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In think some people are not thinking the entire situation through.
Hard Work is different from financial independence. Americans have less financial independence as a whole now more than ever. At least in our current time period.
You cannot possibly be paying 50% of your income in taxes. And ha, ha, net income. Creative accounting, no? Isn't net income "after-tax" income?
After costs of doing business, licenses, advertising, inventory...etc. I own my own business. When I said my net income, I was referring to my gross taxable income. It seemed easier than explaining all of this, which you've rendered moot.
I paid more than 50% last year because I sent the state a large check for vehicle purchases. This year, I will not have the same inventory deductions, so I will more than likely be at about 35-40%.
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I've paid into SS for 35 years, only to have you tell me that if I take anything back I'm stealing from you? That is the definition of a true idiot.
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Originally Posted by le roi
That's not what I said. I said that if you attempted to refund my FICA to me I'd still have to fund your crap through FIT/deficit spending.
Y'all just can't get it through your thick skulls that our entitlements aren't completely funded by FICA.
^^ you don't even understand what I said.
You're all over the board. Did you vote for either Bush or Obama, and did you vote for whatever shill is warming a chair in Congress? If you did, you voted for more deficit spending. Obama said that Bush took out his credit card from China and started spending... and he was right! But when he (Obama) got put into office he applied for two more and proceeded to tap them out.
I rail against entitlement spending constantly, but I've never had the audacity to frame/blame the problems the way you do.
Originally Posted by Katiana
You cannot possibly be paying 50% of your income in taxes. And ha, ha, net income. Creative accounting, no? Isn't net income "after-tax" income?
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Originally Posted by steven_h
After costs of doing business, licenses, advertising, inventory...etc. I own my own business. When I said my net income, I was referring to my gross taxable income. It seemed easier than explaining all of this, which you've rendered moot.
I paid more than 50% last year because I sent the state a large check for vehicle purchases. This year, I will not have the same inventory deductions, so I will more than likely be at about 35-40%.
Retained Earnings:
The percentage of net earnings retained by the company to be reinvested in its core business or to pay debt.
That is the problem, people who do not run a business typically do not know this. They think the owner gets to keep the entire amount of profit for their own purposes when in fact they are very wrong. Decrease the amount of money a company has at the end of the year via taxes and the owner has to make that money up elsewhere.
Yes Katiana, business owners can pay 35-50% depending on the net, deductible expenses, depreciation etc. Democrats and Obama should know better, if they do, then they are not working for everyone's betterment, if they don't than he has no business being president.
Business do pay their fair share and if you keep letting Obama stick his greedy hands in the jar it will effect you the employee negatively. Just because Obama is going after the other guy doesn't mean that you are off the hook. People need to think.
Originally Posted by Katiana
You cannot possibly be paying 50% of your income in taxes. And ha, ha, net income. Creative accounting, no? Isn't net income "after-tax" income?
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Originally Posted by steven_h After costs of doing business, licenses, advertising, inventory...etc. I own my own business. When I said my net income, I was referring to my gross taxable income. It seemed easier than explaining all of this, which you've rendered moot.
I paid more than 50% last year because I sent the state a large check for vehicle purchases. This year, I will not have the same inventory deductions, so I will more than likely be at about 35-40%.
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Originally Posted by petch751
Retained Earnings:
The percentage of net earnings retained by the company to be reinvested in its core business or to pay debt.
That is the problem, people who do not run a business typically do not know this. They think the owner gets to keep the entire amount of profit for their own purposes when in fact they are very wrong. Decrease the amount of money a company has at the end of the year via taxes and the owner has to make that money up elsewhere.
Yes Katiana, business owners can pay 35-50% depending on the net, deductible expenses, depreciation etc. Democrats and Obama should know better, if they do, then they are not working for everyone's betterment, if they don't than he has no business being president.
Business do pay their fair share and if you keep letting Obama stick his greedy hands in the jar it will effect you the employee negatively. Just because Obama is going after the other guy doesn't mean that you are off the hook. People need to think.
That is exactly right. I've always run my own businesses, for better and worse. For the last few years we've been cutting expenses anywhere we can. Every dollar I send to the state, is less money to re-invest in the business. This forces me to re-invest every dime, including money that could otherwise go for a vacation. I haven't had a vacation in 14 years, so it's not like I'm missing anything.
I am the typical business owner, the pop in "Mom and Pop", and we are being hammered.
You cannot possibly be paying 50% of your income in taxes. And ha, ha, net income. Creative accounting, no? Isn't net income "after-tax" income?
Obama got away with it is because he knows that the poor and the middle class are not educated in the difference between w2 wages, sole proprietors, S-Corps, C-Corps. He knows that they don't know that the sole proprietors and S-corp business owner report business profit on their personal income. Lets use the $250. W2 workers think that the business owner gets to keep 100% of that profit (FALSE).
Yes, some of that profit is used for the owner living expenses. A big chunk of that profit pays taxes. To stay in business, that business must retained some of that profit to be able to continue business operations (including paying the employees). Especially in the 1st couple of months of the year. When you are paid twice in the month of January where does the employee think the money for their paycheck is coming from? ...retained earnings.
What would happen if the business owner pulls all the profit out of the company? They would not have money in the company to pay bills and pay employees. Should we tell the employees we have to wait to make profit in the current year before they can be paid? I'll bet that will go over well! If the business owner wants to try to grow the business they use part of the profit to buy more inventory, hire more employees. Tax the business owner more they have less money to invest, pay you a raise or to hire more people.
Obama played on the ignorance of people who do not know taxes, cash flow, balancing books to attack the people who pay your paycheck. If you voted to increase taxes on your employer and they have to pay higher taxes congratulations, you bit the hand that feeds you and your family.
I understand. I was mocking the term "investment". Public infrastructure is important but it's an expense.
That point of view is political and entirely based upon our accounting principles. If it were private, it could easily be proven in many cases to generate income. Now suppose we allow a bridge to collapse. If 20 cars fall into the bay, 10 people die while 10 other go to the hospital, then hospitals and funeral directors will report profits. It also might be good for the auto industry since we will need 10 more cars.
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My point is that the final cost of the bridge will be far higher than stated, like everything the government "invests" in.
You mean like private housing?
Another place where I agree with Keynes. He noticed that we either calculate a profit or just run welfare. He more or less mused that we are against a subsidized interest rate on a public project, but that charity leaves that perspective entirely. So in other words with all these unemployment extensions, it would have been nice to get a bridge out of it.
That point of view is political and entirely based upon our accounting principles. If it were private, it could easily be proven in many cases to generate income. Now suppose we allow a bridge to collapse. If 20 cars fall into the bay, 10 people die while 10 other go to the hospital, then hospitals and funeral directors will report profits. It also might be good for the auto industry since we will need 10 more cars.
You mean like private housing?
Come on gwyedd1... everyone with an ounce of common sense knows that rebuilding infrastructure is not going to employ everyone. Stop trying to use that lame attempt because it is not convincing. And to be honest you sound like an Obama parrot.
Come on gwyedd1... everyone with an ounce of common sense knows that rebuilding our infrastructure is not going to employ everyone. Stop trying to use that lame attempt because it is not convincing.
It'll employ quite a few people. Buy valuable time until fixes in the economy can be implemented.
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