October 19, 200817 yr Where has it been pointed out that the $250,000 limit would affect very few small businesses? The Tax Policy Center has determined that only 481,000 out of 23 million small businesses who file as individual rate payers would be affected by the changes because the rest fall into tax brackets below $250K/year. That is about 2% of small businesses filing as individuals.
October 19, 200817 yr The Tax Policy Center has determined that only 481,000 out of 23 million small businesses who file as individual rate payers would be affected by the changes because the rest fall into tax brackets below $250K/year. That is about 2% of small businesses filing as individuals. WHAT? Say it ain't so, H.
October 19, 200817 yr The Tax Policy Center has determined that only 481,000 out of 23 million small businesses who file as individual rate payers would be affected by the changes because the rest fall into tax brackets below $250K/year. That is about 2% of small businesses filing as individuals. Can you tell me where to find that information? I am not seeing it in the chart.
October 19, 200817 yr Can you tell me where to find that information? I am not seeing it in the chart. Section labeled "Tax Units with Small Business Income", the sum of the top two marginal brackets (33% and 35%), which are 37,000 and 444,000, respectively. Together, they sum to 481,000.
October 20, 200817 yr I think income distribution is a great idea as long a the cut-off income for redistribution is at least $1.00 more than I make. If it's my income that's being redistributed, though, I'd just have to respectfully disagree withthis practice.
October 20, 200817 yr I don't like Koolaid. But, yes, I do support Obama. I sure wouldn't brag about it and you will be sorry of it one day soon!
October 20, 200817 yr ^ JOE the Plumber isn't really called Joe, doesn't have a plumbing licence, and may not be hurt by Barack Obama's tax plan after all. A new media man-of-the-moment was born. But, by yesterday, the truth was emerging. His hometown newspaper, the Toledo Blade, reported Mr Wurzelbacher didn't have a required plumbing licence and wasn't registered to work as a plumber in Ohio. More to the point, he did not have the money to buy the plumbing business where he now works. And, even if he could buy the business, it was unlikely it would net the kind of income that would place it in a higher tax bracket under Senator Obama's plans. On the contrary, under the Democrat's tax proposal, the plumbing business Mr Wurzelbacher has his eye on might be in line for a tax cut. Nice try though. http://www.news.com.au/story/0,23599,24511706-5012572,00.html Its not even about Joe the Plumber, its about Obama's socialist view and his desire to spread the wealth. I'm all for spreading his wealth and all the rest of these liberal socialist Democrats.
October 20, 200817 yr Obama himself outlined it to the American public in the last debate. Yea, that was some outline, sounded like something straight from a socailist.
October 20, 200817 yr Yea, that was some outline, sounded like something straight from a socailist. Which socialist?
October 20, 200817 yr Which socialist? It doesn't matter which socialist because its always been a failure no matter where it has been practiced. Our government is fertile ground for a true socialist president and Obama fits the bill. And this country will be sorry of it.
October 20, 200817 yr WHAT? Say it ain't so, H. Section labeled "Tax Units with Small Business Income", the sum of the top two marginal brackets (33% and 35%), which are 37,000 and 444,000, respectively. Together, they sum to 481,000. Thanks. Here is what I am beginning to conclude. I think you two are looking at it the wrong way. You are looking at the number of small businesses that will be affected. After reading a few articles, I think a better way to look at it is the bulk of income generated by small businesses. And in that case, yes, 2/3 of the income generated by small businesses (sole proprietorships, S corporations, and partnerships) will be affected by Obama's new tax plan, which will raise their income to be taxed at about 50% (between SS/Medicare raises and Household income tax raises). So as economist Ryan Ellis says: Obama says that the overwhelming number of small businesses in America won't face a tax hike. That's true. We say that the overwhelming amount of small business profits in America will face a tax hike. That's also true. How is this possible? If you have a journalism school intern for a semester and he gets $3000 as a stipend, he counts as a small business owner. He's one of the small businesses that won't face a tax hike under Obama. This is cheating, since Obama is moving the goalpost. However, if you're concerned about a "tax hike on the small business sector," aren't you really talking about the tax rate paid on the bulk of small business profits? We think so. We're not so much concerned about your intern's tax rate as the tax rate of the guy who owns a chain of dry cleaners in Alexandria. The number of firms is not what matters. It's the fact that Obama is raising taxes on two-thirds of small business profits. So, essentially, Obama will be taxing 2/3 of the income (and, I assume, jobs) of small business. I am sorry, but I refuse to concede that he is the defender of the middle class
October 20, 200817 yr It doesn't matter which socialist because its always been a failure no matter where it has been practiced. Our government is fertile ground for a true socialist president and Obama fits the bill. And this country will be sorry of it. What about it is socialist in nature? I don't buy into the fear-mongering, in case you anyone hasn't picked that up yet.
October 20, 200817 yr What about it is socialist in nature? I don't buy into the fear-mongering, in case you anyone hasn't picked that up yet. "Spreading the wealth", is socialism. Obama is so arrogant that he thinks its his job to rob the rich so that big-daddy government can take care of everybody else. Its not his money, he didn't work for it and he needs to leave it alone!
October 20, 200817 yr "Spreading the wealth", is socialism. Obama is so arrogant that he thinks its his job to rob the rich so that big-daddy government can take care of everybody else. Its not his money, he didn't work for it and he needs to leave it alone! And just where is he propsosing the collective ownership/ administration of the means of production, distribution of goods, and the creation of a society where labor is the main source of wealth? That is the main premise of socialism.
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