I agree the above also contributed to the problems.... But a Tax Cut for the Rich in a time of war is economy killing, just ask almost any economist.
Is 200/250K enough? What about the small business?
- Thread starter Chapdog
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I agree the above also contributed to the problems.... But a Tax Cut for the Rich in a time of war is economy killing, just ask almost any economist.
By exploding the deficate and squandering the surplus in a fundamentally unfair way. When you give an unballanced burden to the middle class, the ones who start small businesses, you harm the economy.
When the Rich pay less, they save it, sit on it, ect... when the Middle class pay less they start small businesses.
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The Almighty
continuing the bullshit line of 'it was a tax cut for the rich' is absurdity and simply parroting the talking points of your dem masters.
If you hadn't noticed... the tax cuts for the low income and middle income families are also set to expire. Those tax cuts for them allowed many more to not have to pay federal income taxes.
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The Almighty
THERE WAS NO SURPLUS YOU IGNORANT PARROT.
The deficit also did not 'explode'... at least not until the Dems took control of Congress.
The tax cuts stimulated the economy, but as always, they are not sustainable long term if there are not also corresponding spending cuts. THAT is where Bush failed. That is where they ALL fail...
Side note... the rich do not 'save money' you twit.... they INVEST IT. That money goes into bonds that municipalities or the Feds or Corporations use to
build infrastructure, schools, research facilities, factories etc...
That money goes into start up companies to fund the innovators.
That money goes into real estate, autos, travel etc... ie... they spend it or invest it....
That money goes to WORK in the economy. They most certainly do NOT simply sit on cash.
Also... the tax burden went UP for the wealthiest half of this country under Bush. The bottom 50% pay about 1.7% of total federal income taxes.
I love it when you criticize others for "parroting talking points" and then moments later post stuff like the above. It's hilarious.
I could be wrong, Ive been fairly busy, but its my understanding that the Presidnet is not against extending the tax cuts for those making less than 250,000.............
Going into a war makes it clear that you are not going to be able to cut spending. CLEAR! Bush cut taxes KNOWING he would not be able to cut spending... resulting in the tax cuts being a signifigant contrtibuting factor to this Recession we are now crawling out of.......
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The Almighty
Again, the above is bullshit. You have no idea what you are talking about... which doesn't really come as a surprise.
The 2001 Tax cuts was passed in JUNE of 2001. PRIOR to 9/11.
The 2003 tax cuts essentially accelerated the 2001 act and also cut taxes on dividends and cap gains. It was done as a stimulus measure to spark the economy in the short run... which it did.
To pretend they 'KNEW' they couldn't make any future spending cuts is moronic. They could and still can.... the fact that they didn't and still don't doesn't change the fact that you aren't even intelligent enough to know when the tax cuts were passed.
The tax cuts are not a significant cause of the recession you moron. That is simply a line the far left likes to parrot because their masters told them to. The bulk of this recession was due to the repeal of Glass Steagall and the extremely loose credit market (thanks to Greenspan)
"exploding deficate"...bwahahahaha!
EVERYONE got a tax break under Bush's tax cuts!
The average "small business" will be hurt by allowing a 250k bracket increase. Have you never heard of an LLC? Having been in banking I know that most small businesses set up their company as an LLC meaning that their income is incorporated with their company. The typical LLC can show a 250k income even though the actual profit is maybe 40k. Now dorkus can you see a problem with Obama's stupid plan???
You're LLC analysis is less than sound. You really don't have a clue what you're talking about.
LOL get some toilet paper!
How so genius? For taxation purposes the IRS looks at gross profit as income for a single owner LLC.
The Obama Administration and Congressional Democrats have said that they want to raise taxes in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and small business owners earning at least $200,000 per year
Unlike corporations, small businesses usually don’t pay their own taxes. Rather, business profits flow through to the business owner. The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes.
According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and “pass-through” entities like partnerships and S-corporations.
All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $631billion. A large chunk of this net profit--$457 billion—faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan.
Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion—faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.
S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $367 billion. Virtually all of this profit faced taxation in households making more than $200,000 per year. Aggregate pass-through entity profits will almost entirely fall in households making more than $200,000 per year.
Read more: http://www.atr.org/majority-small-business-sectorbr-facing-higher-a5247##ixzz0z2yFeLTE
Unlike corporations, small businesses usually don’t pay their own taxes. Rather, business profits flow through to the business owner. The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes.
According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and “pass-through” entities like partnerships and S-corporations.
All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $631billion. A large chunk of this net profit--$457 billion—faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan.
Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion—faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.
S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $367 billion. Virtually all of this profit faced taxation in households making more than $200,000 per year. Aggregate pass-through entity profits will almost entirely fall in households making more than $200,000 per year.
Read more: http://www.atr.org/majority-small-business-sectorbr-facing-higher-a5247##ixzz0z2yFeLTE
Only a game changer for a few: Thanks to tax breaks that have been in effect since the 2008 stimulus package, small businesses can write off up to $250,000 in such investments in a single year, through the end of 2010. If the Small Business Jobs Act manages to pass, that benefit would be extended through 2011 and the maximum would double to $500,000. Given that, Obama's newest proposals would really only change the game for big spenders, observers say.
"While the increased expensing limits for business investments may help some businesses, most small businesses aren't making expenditures that exceed the current $250,000 expensing limits," said Bill Rys, tax counsel at the National Federation of Independent Business.
Tax write-offs are not what Main Street needs right now, other small business advocates say. Todd McCracken, CEO of the National Association of Small Businesses, says that passing the Small Business Jobs Act and extending the Bush era tax cuts are more important for small businesses than equipment tax write offs.
http://money.cnn.com/2010/09/08/smallbusiness/small_business_obama_tax_breaks/
"While the increased expensing limits for business investments may help some businesses, most small businesses aren't making expenditures that exceed the current $250,000 expensing limits," said Bill Rys, tax counsel at the National Federation of Independent Business.
Tax write-offs are not what Main Street needs right now, other small business advocates say. Todd McCracken, CEO of the National Association of Small Businesses, says that passing the Small Business Jobs Act and extending the Bush era tax cuts are more important for small businesses than equipment tax write offs.
http://money.cnn.com/2010/09/08/smallbusiness/small_business_obama_tax_breaks/
I am still trying to bleach from my brain the image of "deficate exploding", never mind the other nonsense of Jayrod....
They typical LLC has deductions that make the "income" 0!
ROTFLMAO