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So, are you going to use that money to raise wages? Hire more workers?
well, i have been hiring as many workers as i possibly can because that is how i make money. a tax reduction isnt going to change that. im still going to try to grow my business as long as it is profitable. so what would help me grow even more would be reduce my expenses. that helps ensure profitability and so growing business makes sense. the government did hit my profitability recently and that is what would be more likely to cause a reduction in business activity.
i dont see why i should be paying any more in taxes just because it doesnt have some benefit that you think is important. my money doesnt belong to the government. taxation is theft.
i dont see why i should be paying any more in taxes just because it doesnt have some benefit that you think is important. my money doesnt belong to the government. taxation is theft.
No, that wasn't my point. The point was more this:
Quote:
Originally Posted by CaptainNJ
a tax reduction isnt going to change that.
I just stand in awe of all the business owners I know who are out saying that the tax reduction will have no change in how they run their businesses when 51 people in Washington DC are trying to tell everyone that it does.
my accountant is here today and i asked him if i will benefit from the tax plan. he did mention that we wont know for sure until it is done but i will likely benefit. according to him an s-corp is a pass through type entity and that could offer me significant benefits.
be careful if you're the active investor and not a passive one, from what I saw the new proposals only really benefit the passive investors, not the active ones. Also hurts "professional services" over hard assets as well as labor income is going to get crushed at full income tax rate.
No, that wasn't my point. The point was more this:
I just stand in awe of all the business owners I know who are out saying that the tax reduction will have no change in how they run their businesses when 51 people in Washington DC are trying to tell everyone that it does.
I've tried having this argument with people I know who support the bill (none are business owners by the way). Small businesses owners will be hit hard and large multi-national corps will simply increase dividends, do share buy-backs etc, the same as last "tax holiday". We'll also see more flight to tax havens as we give up right to tax foreign income. But it's no use, unfortunately none of them see this rationally, they just assume a year from now we'll all be millionaires due to all the huge jobs they think are forthcoming, which we'll need due to increased tax and healthcare burdens.
The trick next will be surviving the cuts to medicare and SS that will be called for to shore up the debt, since revenue will be drying up.
When Cohen, who I used to respect, had the big CEO summit and all the CEO's admitted they'll take this free money and increase dividends and do share buy-backs instead of hiring more people (you know since there won't be much demand created esp when middle and upper middle class will see tax increase). That should have been game over for this trash bill, instead somehow it's actually going to become law. WTF happened to this country...Hopefully our kids all know how to speak Chinese.
No, that wasn't my point. The point was more this:
I just stand in awe of all the business owners I know who are out saying that the tax reduction will have no change in how they run their businesses when 51 people in Washington DC are trying to tell everyone that it does.
im not sure why you think that i have to limit my comments to exactly what you want me to say. i will feel free to answer you and add my own commentary. your point is obvious and im not sure why you are so desperate to have the government steal money from other people. i guess you get a little satisfaction from it.
who cares what they say? the government doesnt have a right to manipulate our actions through taxation. it doesnt matter if there is more or less economic activity from a tax change. they have no right to our money and they dont use it responsibly so any less taxes to government is a good thing. it isnt like they are going to spend less because they receive less revenue. they keep blowing through debt limit after debt limit and now they dont even really have debt limits.
Last edited by CaptainNJ; 12-05-2017 at 12:49 PM..
be careful if you're the active investor and not a passive one, from what I saw the new proposals only really benefit the passive investors, not the active ones. Also hurts "professional services" over hard assets as well as labor income is going to get crushed at full income tax rate.
i buy and hold forever these days. very little selling. mostly index funds like ITOT. i dont like to get the hit from capital gains taxes or dividends. im not aware of how things are changing with regards to those items.
if anything is finalized, ill get a better assessment from my accountants.
Captain mind if I ask what type of business you own
ive generally avoided getting too specific. its a service business so the more employees i have, the more money i make. of course, we need to get the work for them to do but we are good at that.
i buy and hold forever these days. very little selling. mostly index funds like ITOT. i dont like to get the hit from capital gains taxes or dividends. im not aware of how things are changing with regards to those items.
if anything is finalized, ill get a better assessment from my accountants.
By active investor, I meant in the S corp, the "owner/operator" is the one that is in for a good wallop in this new bill, while passive investor (LP for instance) will see the vast majority of the new pass-through benefits.
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