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No itemizing is going to kill millions of people, I don't know how many times that needs to be said. I know certain people don't have much going on and live simple lives so needing to deduct is a non factor. For millions this is a huge blow, all my friends are fuming
This is probably because there is a lot of fraud about how income from the S-corp is salary and a lot of taxpayers enter small salaries to avoid paying SE tax while employees do not have that luxury. I believe it is also there to stop S-corp owners from claiming too much of the new lower pass through rate.
It will render many small businesses unprofitable. They already have expenses with health care, double payroll taxes, no benefits etc, so this tax hike might mean it does not make sense running a small business anymore. They'll save more by becoming full time employees.
It will render many small businesses unprofitable. They already have expenses with health care, double payroll taxes, no benefits etc, so this tax hike might mean it does not make sense running a small business anymore. They'll save more by becoming full time employees.
If that's the case then you better start working on your resume if you're so quick to give up.
Others will figure their way out and remain profitable.
It will render many small businesses unprofitable. They already have expenses with health care, double payroll taxes, no benefits etc, so this tax hike might mean it does not make sense running a small business anymore. They'll save more by becoming full time employees.
Wait wait wait..
These small businesses are only profitable because of the tax code? We hear non stop from the left that small businesses can just raise payroll without increasing prices in the event of a a minimum wage tax increase, but now were finding out its the tax code, making businesses profitable?
REALLY?
You claim to own a business but made such a stupid statement...
And that's all that needs to be said but you have people in here fighting that middle class should pay more in taxes while the rich get a tax cut. And even worse people in here believe 150k is rich.
Depends upon how you look at it. If my employer did not have to pay that extra 7.5% they could pay me more. I feel I am paying it as it is part of my total compensation package along with the employer portion of health insurance.
Sure. They could pay you 7.5% more, which you would then pay to the government. More likely they'd pay you 2% more and you'd still have to pay 7.5% more to the IRS.
These small businesses are only profitable because of the tax code? We hear non stop from the left that small businesses can just raise payroll without increasing prices in the event of a a minimum wage tax increase, but now were finding out its the tax code, making businesses profitable?
What you hear, and from who, and how you understand it is 100% irrelevant to me.
While the tax laws currently give what are unfair breaks to small business owners income, we need to approach that carefully. Most of us work for small businesses and if we start messing with their balance sheets we could do more harm than good.
I agree 100%. And I'm talking about making sure we don't hurt truly small businesses, not the Koch Bros who according to Republican logic is a small business because they have a small number of owners.
Last edited by 2sleepy; 11-03-2017 at 10:57 AM..
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