Obama will raise small biz taxes?
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reshalghoul;242595 wrote:
Looks like the farm is pretty healthy after all.http://www.manta.com/coms2/dnbcompany_dc7z4j
What's the net on 1.5M?
serious comment?
top 8%... like i said...can you find the seed sales?
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let's see....Million in revenue....75k after taxes & expenses....he has about 680k of write offs (before taxes obviously).....so his tax bracket will be under 250k....and if I'm reading what you say correctly, he should be money ahead w/ Obama's plan?
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Thats the thing, i havent found anywhere (not looking all that hard, but looking none the less) that states what this 250k really is. Is it gross, net, receipts, total revenue, total revenue-wages, etc. If you can find that i bet youll find the bull in the china shop. For instance, any buisiness that employs close to 10 people should be making around $1mil in gains. Especially farms, most of the farms around here are split between 2-4 people as LLCs, and each makes 2-4million in total revenue. Now in order to clear taxes and such they go buy NEW stuff, not used and use up 3.5million of that keeping around 500k for wages. Now depending on what obamas 250k really encompasses it could completely destroy large "small" buisinesses.
Also just a FYI if you think only a handful of small businesses make over 250k per year, your dreaming. I urge you to look at this, it is the limit of receipts in $millions to classify yourself as a small business. as you can see, most categories you can make $750,000 --$25 MILLION in receipts or have 1000-1500 employees and still qualify. Gosh, that sounds alot like almost everybody that works around here's company that will get a tax increase dont it.
scroll down to the table, about 1/8th the way.
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=b6e780955530049be4cc0d0a0e391115&rgn=div5&view=text&node=13:1.0.1.1.15&idno=13#13:1.0.1.1.15.1.263.1 -
I still havent decided who to vote for yet, so dont take this the wrong way. I am an independent and havent sided with anyone yet.
someone has to pay for all the spending George W Bush did. He gave us a $500 billion + defecit. Are economy sucks? We haven't invested in our infastructure in the past 20 years. We are the only developed nation with out universal health care. We need to invest more money in Energy Independence. I dont know if this is the answer but Something has to be done.
Obama said:
"Instead of having all of us pay our fair share, we've got over $1 trillion worth of loopholes in the corporate tax code," he said. "This isn't the invisible hand of the market at work. It's the successful work of special interests."But its also hard for me to support McCain when He doesnt support increasing the GI Bill for veterans. He felt that by giving us more money then we would leave the military. So What, He doesnt own us. Maybe we should have a draft. It might get some people off of the computer and forums to see what the real world is like. Maybe some of the die hard liberals would see whats really up?
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02AccordEXV6;242769 wrote:
Exactly no one knows...from what this guy was saying is that he'll be taxed on the 1 million or whatever...doesn't sound right but who knowsFrom his webpage...here is what I can find about the subject...some is vague, and I am looking for more info...but I thought I'd get started with what I could:
<u>Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create
jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward
investments in innovation.</u>II. TAX CUTS TO ENHANCE COMPETITIVENESS AND HELP CREATE JOBS
Barack Obama’s tax plan will help small businesses grow and will encourage job creation in America. He will
directly cut taxes for small business and for firms that invest and create jobs in the United States, will relieve
healthcare costs for all firms and will reward investments in innovation. Barack Obama pro-business tax
policies include:
o Eliminating Capital Gains Taxes for Entrepreneurs and Investors in Small Business. Barack Obama
understands that small businesses are the engines of our economy, and he will eliminate all capital gains
taxes on investments in small and start up firms.
o Cutting Corporate Tax Rates for Firms that Create Jobs in America. Barack Obama will repeal tax
breaks and loopholes that reward corporations that retain their earnings overseas, and will use those savings
to lower corporate tax rates for companies that expand or start operations in the United States.
Printed in House<u>o Offering a Small Business Healthcare Tax Credit: To help small businesses compete in the global
economy while still providing quality health insurance, Barack Obama will offer a new refundable 50
percent health tax credit on employee premiums paid by employers. His comprehensive healthcare plan will
relieve health costs for all firms by bringing down national healthcare costs by $2,500 per family, annually.</u>
o Making the R&D Tax Credit Permanent. Barack Obama will make the Research and Development tax
credit permanent so that firms can rely on it when making decisions to invest in domestic R&D over multiyear
timeframes.o Repealing a portion of the Bush tax cuts for families over $250,000 while continuing to leave their tax
rates at or below where they were in the 1990s:
<u>o Ordinary Income: The top two income tax brackets would return to their 1990’s levels of 36% and
39.6%. All other tax brackets would remain as they are today. Obama would also restore the 1990’s
levels for the personal exemption and itemized deduction phaseouts (known as PEP and Pease).
Obama would work with the Treasury Department to adjust the thresholds of these rates slightly to
ensure that no married couple making less than $250,000 (or single making less than $200,000) was
affected by these changes.</u>
o Capital Gains: Families with incomes below $250,000 will continue to pay the capital gains rates
that they pay today. For those in the top two income tax brackets – likewise adjusted to affect only
families over $250,000 – Obama will create a new top capital gains rate of 20 percent. Obama’s 20%
rate is equal is the lowest rate that existed in the 1990s and the rate that President Bush proposed in
2001. <u>It is almost a third lower than the rate that President Reagan signed into law in 1986</u>
o Dividends: The top dividends rate for people making over $250,000 would be set at 20 percent.
Dividends will not return to being taxed at ordinary income tax rates. Obama’s 20 percent rate on
dividends will be 39 percent lower than the rate President Bush proposed in 2001, and would be
lower than all but 5 of the last 92 years we have been taxing dividends.viii
<u>o Estate Tax: The estate tax would be effectively repealed for 99.7 percent of estates. For the
remaining 0.3% of estates over $7 million per couple, Obama will retain a rate of 45%. This policy
would cut the number of estates covered by the tax by 84 percent relative to 2000.ix</u>
o Average Tax Rates Below the 1990s: Overall, the top 1 percent of households – people with an
average income of $1.6 million per year – would see their average federal income and payroll tax
rate increase from 21 percent today to 24 percent, less than the 25 percent these households would
have paid under the tax laws of the late 1990s.http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf
So, from what I am reading, it is personal income tax that he is concerning himself with at this point. It also seems that this is after deductions and so forth.
What I'd LOVE to see one of the two candidates do is get rid of the incentives for companies to ship jobs overseas...
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