How is this a tax break? thanks obama

Discussion in 'Politics' started by t_samford, Nov 3, 2008.

  1. t_samford
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    t_samford TSamford

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    Obama is giving the lower 95% a tax break while raising taxes for the other 5%. Let me ask: Who owns all of the big corporations and businesses? Its that 5% that does. If you tax that 5% then they will have to start laying off workers so the unemployed will just go up. All the people hear is: Tax break! Tax break! Tax break! Start thinking about the big picture people.
    Tell me your not voting for him!
     
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    Last edited: Nov 3, 2008
  2. dilloduck
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    dilloduck Diamond Member

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    Are you kidding ? Then the election might turn into something other than a trite proxy popularity contest !
     
  3. rayboyusmc
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    rayboyusmc Senior Member

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    Total rightwing bullshit.

    They would be returning to the same tax brackets that they were in under Clinton. We did pretty well then with the jobs.

    Since Reagan we have screwed the middle class all over the place. Seeing as how a healthy middle class makes a healthy economy, maybe we need to return to caring about the middle class or the 95% of the frigging population that makes the companies work.

    Plus not all those who have money own corporations that supply jobs.
     
  4. Manifesto88
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    Manifesto88 Rookie

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    The individuals will return to the tax bracket, not the companies. The companies will be getting taxed all over the place... if a company is required to give it's employees health care, there will be layoffs left and right.

    Any tax increase for a company, means less jobs and money for investment.
     
  5. Turboswede
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    Turboswede Very Metal

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    Wait...I thought we were talking about returning the individual rates to those in effect under Clinton, who said anything about manditory health care or corporate tax rates (which are not slated to change)?
     
  6. DiamondDave
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    DiamondDave Army Vet

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    Not to mention the "rebate check" all filers will get, even if they pay no fucking federal income tax... the sneaky little welfare move that Obama thinks he can sneak past... he may have the wool pulled over some people's eyes and he may have the obamabots still beating off all over themselves.. but there are still some in this country that see his wealth redistribution bullshit
     
  7. Ravi
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    Ravi Diamond Member

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    Someone please explain to me how higher taxes reulsts in laying off employees...to avoid paying taxes all the corporations need do is have more things to write off, which would include hiring more employees.
     
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  8. Skull Pilot
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    Skull Pilot Platinum Member

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    its called fixed operating expenses.

    If i need 60K per month to cover my expenses, including payroll and all the associated taxes and employee benefits, utilities , insurance etc etc tec

    If a tax raise reduces my income I have 2 options

    1 I raise the cost of my goods and services

    2 I reduce my fixed operational expenses

    But, I can only raise the costs of my goods and services so much before I start losing customers thereby reducing my income even more.

    That is the tipping point where I cannot sustain my business unless I start cutting operational costs. Since payroll is the most expensive item on my budget, guess where i start cutting.

    First I cut benefits; I end the 100% health insurance and make employees pay for a higher percentage of their insurance; I stop my matching contribution to their retirement accounts; i cut hours and eventually lay off.

    Another monkey wrench is that if doing any of these things violates an employee's contract, i have no choice but to terminate and hire a less expensive employee

    Simply hiring more and more people does not constitute a tax write off. To hire an employee you have to run the risk reward numbers and if that employee costs more than any added revenue he may potentially generate, you don't hire.
     
  9. Ravi
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    Ravi Diamond Member

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    Ah, but you are talking about personal income tax, not corporate tax. But even so, I guess I just look at it differently than you do. My personal income in the end depends on how well the business does, not on my tax rate. When I get to the end of the year and have money left in my account I either decide to take it as a profit and pay taxes on it or buy some equipment or whatever to avoid paying taxes on it.
     
  10. Skull Pilot
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    Skull Pilot Platinum Member

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    That's what every business does. but it is not a reason to just hire willy nilly.

    And it depends on what kind of business you have. In an S corp business profit is claimed as personal income. In a C corp, any money not paid out in dividends or for capital expenditures is taxed at the corporate rate.
     

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