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What percentage of your income do you pay in federal income taxes? And what kind of business do you run that you need to worry about "regulations"?
I pay as little as I am legally allowed to in Federal Income taxes and my tax bill is still larger than most people's yearly salary. Regulations? Lol, see below.
Quote:
Originally Posted by UB50
Small businesses are more affected by state and local regulations, not federal ones.
You guys crack me up! My wise father told me that the good Lord gave us two ears and one mouth so that we could listen twice as much as we speak.
I own two businesses. An online brokerage business and an automotive services business. Here's a list of the red tape that I have to contend with. While we have always had to comply with these regulatory agencies, much of the new regulation was enacted during the last eight years.
Non compliance violations of any of the below agencies are in the tens of thousands of dollars. Again, these regulations are recent and have done nothing but add revenue to Federal, State, and Local coffers with no upside to business or the general public.
Federal:
Environmental Protection Agency - EPA - Implements standards which are and ridiculous and expensive to implement and have caused smaller businesses to cease operating. Compliance cost my company over $65,000 last year alone.
Federal Trade Commission - FTC - Additional advertising regulation, more clerical work with no upside.
National Insurance Crime Bureau - NICB - Additional reporting regulation, more clerical work with no upside.
National Motor Vehicle Title Information System - NMVTIS - Additional reporting regulation, more clerical work with no upside.
State:
State Licensing - One of my businesses already had two state licenses. A third was added which cost me $16,500 this year, and $36,500 for subsequent years.
New State Taxes:
One of my businesses now has to act as tax collector for the State for sales which were tax exempt last year. Additional clerical work which we must now perform for the state with no compensation. But fines are huge if we miscalculate the tax collected.
Sales in 2017 will now incur an additional $97 tax which is will cost us $11,640.
As if that wasn't enough, I now have to pay an additional 3.8% on personal investments because of the Obamacare surtax on investment income.
I could add many more taxes to the list; inventory taxes, wage taxes, etc.
What percentage of your income do you pay in federal income taxes?
Zero..
Quote:
Originally Posted by OrganicSmallHome
And what kind of business do you run that you need to worry about "regulations"?
Immaterial, since regulations increase costs of other businesses, that I buy services from.. They dont have to affect me directly, in order to have a negative impact on the nation and should be opposed..
But, but . . . I thought Trump was working for "the little people," and it was Hillary Clinton who was in bed with Wall Street??
Good lord, are his supporters ever going to wake up?
Looks like they are getting ready for that tax cut to bring in more jobs more small business start ups. More common sense applied to get jobs here. More people able to get a job. Obama and Hillary were job killers.
Warren Buffet is kissing up to Trump now. Just like Paul Ryan.
Oh my goodness. The very people who were ranting about crony capitalists, Wall Street manipulation of our political institutions and corruption are now enthralled because those erstwhile enemies are taking over the Trump administration. They don't love Trump. Wall Street loves no one. The only master is money. If Trump succeeds in hurting their lucrative trade deals around the world, they will cut him off at the knees.
Looks like they are getting ready for that tax cut to bring in more jobs more small business start ups. More common sense applied to get jobs here. More people able to get a job. Obama and Hillary were job killers.
Warren Buffet is kissing up to Trump now. Just like Paul Ryan.
Remember when these people said Trump wouldnt get anything done because he was an outsider? Now, the left is worried he might actually be able to do half of what he promised
Hillary spent three times more money than Trump but her corruption and job killing and no message of change did her in.
The elitists on both sides were stunned. I wasn't at all.
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