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...for me personally. In 1986, my wife and I were in debt up to our eyeballs - we earned very little, had to rent because we could not afford 15% interest on a mortgage, we had a new baby, and were mightily struggling and miserably in debt, but we looked forward to being able to deduct our huge credit interst every year. So what does Mr. Tax Cut Reagan do? sign the biggest tax increase in the history of my existence by abolishing the deduction on credit interest. I lean conservative in most areas, and liked Reagan generally, but could never forgive him for this screw-job - so when I hear Republicans now (I am one) screaming for continued tax breaks for the rich, you know what I think? - Screw em and tax em.!!!
...for me personally. In 1986, my wife and I were in debt up to our eyeballs - we earned very little, had to rent because we could not afford 15% interest on a mortgage, we had a new baby, and were mightily struggling and miserably in debt, but we looked forward to being able to deduct our huge credit interst every year. So what does Mr. Tax Cut Reagan do? sign the biggest tax increase in the history of my existence by abolishing the deduction on credit interest. I lean conservative in most areas, and liked Reagan generally, but could never forgive him for this screw-job - so when I hear Republicans now (I am one) screaming for continued tax breaks for the rich, you know what I think? - Screw em and tax em.!!!
Uh.....credit card interest deductible..................Ronnie got rid of that????? Is that your gripe????? I agree with ole'Ronnie on that one.....too many write offs even today.
Uh.....credit card interest deductible..................Ronnie got rid of that????? Is that your gripe????? I agree with ole'Ronnie on that one.....too many write offs even today.
Let alone the fact that its not really gone. If credit card interest is used as a business expenses, its still not taxed. Its no different than payrolle xpenses and gets deducted from the net
Let alone the fact that its not really gone. If credit card interest is used as a business expenses, its still not taxed. Its no different than payrolle xpenses and gets deducted from the net
Yeah that's great - most poor struggling folks don't own their own business, so increase tax on the poor while those fortunate to have the capital to have their own business continues with the tax breaks. Let's make business expense interest non-deductible too - what's good for the goose...........
Yeah that's great - most poor struggling folks don't own their own business, so increase tax on the poor while those fortunate to have the capital to have their own business continues with the tax breaks.
Dont use your credit cards if you cant pay for the tab.
Quote:
Originally Posted by RVAtoCNC
Let's make business expense interest non-deductible too - what's good for the goose...........
You cant.. no matter how you calculate it, interest is an expense which lowers net profits. A consumer already got their "net", when they got paid..
Why would you expect to use a credit card to generate a tax deduction and those who pay cash not get the same? That makes absolutely no sense.
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68,329 posts, read 54,381,135 times
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Quote:
Originally Posted by pghquest
Dont use your credit cards if you cant pay for the tab.
And why shouldn't that apply to businesses?
Quote:
Originally Posted by pghquest
You cant.. no matter how you calculate it, interest is an expense which lowers net profits. A consumer already got their "net", when they got paid..
Why would you expect to use a credit card to generate a tax deduction and those who pay cash not get the same? That makes absolutely no sense.
What a load of pandering to corporations crap! Interest is an expense incurred for credit, makes no difference if it's an individual or business. What makes absolutely no sense is kissing corporate asses while telling individuals to go pound salt.
It does, but not paying a credit card bill for businesses, it works just the opposite way on their tax bill. If a business doesnt pay their credit card bill, then it increases their taxable liability because it increases their "net"..
Quote:
Originally Posted by burdell
What a load of pandering to corporations crap! Interest is an expense incurred for credit, makes no difference if it's an individual or business. What makes absolutely no sense is kissing corporate asses while telling individuals to go pound salt.
False.. A business takes their gross revenues and subtracts their expenses.. ALL OF THEM to determine their net, and in america, we tax NET proceeds.. If I have $100K profit, and I spent $5K in credit card fees, that means I only pocketed $95K, and hence I'm taxed on $95K.. Individuals ALREADY got their net when they got their paycheck.
Why am I explaining this to people that are old enough to be posting here?
do away with write offs. a business should just divide their no of employees into all their expenses and deduct it from their pay every week. like them lights, heat, place to work think its all free
It does, but not paying a credit card bill for businesses, it works just the opposite way on their tax bill. If a business doesnt pay their credit card bill, then it increases their taxable liability because it increases their "net"..
False.. A business takes their gross revenues and subtracts their expenses.. ALL OF THEM to determine their net, and in america, we tax NET proceeds.. If I have $100K profit, and I spent $5K in credit card fees, that means I only pocketed $95K, and hence I'm taxed on $95K.. Individuals ALREADY got their net when they got their paycheck.
Why am I explaining this to people that are old enough to be posting here?
This is crapola - let's consider my family is a "business", this would mean that I would only pay tax on whatever is left of my paycheck after all "family business" expenses, which means I would pay probably nothing in tax, but that's not the way it is - my GROSS pay is taxed, not my net like businesses, albeit certain deductions like health ins. premiums do reduce my income a little.
I do realize business provide jobs to others, and therefore I do not believe businesses should be taxed out of existence, but likewise the tax structure should be fair. I would just like to see all the foreign aid, handouts to illegals and anchor babies and much, much other govt waste supporting unnecessary bureaucratic agencies that do nothing at best, done away with and cut. This would help the rich, middle and business alike.
But back to my original point - Reagan increased my taxes more than anyone in my 31 years as a working adult -that is a fact, regardless of the merits of tax deductible credit interest. On the other hand, if the Dems had controlled the WH and congress for all the years since, I am certain I would being paying MUCH more in taxes than I am.
...for me personally. In 1986, my wife and I were in debt up to our eyeballs - we earned very little, had to rent because we could not afford 15% interest on a mortgage, we had a new baby, and were mightily struggling and miserably in debt, but we looked forward to being able to deduct our huge credit interst every year. So what does Mr. Tax Cut Reagan do? sign the biggest tax increase in the history of my existence by abolishing the deduction on credit interest. I lean conservative in most areas, and liked Reagan generally, but could never forgive him for this screw-job - so when I hear Republicans now (I am one) screaming for continued tax breaks for the rich, you know what I think? - Screw em and tax em.!!!
Reagan also screwed up the healthcare system in this country in 1986, with the help of a Democratic congress I should add.
But your views above are shared by most Americans. When polled, 80% of Americans support social security, medicare, and tax increases on the wealthy.
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