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Old 12-21-2013, 12:38 PM
 
41,111 posts, read 25,586,708 times
Reputation: 13868

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Quote:
Originally Posted by Moby Hick View Post
Are you sure you didn't confuse personal income with business income? Because I can't think what you are talking about otherwise.
No, am not confusing personal income with business income. I understand why you would think this. Look up Sole Proprietors and S-corps (flow through entities). End year profit is reported on personal tax return even though a small business does not take all profit out of the business. The owner must keep money in the business to pay vendors, pay employees etc yet they are still taxed on that money as if it were all profit. If the owner wants to grow the business he must leave more money in the business yet it is taxed on a personal tax return.

The tax code is complicated and that is why businesses owners have to hire a CPA. The tax code is not something the average employee understands or can keep up with.

Last edited by petch751; 12-21-2013 at 12:58 PM..
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Old 12-21-2013, 12:46 PM
 
41,111 posts, read 25,586,708 times
Reputation: 13868
Quote:
Originally Posted by L210 View Post
It's a myth that raising the personal income tax on the wealthy will affect a large number of small businesses. It is true that many small business owners report their business income as personal income, but a very small percentage of small businesses would be affected by tax increases on those who make more than $250,000. I'm talking 2-5% of small businesses. Yes, the most successful small businesses that have larger numbers of employees would be affected, but there are so little of them that they wouldn't even have much of an effect on the unemployment rate.
So you are ok with raising expenses on a business that is just becoming successful because there are so few of them?

You do realize that small business see taxes as an expense. If their tax bill goes up they can't print money like government so they must cut expenses elsewhere. Employees are usually the biggest expense. Yes, especially if the economy isn't good they will lay employees off so they can pay a bigger tax bill. Congratulations, if you bought into tax the rich bs, you voted at risk of losing your job. Raises will be harder to come by too.

Obama was taxing income (profit) not wealth. Big difference.

Last edited by petch751; 12-21-2013 at 12:59 PM..
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Old 12-21-2013, 01:21 PM
 
1,923 posts, read 2,402,290 times
Reputation: 1826
It's the fact that companies lie to people. I have been lied to in my face by employees and managers. "No we are not hiring". But you just hired someone 2 days ago. The hiring process is filled with corruption.
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Old 12-21-2013, 01:23 PM
 
7,005 posts, read 12,420,022 times
Reputation: 5478
Quote:
Originally Posted by petch751 View Post
So you are ok with raising expenses on a business that is just becoming successful because there are so few of them?
I it's better than the regressive tax alternatives such as the flat tax and fair tax.

Quote:
You do realize that small business see taxes as an expense. If their tax bill goes up they can't print money like government so they must cut expenses elsewhere. Employees are usually the biggest expense. Yes, especially if the economy isn't good they will lay employees off so they can pay a bigger tax bill. Congratulations, if you bought into tax the rich bs, you voted at risk of losing your job. Raises will be harder to come by too.
I don't work for a small business and probably never will. I don't work in a field that attracts small businesses. I believe that reducing our deficit (taxes are at a historic low) will help spur economic growth and the subsequent increase in jobs.

Quote:
Obama was taxing income (profit) not wealth. Big difference.
What? Congress would have to pass tax increases, and they haven't passed tax increases on the wealthy yet. We're still operating under the Bush tax cuts.
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Old 12-21-2013, 02:41 PM
 
131 posts, read 223,469 times
Reputation: 180
How many of the complainers have actually tried running a business or hiring people???

This thread has gone around in circles. The simple answer to the question is NONE. I believe that those who posted otherwise in this thread are prevaricating, plain and simple.
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Old 12-21-2013, 03:07 PM
 
189 posts, read 239,399 times
Reputation: 158
How can some people be so sure about themselves that they talk as if they absolutely know everything on this earth?
fools or undiscovered geniuses? You decide.
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Old 12-21-2013, 06:11 PM
 
Location: Metro Detroit, Michigan
29,646 posts, read 24,674,261 times
Reputation: 28290
Quote:
Originally Posted by parried View Post
It's the fact that companies lie to people. I have been lied to in my face by employees and managers. "No we are not hiring". But you just hired someone 2 days ago. The hiring process is filled with corruption.
Umm... If they hired somebody 2 days before you showed up, that means they found the worker they were looking for. You're just bitter because you didn't get to the job first. Besides that, a job is not a right. They can hire who ever they damn well please. You have the right to create your own job and decide who is hired as well. Get over it.
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Old 12-21-2013, 06:59 PM
 
936 posts, read 2,194,592 times
Reputation: 938
I'm located in the Chicago suburbs and spend thousands of dollars each year on custom machining. The companies that I use are all very busy due to the lack of qualified machinists. I'm not sure why you can't make a go at it. It's very difficult to do production work because you'll be competing with overseas production facilities. But for industrial repair and custom work, there's an extreme shortage of machinists with the knowledge to do that sort of work and the pay is very good.

The guys I use are backed up for weeks and charge $100-150 per hour. One guy makes a ton of money supporting just one circus. All their rides are custom built and they just can't order parts from a catalog. The majority of assembly line equipment is like that too. When an assembly line goes down a company will spend a lot of money getting it fixed quickly rather than waiting a few days for parts. They might be losing tens, or hundreds of thousands of dollars work of production with a downed line. A machinist can earn thousands of dollars in a day getting an assembly line back up and running.
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Old 12-21-2013, 08:21 PM
 
Location: Metro Detroit, Michigan
29,646 posts, read 24,674,261 times
Reputation: 28290
Quote:
Originally Posted by yousah View Post
I'm located in the Chicago suburbs and spend thousands of dollars each year on custom machining. The companies that I use are all very busy due to the lack of qualified machinists. I'm not sure why you can't make a go at it. It's very difficult to do production work because you'll be competing with overseas production facilities. But for industrial repair and custom work, there's an extreme shortage of machinists with the knowledge to do that sort of work and the pay is very good.

The guys I use are backed up for weeks and charge $100-150 per hour. One guy makes a ton of money supporting just one circus. All their rides are custom built and they just can't order parts from a catalog. The majority of assembly line equipment is like that too. When an assembly line goes down a company will spend a lot of money getting it fixed quickly rather than waiting a few days for parts. They might be losing tens, or hundreds of thousands of dollars work of production with a downed line. A machinist can earn thousands of dollars in a day getting an assembly line back up and running.
This is pretty much what I do at my day job. Unique custom designed parts, fixtures, mold and die components for automated lines, etc. When the cheap guys (China) mess stuff up, we get paid 5X as much to make it right. Much of that work left the Chicagoland area 5-10 years ago, heading out the door for slave wage countries. The bean counters thought they scored a home run. Well, now they are paying up the nose for their undeserved bonuses.

It's particularly delightful to see those greedy suits with their feet over the flames...

Pretty much why I stick mainly with the day job.
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Old 12-22-2013, 02:16 PM
 
1,923 posts, read 2,402,290 times
Reputation: 1826
It's not about getting the job, it's about the fact that people have the audacity to lie to someone in the face.
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