Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
how much income does he make? does his firing of that employee take Obama's elimination of the capital gains tax and $500 per employee tax credit into account?
my fathers employees are paid anywhere from $80k - $120k. wtf is $500 supposed to do? even his office manager makes $80k
Regarding Obamas plan:
Among the more prominent elements of his tax proposal, Senator Obama would end the Bush tax cuts and allow the top two tax rates to return to 36 and 39.6 percent. He also would allow personal exemptions and deductions to be phased out for those with income over $250,000. The real kicker, though, is that Senator Obama would end the Social Security payroll tax cap for those over $250,000 in earnings. (The cap is currently set at $102,000.) These individuals will then face a tax rate of 15.65 percent from payroll taxes and the top income tax rate of 39.6 percent for a combined top rate of over 56 percent on each additional dollar earned.
Obama also wants to removed incremental income for anyone over $200k, if you understand how income works.
A Return to the Bad Old Days
Historically, Senator Obama's tax rate would be the highest individual tax rate since the Jimmy Carter days. Tax shelters and tax avoidance strategies were common when the top marginal rate was 70 percent or higher. This new top tax rate will again encourage these gimmicks, reducing investment and economic growth as resources are squandered in an attempt to avoid punitive taxation.
Many individuals will attempt to transfer their compensation from wages to capital gains, since capital gains would only be taxed at 25 percent, or less than half of the top rate on wages. This would put a great deal of pressure on a company to do anything it could to make its stock quickly increase in value. Other individuals would try to incorporate so they could pay business taxes instead of having to pay taxes on their wages. Again, these resources would be diverted away from more productive uses and slow the economy.
my fathers employees are paid anywhere from $80k - $120k. wtf is $500 supposed to do? even his office manager makes $80k
It's supposed to offset the payroll tax. Maybe it's just me(and it very well may be), but it seems those employees are paid pretty healthily. What kind of business is it? if you don't mind me asking...
Regarding Obamas plan:
[SIZE=2]Among the more prominent elements of his tax proposal, Senator Obama would end the Bush tax cuts and allow the top two tax rates to return to 36 and 39.6 percent. He also would allow personal exemptions and deductions to be phased out for those with income over $250,000. The real kicker, though, is that Senator Obama would end the Social Security payroll tax cap for those over $250,000 in earnings. (The cap is currently set at $102,000.) These individuals will then face a tax rate of 15.65 percent from payroll taxes and the top income tax rate of 39.6 percent for a combined top rate of over 56 percent on each additional dollar earned.[/SIZE]
[SIZE=2]A Return to the Bad Old Days
Historically, Senator Obama's tax rate would be the highest individual tax rate since the Jimmy Carter days. Tax shelters and tax avoidance strategies were common when the top marginal rate was 70 percent or higher. This new top tax rate will again encourage these gimmicks, reducing investment and economic growth as resources are squandered in an attempt to avoid punitive taxation.
Many individuals will attempt to transfer their compensation from wages to capital gains, since capital gains would only be taxed at 25 percent, or less than half of the top rate on wages. This would put a great deal of pressure on a company to do anything it could to make its stock quickly increase in value. Other individuals would try to incorporate so they could pay business taxes instead of having to pay taxes on their wages. Again, these resources would be diverted away from more productive uses and slow the economy.
[/SIZE]
here is another article: UnionLeader.com - New Hampshire news, business and sports - Thomas Akin: Taking a look at Obama's hidden taxes - Monday, Oct. 20, 2008
Oh the Heritiage Organization???? Nice...they're soooo objective. ....And the Union Leader...Likely the only small conservative paper in all of New England
Oh the Heritiage Organization???? Nice...they're soooo objective. ....And the Union Leader...Likely the only small conservative paper in all of New England
It's supposed to offset the payroll tax. Maybe it's just me(and it very well may be), but it seems those employees are paid pretty healthily. What kind of business is it? if you don't mind me asking...
They know how to lie with numbers and you know just where to go to find your right wing propaganda...LOL
He has a CPA firm, do you still think you know more than me or my father about this and how tax hikes will effect EVERYONE. the democratic government is taxing the **** out of Michigan already. he employs only CPA's, no "accountants"
Michigan is #1 highest unemployment rate in the country, Georgia is 2nd.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
