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One of my neighbors has a family service business - just a few family as employees and entirely local. I was talking to him this morning and he thinks his taxes are going to go through the roof. He was going to postpone some home remodeling while he sees how things turn out (trickle down?). He was a big Trump fan, in part because he expected a cut. I like the guy, but must admit to a bit of schadenfreude.
From what I've read so far, this plan will give a huge leg up to big corporations.
Most large corporations are sitting on piles of cash. The idea that they will invest and hire folks if they get more piles of money to sit on is kind of silly.
99% of the liberal posters on here that support higher min wage..will say, small business makehigh percentage in profit....
mean while you and I know that most small business are in the 5% or less in profit
raising the min wage will HURT small business
Often times the difference between profits from small business vs full time employment earnings is more narrow than people realize. A $10 000 tax hike can tip the scales. As for min wage, I have not heard that in relation to small businesses, but then again, I have not taken part in those discussions.
Is anyone worried about the debt these tax cuts for the rich will run up?
no worries they are taking care of that 'little problem' in the budget bill:
"The GOP would pay for massive tax breaks for the rich by cutting essential safety net programs for seniors and other vulnerable Americans. These are among the Scrooge-like proposals in the budget plan:
*Cuts nearly $500 billion from Medicare by privatizing the program and raising the eligibility age.
*Cuts $1.3 trillion from Medicaid over ten years, jeopardizing long term care services and supports for the elderly.
*Cuts $653 in Supplemental Security Income (SSI) for some 8 million low-income seniors and people with disabilities.
*Will likely require cuts in in Older Americans Act programs (e.g., Meals on Wheels), home heating assistance for seniors, and research into diseases affecting the elderly, including Alzheimer’s and cancer.
Meanwhile, the supposedly budget-conscious GOP has voted to allow itself to deficit-fund $1.5 trillion of the tax cut package. As the hole in the deficit grows, Republicans will then be able to come after Americans’ earned benefits – Social Security and Medicare – to try to close the gap, even though Social Security and Medicare Part A are self-funded and don’t affect general revenues." GOP Budget Resolution a "Lump of Coal" for Seniors, Middle Class
Personal exemptions are gone, why is it so hard to understand?
So increase in the standard deduction does nothing for anybody with kids.
but the question is SO WHAT
the national median household income is about 60k
unless you have a 6 or more kids...you get a tax break
only 30% itemize..and most itemize adding only about an additional 6k....ie std is 12k..you itemized number is 18k
but in the TAX BRACKETS you will be paying LESS.....nearly everyone under 150k will be paying less, except those that decided to have a dozen kids that they couldn't afford anyway
Your words, not mine. You typically fail to understand what people say, so you re-word their comments, and then claim your version is 100% what they said. It's a lie. You have a long and well documented history of doing that.
Having said that, it is obvious that many S-Corp owners will opt for full time employment as opposed to being small businesses when the tax hikes like these makes it more profitable to be an employee. In IT industry lot of people are small businesses because it has been more profitable, but if they hike your taxes by $10K it might tip the scales, and they will say "the hell with it" to being a small business. In other words, they are taxed out of their business. This is what this bill will do to many S-Corps.
No, its your words
Quote:
Originally Posted by Finn_Jarber
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.
Which renders anything you say on taxes to be irrelevant.. NO ONE can be this wrong...
State governments can raise corporate tax rates and rebate those losses to their citizens.
Simple fix, and more equitable.
Companies will flee to low tax states.
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