Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You need to be able to distinguish between corporations, partnerships, and sole proprietorships. Only corporations have shareholders.
If you have a small business many incorporate for tax reasons as well as liability. I have several corporations. I guess that makes me greedy and elitist and not deserving a tax break?
You understand when you file papers to incorporate you have to name shareholders and a corporate structure. This has nothing to do with being a public company on wall street. Big deal that they have shareholders. Often its a family member just to do the paperwork easier.
I believe there are over 6 million corporations and over 2 million LLC's. At least ones that do enough business to file taxes.
There are about 30 million businesses in the US but only about 20,000 have more than 500 employees. A vast majority do not have shareholders. A vast majority are small ones like you describe. Yet when cutting corporate tax rates is discussed the left slams it for only benefiting the rich which is totally untrue.
I have several businesses.
I don't pay corporate rates on any of them.
My mother is a business owner.
She doesn't pay corporate rates.
My dad works for a small business.
That owner doesn't pay corporate rates.
We're more interested in individual rates, as are likely a majority of those 30 million business.
I'm not sure what you're getting at. My only point is that you have to be careful what you raise a federally-mandated minimum wage to, because it can drastically affect lower COL areas where profit margins are much tighter. A drastic increase to $15/hr. would likely result in mass reductions in force across the US, particularly in the lower COL areas where businesses can't afford to pay that much and stay afloat. I think with this particular type of issue, you need to let it be up to the statesor localities to decide, so they can tie the increase to the local COL.
That is what I'm getting at.
States and localities can impose a higher minimum wage than the Feds within their jurisdictions, if they see fit to do so. That way, employers in higher population & COL areas (like NYC & LA) have to pay at least the locally-mandated higher minimum wage, rather than the lower Federal rate.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,610 posts, read 81,316,164 times
Reputation: 57871
Quote:
Originally Posted by LordSquidworth
I have several businesses.
I don't pay corporate rates on any of them.
My mother is a business owner.
She doesn't pay corporate rates.
My dad works for a small business.
That owner doesn't pay corporate rates.
We're more interested in individual rates, as are likely a majority of those 30 million business.
Same here, I had a business for 16 years and never paid a nickel in corporate tax. Just the personal income tax from being self employed, with schedule C (profit/loss) deductions for expenses. I never paid anywhere near what I do now as an employee.
States and localities can impose a higher minimum wage than the Feds within their jurisdictions, if they see fit to do so. That way, employers in higher population & COL areas (like NYC & LA) have to pay at least the locally-mandated higher minimum wage, rather than the lower Federal rate.
The advantage of the feds doing it is that you can just take your ball and leave state like a spoiled child as a buisness owner, you will face the same issues no matter where you go.
Same here, I had a business for 16 years and never paid a nickel in corporate tax. Just the personal income tax from being self employed, with schedule C (profit/loss) deductions for expenses. I never paid anywhere near what I do now as an employee.
Self-employment tax is higher than taxes paid as an employee. You have to pay your own social security and Medicare instead of your employer splitting it with you.
But my husband and I have both been self-employed for many years and we don’t pay corporate taxes. A tax cut for corporations is not going to help most middle class small business owners.
1) We need a minimum wage. But instead of the "fits and starts" way we do it now, set it at a level that allows a basic existance for a single person, then adjust annually for inflation so it represents that same amount of buying power.
2) The real issue is that for too many people and too many families and growing, wages do not meet needs. Rent/housing costs is the best example, each year more and more people are paying 50+% of their income towards this, the idea is 33% or less and even many programs such as Section 8 give benefits this way (you pay 33% of your income towards rent, the voucher pays the difference). Speaking of Section 8, 20 years ago and beyond you basically just stated your income and if you qualfied you had a voucher, now there are wait lists that are usually years long and many places don't even take applications for a voucher due to the backlog.
So we need some way to address this issue of too many people not being able to meet their needs with a "normal" workweek (I'll define it as 40-50 hours to allow for crunches, etc.). It is not good for society if everyone needs to work 70, 80, or more hours/week to survive. "Universal Basic Income" is one way that might help, so would expanding things like the Earned Income Tax Credit.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,633,091 times
Reputation: 9169
Quote:
Originally Posted by Prickly Pear
I feel that as a 22 year old, with no kids, no debt, a college degree, numerous certifications, no jail record, and a near perfect credit score, I should be able to afford and save some cash at the end of the day. Really I don't think striving to be able to pay for shelter and save money isn't asking for a whole lot. Some people can see their money grow for miles, why can't I see mine grow an inch?
At some point we have to stop looking at people like they are robots, and start looking at them like they are humans again. If you have to spend the majority of your life performing a series of tasks, those tasks should be able to sustain the life you use to do those tasks. They should be able to get you into at least a somewhat financially stable place.
In theory, people should be able to live on the current minimum wages in their area. But they can't, because of rising rents, groceries, utilities, gas, and other basic expenses. Everyone has to market towards the wealthy techie from Silicon Valley, right? No one wants to market to all these poor folk. We gotta make everything "luxury".
To me the raise to $15 argument is less about just more $$$ but a better wages to expenses ratio. People working minimum wage wouldn't care if rents and gas went down. Especially rent as that is most people's biggest expense.
If the market wants to pay people X per hour, then the market should also give options for those making X per hour to live somewhere. Humans are living beings that consume things and have a certain standard of living, like a roof over their head and maybe some basic heating. But that's the thing, they won't. So if we won't raise the wage, what can we do to bring expenses down?
For housing, we would have to tear down all single family homes in major metro areas (3 million plus population) and replace them with midrise and high rise apartments and condos, increase the supply of housing relative to the demand
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
