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Great. The buyer will pick up the market share, need the employees, and volla, the economy will not notice any change. (I am assuming your corp offers a viable product or service, as ours does.)
I'm not selling the business, I'm winding it down and selling off the assets. The employees I pink slip will be free to go it on their own, but that's a rough road. It took me 30 years to get to this point.
Curious, if you are above 250k , below 1 million, what percentage of your taxable income exceeds 250K?
If it were 300k taxable, 1/6 of your income would be affected, for a net 2.2% increase. At 400k, 150k or 37.5% is affected, for an effective increase of 4.9% in taxes paid. (150/400 * .13).
I'm not selling the business, I'm winding it down and selling off the assets. The employees I pink slip will be free to go it on their own, but that's a rough road. It took me 30 years to get to this point.
and the assets will be used to sell what you formerly did, no doubt. We bought at auction from a previously competing corp 2 years ago, and now, employ more by ourselves, than both of us did 3 years ago..when they were last somewhat healthy.
now if you burn your assets , you'd get the effect on the economy you desire..for a while anyway .
Curious, if you are above 250k , below 1 million, what percentage of your taxable income exceeds 250K?
If it were 300k taxable, 1/6 of your income would be affected, for a net 2.2% increase. At 400k, 150k or 37.5% is affected, for an effective increase of 4.9% in taxes paid. (150/400 * .13).
More than your examples.
I'm just sick and tired of being a tax slave. I won't be used in that way anymore. You all can take up the slack and pay what I would have.
The 2010 IRS data shows that the average federal tax rate for the top 1 % is 23.39 % and for the top 1 to 5 % it is 17.17 %. So despite what the marginal tax rates are listed at, the effective rates are far lower. From the sound of it you are in the top 1 % so it is unlikely you will be paying 39.6 %.
and the assets will be used to sell what you formerly did, no doubt.
I don't sell a product, I provide services. It's a niche industry, and not everyone can do it. Reputation matters. Starting from scratch, it would take many years to attain this level.
The 2010 IRS data shows that the average federal tax rate for the top 1 % is 23.39 % and for the top 1 to 5 % it is 17.17 %. So despite what the marginal tax rates are listed at, the effective rates are far lower. From the sound of it you are in the top 1 % so it is unlikely you will be paying 39.6 %.
I already pay slightly over 31% now, so I would likely get pretty close to 39.6%.
I'm just sick and tired of being a tax slave. I won't be used in that way anymore. You all can take up the slack and pay what I would have.
with 30 years in business, no doubt, you are near wher you expected to retire anyway. That is your call, but quite frankly, I doubt with the old temporary rates, you'd be actively in business long-term anyway. 3 decades is a long time.
Now the interesting thing is 30 years included the 90s, when these SAME tax rates existed. Were you a BETTER businessman than? You did survive the decade.
No. With state and local taxes my total tax rate is a little over 40%.
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