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re: Breakdown of Possible Business Tax
Posted on 10/18/08 at 4:45 pm to Reubaltaich
Posted on 10/18/08 at 4:45 pm to Reubaltaich
Corporations PAY NO TAX...they collect it from customers and send it to Washington. Whatever the tax is that the IRS puts on a corporation...
they just raise their prices and pass it on....
they just raise their prices and pass it on....
1
Posted on 10/18/08 at 7:21 pm to Chicken
quote:
Obviously why? If that person isn't in sales, that person is most likely not generating any revenue...
If employees didn't help a business generate revenue, there would be no point of having employees.
quote:
Forcing to carry health insurance would initiate an automatic letting go.
I already foot the health insurance bills through Blue Cross for people who work for me, it never struck me as being expensive, which is why I offered it. In theory, I'd have more money by not offering it, but I'd like to believe that an employee with incentives is more efficient than one without.
quote:
It actually makes it harder for a growing business due to cash flow issues. If you are a start-up, you borrow money to buy new equipment and/or hire new employees. A company can be netting $250,000, but if all of that is being used to pay off liabilities they do not have it sitting around to be spent on new equipment/employees. Therefore, increasing the tax rate takes cash from the business and hurts their cash flow.
That makes sense.
I'm not an economist, I pay my accountant to handle all of my personal and business tax stuff, which is why I asked.
Posted on 10/19/08 at 7:28 am to simonizer
Your math is incorrect. The increase is on the amount over 250k. Assuming taxable income is 250,000 (i.e. after deductions) the taxpayer would pay 87,500 now or under Obama's plan. (I am simplifying here, it would actually be less as there are ranges at which he is taxed for each amount, and filing status affects it also).
If the person's taxable income increases to 300,000 under the current plan the taxpayer would pay 105,000. Under Obama's plan, the taxpayer would pay, 107,000 (250,000*.35 + 50,000*.39). I think owner can offset the 2,000 dollar increase in taxes with the extra 50,000 in profit he made.
If the person's taxable income increases to 300,000 under the current plan the taxpayer would pay 105,000. Under Obama's plan, the taxpayer would pay, 107,000 (250,000*.35 + 50,000*.39). I think owner can offset the 2,000 dollar increase in taxes with the extra 50,000 in profit he made.
Posted on 10/19/08 at 6:29 pm to ztraveler
quote:
Corporations PAY NO TAX...they collect it from customers and send it to Washington. Whatever the tax is that the IRS puts on a corporation...
Exactly. I have been trying to tell people this for years but to no avail. Plus they wonder why the factory shut down and moved overseas.
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