as an exercise of the government's "power to lay and collect

> taxes."

 

 

> In a brief defending the law, the Justice Department says the requirement

> for people to carry insurance or pay the penalty is "a valid exercise" of

> Congress's power to impose taxes.

 

 

> http://www.nytimes.com/2010/07/18/health/p...l?_r=1&re...

 

 

> ---

 

 

> "I pledge that under my plan, no one making less than $250,000 a year will

> see any type of tax increase," he said. "Not income tax, not capital gains

> taxes, not ANY kind of tax."

 

 

> http://www.ctv.ca/servlet/ArticleNews/prin...080912/obama_ad

 

 

 

 

14. A 10% tax for Sun tan businesses.

 

15. For self-insured plans, a fee on the the sponsor whether that is the employer or the employee organization. Also, a fee on the issuer of every health care plan imposed.

 

16. For firms refusing to pay health insurance, but not meeting required exclusions, an 8% tax on wages will be applied.

 

17. The legislation would for the first time apply Medicare taxes to investment income received by these households beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents, and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn.

 

18. The bill also increases the individual’s share of Medicare tax currently imposed on salaries starting at $200,000 for individuals and $250,000 for couples to 2.35 percent, from 1.45 percent currently.

 

How's that for dodging?

 

Here's where you say something like "Na uhhh, right wing Obama hating conpsiracy talk"

[drnykterstein]

Dude you just pasted that from some insane right wing blog. No references, no data, no proof, no nothing. You just pasted in a pile of possible bull crap. I'm sure most of it can be debunked. I could find no (real) evidence supporting or debunking any of these claims.

 

6. A 40% tax on health insurance plans exceeding determined levels. Those levels are projected for 2013 to be $8,500 for self only and $23,000 for any other level.

The cadillac plans? Give me a break. This is unrelated to small business.

 

8. A $50,000 tax on hospital organizations, which fail to meet described quality requirements.

Uhm... good, I'm glad. Also this is unrelated to small businesses. But really, given your "source", it's probably not even true.

 

Also several of your "taxes" are penalties and sanctions. Would you rather they threw business owners who don't comply with regulations into jail?

 

 

Also, please acknowledge that Obama has several times tried to get tax cuts and other assistance to small businesses, and in all of the cases the Republicans have blocked him.

[KD in CA]

Who is the anti-business party that's blocking Obama's $30 Billion in aid in loans to small businesses? Who is that again?

 

Oh, raise taxes on them but give them loans. That's brilliant.

 

Meanwhile, idiots like you fail to undersand the hidden costs to small businesses of the endless regulation requirements forced on businesses of all sizes in the HC bill, the banking bill, etc.

[GG]

Dude you just pasted that from some insane right wing blog. No references, no data, no proof, no nothing. You just pasted in a pile of possible bull crap. I'm sure most of it can be debunked. I could find no (real) evidence supporting or debunking any of these claims.

 

Since those items are simply a list of the actual proposed tax increases, go ahead and debunk them.

 

Take your time.

[Magox]

Dude you just pasted that from some insane right wing blog. No references, no data, no proof, no nothing. You just pasted in a pile of possible bull crap. I'm sure most of it can be debunked. I could find no (real) evidence supporting or debunking any of these claims.

 

 

The cadillac plans? Give me a break. This is unrelated to small business.

 

 

Uhm... good, I'm glad. Also this is unrelated to small businesses. But really, given your "source", it's probably not even true.

 

Also several of your "taxes" are penalties and sanctions. Would you rather they threw business owners who don't comply with regulations into jail?

 

 

Also, please acknowledge that Obama has several times tried to get tax cuts and other assistance to small businesses, and in all of the cases the Republicans have blocked him.

Your responses are so predictable....

 

The burden is on you to debunk them

 

idiot

 

But I will give you a headstart, a big one , a really big one. You can find all of these health care taxes in HR 3590 btw.

 

Spreading the wealth cuz you know, bloomberg news is sooo right wing.

 

 

Also, in regards to that $30 Billion small business fund. Maybe this could be a reason http://noir.bloomberg.com/apps/news?pid=ne...id=aIL1LRfRh7w4

 

President Barack Obama is on the verge of creating as much as $300 billion in credit for small businesses as bankers raise doubt about whether there’s demand for new loans and how much will be repaid.

 

The U.S. Senate may vote this week on a bill to funnel $30 billion of capital to community banks, whose business customers typically are small firms. Banks could leverage the sum to make $300 billion in loans that create jobs, according to a Senate summary. That could more than double the commercial and industrial loans at eligible banks as of the first quarter, according to data compiled by KBW Inc.

 

Bankers say the problem isn’t scarce credit, it’s lack of demand from creditworthy firms in a weak economy. The result may be more loans given to distressed firms and higher losses. While bank regulators don’t compile default rates, the biggest lenders have charge-offs of 4 percent to 14 percent tied to small businesses. Eliot Stark, managing director at Capital Insight Partners Inc., said their credit record resembles “junk.”

 

“The highest demand for loans is from the companies least qualified, the companies that have really struggled because of the economic downturn,” said Stark, a former Comerica Inc. executive whose Chicago-based investment bank helps community lenders raise capital. The way lawmakers see it, “everyone’s a good borrower, and that’s just not the case.”

 

Default Rates

 

Bank of America Corp., the biggest U.S. lender, is trying to “make every good loan we can,” said David Darnell, president of global commercial banking, in a June 3 statement. “Our clients are telling us that until they see sales pick up, they are reluctant to hire and invest.”

 

Wells Fargo & Co., which says it’s the biggest small- business lender, is “sitting here with tons of liquidity and we’re marching double time in search of more loans,” Chief Executive Officer John Stumpf said in an interview. “In most cases when I hear stories about small businesses not getting loans, it’s the case that more credit will not help them. They need more equity, they need more profitability.”

 

Other gauges show higher defaults, with the SBA reporting a 6.8 percent rate this year on its main “7(a)” loan program through May, higher than junk bonds. Defaults on U.S. corporate speculative-grade debt since 1981 averaged 4.5 percent, according to Standard & Poor’s.

 

Bank of America wrote off 14 percent of small-business loans in 2010’s first half, more than 10 times the rate for other commercial loans. Spokesman Jefferson George declined to comment on the default rate. Citigroup Inc.’s Robert Julavits said the New York bank doesn’t disclose its defaults.

 

More than 240 banks have failed since the start of 2009 as consumers and businesses fell behind on loans. Most of the failures were community lenders.

 

Small-business loans show higher credit losses than larger companies in “good or bad” times, said American Express Co. CEO Kenneth I. Chenault in a June 2 teleconference. Spokesman Tom Sclafani said AmEx, which offers a line of credit cards to small firms, doesn’t release default data.

 

The biggest card firm dedicated to small business was Advanta Corp., based in Spring House, Pennsylvania. Advanta cut off its approximately 1 million accounts last year after defaults soared to 20 percent. They eventually topped 50 percent as small firms were “devastated” by the recession, according to Advanta, which went bankrupt in November.

 

Small borrowers are higher risks because their size leaves less room for error, bankers say. Half fail within their first five years, according to the SBA, and the recession eroded the value of hard assets such as property and equipment to pledge as collateral, said Alfred Osborne, senior associate dean of the UCLA Anderson School of Management in Los Angeles.

 

“We can create lots of jobs making bad loans,” NFIB chief economist William Dunkelberg said. “We did that during the housing bubble.”

 

But I don't expect you to read anything that doesn't fit your belief. This is a reason why everyone mocks you for being such an ignorant lemming.

 

Oh and "Cadillac Plans", "unrelated to small business"? Who do you think pays for most peoples health insurance? Dumbass

[Joe Miner]

Conner is the most amazing troll I've seen in a long time.

 

Splendid job of playing the buffoon.

[3rdnlng]

Conner is the most amazing troll I've seen in a long time.

 

Splendid job of playing the buffoon.

 

 

I disagree. being a troll means that you have actually attained some sort of status, albeit a not very exalted one. Conner is just too dumb and confused to really have any status.

[Joe Miner]

I disagree. being a troll means that you have actually attained some sort of status, albeit a not very exalted one. Conner is just too dumb and confused to really have any status.

 

I used to think that.

 

I keep leaning more and more to it being an act. He's playing a role. And playing it marvelously.

[3rdnlng]

I used to think that.

 

I keep leaning more and more to it being an act. He's playing a role. And playing it marvelously.

 

Well, if he is playing a role he's pretty good at it. Why would you want to be universally considered to be so dumb? Maybe I should ask Dave in Norfolk that question.

[Chef Jim]

Lots of corporations are doing great. Profits all around! Bad bad!!

 

Time to get a clue Dave. Small businesses are this country's biggest employers and they're not doing well.

[keepthefaith]

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

 

The devil is in the detail and the detail of most bills that Obama signs is butt ugly. Did you know that the financial reform bill is full of minority hiring requirements? Why on earth would anyone write that into a "financial reform" bill?

[KD in CA]

Conner is the most amazing troll I've seen in a long time.

 

Splendid job of playing the buffoon.

 

 

I disagree. A good troll gets people riled up, conner is just a laughingstock.

[bills_fan]

Interesting that even some in the Obama administration have recently written that tax hikes hurt business. here is the article and here is a link to her actual paper. Pretty interesting, if dense, read.

[Joe Miner]

I disagree. A good troll gets people riled up, conner is just a laughingstock.

 

Riled up...maybe not.

 

But he definitely gets people to respond. Some of those responses require a bit more effort than what I tend to give to laughingstocks.

 

But my props basically go to his sticking with his act of total incompetence on any subject that's brought up. I mean no one could possibly be that dumb...right?