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.
Location: Democratic Peoples Republic of Redneckistan
11,078 posts, read 15,082,780 times
Reputation: 3937
Advertisements
Quote:
Originally Posted by mb1547
If you're in the tax bracket that would hold off buying a car or a dishwasher because of an increase in your tax bill, then you're not in the group they're talking about raising. They mean the folks who make a million or more a year, and who don't spend the excess--they invest it. Raising taxes on the lower and middle class would be a nightmare right now--we buy things and create the demand for businesses to grow.
Add me to the list of small business owners who think taxing the personal income of million dollar a year earners has nothing to do with creating jobs. I'm a long way from that category, but why in the heck would I hire someone unless I actually needed them--it's all about demand, and demand is all about every day people having a little bit of extra money in their pockets to spend. If the money doesn't circulate in the economy, it doesn't help.
Add me to that list too....The top earner tax breaks would do zero for America..we live in a global economy and the top earners would invest elsewhere(as they do now) instead of in America...trickle down was a stupid idea from day one and failed on all fronts...it was used to make the rich richer with the blessings of those that are clueless ...it was to make the middle class feel better while they were being raped in the wallet.
The only thing that rolls downhill is crap and that's trickle down economics 101.
Q: The regulatory environment also keeps coming up. What rule changes would spark job creation?
A: We have to face the reality that we've been exploding the (size of) regulatory burden, particularly through health care, Dodd-Frank, the Environmental Protection Agency and the Labor Department. The EPA regulations have been aggressive. The regulations that are coming from new health care bills leave American companies cautious. At first, it wasn't going to cost any more. Now, it's going to cost a half a trillion dollars. The Labor Department is rewriting how we employ, how we pay and how we benefit. Dodd-Frank legislation requires 250 new regulations. It suggests 188 more regulations. It has been more than two years, and we've done only 12% of the regulations. And not the hard ones. Q: Many countries are growing strongly, such as China and Brazil at 8%, and U.S. companies are growing there. How can we get them to bring some of the money made there back home?
A: We need to face reality that we're the only major country in the world that double taxes our companies. That's just plain stupid. No other country leaves their money overseas. We're always going to leave some there because we do business over there. Q: Treasury Secretary Timothy Geithner said this would leave an enormous amount of money on the table.
A: That's because this administration believes that we should continue to drive up taxes on companies and individuals instead of controlling some of our expenditures. If you pay a whole lot more taxes this year and you don't change the expenditures, then next year, you have to pay a whole lot more taxes again. Whenever you take the 1% of the people that are paying 40%-plus of the taxes and decide to drive up their taxes, the country takes in less money. Q: The candidates have come up with tax-reform plans. How will this lead to jobs?
A: Part of the issue is 52% of the country pays no tax. Q: How do you get that number?
A: If you take away Social Security, which is not an income tax, it's a retirement tax, and look at how the law has changed to exclude people under certain revenues, it is now 52%. Everybody over the poverty line should pay some income tax, because if they don't, and the number of people that pay taxes goes down, then what do they care what happens if income taxes go up? We are all fellow citizens, but we have a progressive income tax, and the people that make the most money pay the most taxes. I'm not arguing about that: 1% of the taxpayers pay 40% of the taxes.
Just like NBA fans wonder if their favorite teams will play this season, the Chamber's Small Business Survey for the third quarter of 2011 found that small businesses remain uncertain about the economy and are hesitant to hire.
A vast majority of respondents, 89%, believe the economy is on the wrong track, and just 17% plan to hire workers, down from 19% in July's survey.
What's preventing them from hiring? Small business owners still find economic uncertainty to be their most-pressing concern (53%), but also worry about uncertainty from what Washington will do next (39%), and the healthcare law (33%).
The survey also found that small business owners overwhelmingly support the Chamber's jobs plan. Eighty percent think increased domestic energy production would be helpful to the economy, 74% think speeding up permitting and regulatory relief would be helpful, and 67% think the same about passing tax incentives.
We need to change the tax structure for small businesses that get stuck paying at the personal rate--that's a given--but you don't find too many of them where the owner is paying himself more than a million a year.
Maybe I'm missing something, but my corporate taxes are based upon the corporate tax rate and my income from my corporation is taxed the same way as everyone else's tax rate. If some has a small business and is paying corporate taxes as personal income I think they need to find a tax consultant and an incorporation attorney.
Maybe I'm missing something, but my corporate taxes are based upon the corporate tax rate and my income from my corporation is taxed the same way as everyone else's tax rate. If some has a small business and is paying corporate taxes as personal income I think they need to find a tax consultant and an incorporation attorney.
I agree they need a good CPA.
I like to file sole proprietor with a schedule C.
In fact I was close to having to pay this year.....so I just purchased a truck load of 5" PVC.
After reading through all of the posts, one thing is clear. Nobody has addressed the fundamental issue, and therefore, all that is being debated are symptoms and how to address those. That is an approach doomed to failure right from the start.
The first major point is that there shouldn't even be a debate about raising taxes in an environment of economic recession/depression. Those that favor such foolishness know absolutely NOTHING about economics or history. History shows that there has NEVER been a case where increasing taxes increases economic activity, NEVER, EVER, EVER. This alone should be enough reason NOT to raise taxes. It's like choosing not to put out a fire with gasoline. It' really that obvious.
Taxes are a drain on an economy ... these are 'overhead costs'. Now, if those taxes are being put to beneficial purposes, and are being utilized efficiently, then it's possible that those costs imposed on the economy are outweighed by the benefits received. But can anyone here claim (with a straight face and a sound mind) that the US Government utilizes it's current tax revenues efficiently and for beneficial purposes? Certainly not anyone with an IQ larger than their waist size. We haven't enjoyed that situation for 2 or 3 decades.
Now, the even more fundamental reality is that the taxes already being collected (forget any increases) are not only being wasted, but are actually causing great harm to the general economy ... and the worst part is, none of the current taxes being collected are actually necessary. Given that the Federal Reserve and the US Treasury can create as much "money" as it cares to, why must it continue to extract and keep extracting more and more wealth from the general population and economy? The facts are, this is a purposeful extraction of wealth, and a purposeful destruction of the economy for the express goal of wealth consolidation. Flooding the world with worthless paper currency and and buying up real assets in gold, silver, infrastructure, other natural resources, etc. That's what's happening.
Just on the surface, the Federal Reserve has created approx. 16 Trillion dollars over the past 3 year period, and transferred those massive amounts to private FOREIGN financial institutions around the world (off book transactions), with talk now centering around whether the the FED ought to help bail out the Euro zone with a few more Trillion. Brilliant!!! Why should WE the people pay for this? This is criminal theft, the magnitude of which has never before been equaled in human history!
Now, to put those figures into perspective, for 2010, there was a net US tax revenue collection of about 2.2 Trillion (including SS), with a total budget of 3.5 Trillion, leaving roughly 1.3 Trillion deficit. With that 16 Trillion GIFT handed out to the international gangsters, that amount would fund US Government operations for 4+ years with ZERO tax collections. Or, you could cut tax collections by 50% and spending by 50% and that (with the 16 Trillion) would balance the budget for next 25 years, and we'd see such a massive economic boom, you'd think we were back in the 1950's. Now I'm not suggesting any of that, because that 16 Trillion is debt also, so it's not a reduction in spending, but just more long term debt that will eventually cause the currency to fail altogether.
The point is, we have the Billionaire Banker Gangsters literally stealing Trillions upon Trillions, and we have people here debating the need to collect more taxes from the people to help pay for the heist.
I cannot describe how utterly brain dead that is. But it is proof that a large segment of the population shouldn't be allowed to vote, not even for the local dog catcher ... let alone, Presidents, Senators, and Representatives.
These same banking entities that are stealing us blind, also run the corporations that have slowly moved 60% of our jobs off shore over the past 20 years ... created the housing bubble .... created the ponzi scheme derivatives (hundreds of Trillions) ... run Wall Street like a mafia sucking the life's blood out of private sector while the FED sucks the public sector dry by heaping Trillions in debt on our backs and destroying the value of the currency.
So, raising taxes is absurd. You couldn't "Fix" these problems if you raised taxes to 100%. So, yeah ... great idea. Lets raise taxes.
Not true at all. Our top tier tax rate in the 50s was 90% and economy boomed, there are many more examples.
No there's not and what your trying to use is a post war boom that had the US as the sole producer of most products on the market and we were also sing paid back from having lent out money and materiale for World War II.
Maybe I'm missing something, but my corporate taxes are based upon the corporate tax rate and my income from my corporation is taxed the same way as everyone else's tax rate. If some has a small business and is paying corporate taxes as personal income I think they need to find a tax consultant and an incorporation attorney.
yes you are missing something, real life math showing you are wrong because C Corporations are taxed TWICE and Sub S Corporations, LP's LLC's are all taxed on the individual level, at a lower tax rate, and only taxed once. Tax consultants and attorneys advise most people to establish a business so that it actually does gets taxed at the personal level to avoid double taxation, and often times to file as a DBA. Here is the math for you
On a $500K capital gains profit
C Corporation
$500K gain
-34% corporate tax rate ($170,000)
= $330K net profit
Then this gets passed to the owner which is taxed again
-15% shareholder distribution tax ($49,500)
Amount profit after tax $280,500
LLC
$500k gain
-15% capital gains rate ($75,000) on a personal level
Net profit $425,000
Why exactly would I file taxes as a C Corporation and pay $144,500 more than I would by filing them on a personal level?
Furthermore, if one rolls this profit into another deal through a 1031 tax exchange, through a corporation this means that you can only buy another property for $3.3M, generating $330K a year, vs a $5M propoperty generating $500K a year, if taxed on the personal level, (if you use a 10 cap)..
The differerence can be millions of dollars saved by filing on a personal level.
Not true at all. Our top tier tax rate in the 50s was 90% and economy boomed, there are many more examples.
Wrong.. that was a marginal tax rate, not effect one.. and the despite the extrodinary high taxes, people obtained wealth at astounding levels simply because they didnt cash out their investments and let their profits compile
Taxes are only payable once profits are realized.. So you can continue to compile and grow your net worth tax free. Higher the tax rate, the more incentive one has to never cash out and pay taxes.
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.
