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I'm not sure how you are defining small, but many of the smaller companies use pass thru taxation because the personal rates are lower and more progressive than corporate rates.
They are also not formed as corporations.
With individual returns some credits and deductions are phased out as you make more money.
Is that the same case with corporate taxes ?
Nested in with the proposed tax cut is a large list of current corporate tax exemptions that would be taken away. Show me a guarantee that the effective tax rate would decrease to a level that puts us in competition with the rest of the world (NOT the top line tax rate) and then we can talk.
thats the idea. Lower the rates for everyone, and remove the loopholes which benefit only the few. Reagan did the same thing and it did indeed result in some corporations paying more. In today's world we have some corporations who do not pay any tax at all because of all the loopholes, and at the same time many others pay the highest rates in he world.
thats the idea. Lower the rates for everyone, and remove the loopholes which benefit only the few. Reagan did the same thing and it did indeed result in some corporations paying more. In today's world we have some corporations who do not pay any tax at all because of all the loopholes, and at the same time many others pay the highest rates in he world.
And what loopholes did President Obama say he'd remove that only effect a few ?
They are also not formed as corporations.
With individual returns some credits and deductions are phased out as you make more money.
Is that the same case with corporate taxes ?
Two major U.S. small business groups say President Obama’s corporate tax reform plan leaves SMBs out in the cold.
They could be formed as corporations. LLC's and S corps are pass through entities.
Corporate tax write offs are available to you no matter what your income is. S corps can write off the same stuff C corps can. The only difference is there is some limitation on home office expenses, but I can't remember those details. The personal credits and deductions do get phased out, but those aren't available to corporations anyway.
They could be formed as corporations. LLC's and S corps are pass through entities.
Corporate tax write offs are available to you no matter what your income is. S corps can write off the same stuff C corps can. The only difference is there is some limitation on home office expenses, but I can't remember those details. The personal credits and deductions do get phased out, but those aren't available to corporations anyway.
I posted based on what the 2 big small business groups think..that it won't be beneficial to most.
Hoping to break an impasse, President Barack Obama on Tuesday will extend a new offer to congressional Republicans in which he will back an overhaul of the corporate-tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job-creation proposals
Republicans say Mr. Obama isn't offering much of a compromise. Congressional Republicans have pushed a comprehensive approach to overhauling the tax code that would lower rates for individuals and small businesses, as well as for corporations, while the administration has shown more interest in corporate changes
Yet again, obama wants to use his office to pick winners and losers.
Oh just so you know your link doesn't open unless your a member of WSJ.
I hope they do reject the proposal. If Obama wants to lower corporate tax rates then propose that. Why tie jacking up taxes on small business to the tune of billions in the same secret plan? Oh wait I know the answer Mr. Kotter. All those corporations have run offshore and the US isn't getting revenue from them like before or they have lobbied for tax loopholes approved by the same folks who are all for this secret plan so now it's on to stick it to the little guy to fill the bucket full of money to hand out. It's basically a BS plan if anything. Why do you want to stick it to small business and give corporations another tax cut? Why won't the great leader just have a vote on each issue separately? Why are liberals all of a sudden for a corporate tax cut and for sticking it to small business? What will the walmart haters think of all this?
Yep exactly as the right predicted, all those corporations have run offshore and the US isn't getting revenue. So Obama's grand idea is of course, stick it to the small businesses just like he did when he and the Democrats raised taxes, they can't run like big business can.
Then as Obama always does, he lies and says he is for the little guy.
I posted based on what the 2 big small business groups think..that it won't be beneficial to most.
I don't think they are being completely transparent. Their claim is that most of their members won't benefit because they utilize pass thru entities, but the reason they utilize pass through entities is because the corporate rates are so high. LLC's can be taxed as a sole proprietorship, C corp, S corp, or partnership, but unless you need more than 100 investors, have different classes of stock, or want/need to keep taxation liability away from the investors you won't choose C corp. The benefit just isn't there past the first $75K.
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