How will you protect your assets under Obama?

[Ravi]

Yeah, that's what I think too.

Let's just say I believe him about as much as I believed Joe the Plumber's fabrication.

Oh yeah, one more point.

You are not taxed by the FEDS on your assets.

You are taxed on your income.

Big BIG difference.

Anyone smart enough to have grown a business to the point where it's making $250 K in profits a year is likely to know the difference between an untaxable asset and a taxable income.

The funny thing is that if you are taking out over $250,000 in personal income and you have a problem paying a little bit more in taxes you don't have to do it. Business write offs are everywhere and HIRING another employee is one option...therefore stimulating the economy and creating jobs.

I have never raised the price of goods to the consumer because of my personal tax liability. And I doubt seriously anyone else has.

 

[jillian]

Yeah, that's what I think too.

Let's just say I believe him about as much as I believed Joe the Plumber's fabrication.

Oh yeah, one more point.

You are not taxed by the FEDS on your assets.

You are taxed on your income.

Big BIG difference.

Anyone smart enough to have grown a business to the point where it's making $250 K in profits a year is likely to know the difference between an untaxable asset and a taxable income.

But...but.... but... if they don't act hysterical and make up stuff, whatever will they do?

 

[Ravi]

Have you noticed that unlike you, I don't sit here and troll the board all day? We own a real estate management company. We also own most of the properties we manage. As far as how much we make, that's none of your business. So, I do have a lot of free time. Just not as much as you.

The reason I posed this question is two fold:

First: First an Obama administration WILL impact me, although not as much as somebody who's just starting out in a new business.

Second: Since an Obama administration is a real probability, I thought I'd give you a dose of reality. Do you really think that people who are making a decent living are about to willing give a portion of it up to others that are are to lazy to get off their asses and find work? I don't think so.

This little game of cat and mouse has been going on since the government has been taxing the people, it's nothing new. The only thing that's going to change are the rules and how to work around them.

Do you or do you not earn a personal income from your business of $250,000 or more per year?

 

[GigiBowman]

Have you noticed that unlike you, I don't sit here and troll the board all day? We own a real estate management company. We also own most of the properties we manage. As far as how much we make, that's none of your business. So, I do have a lot of free time. Just not as much as you.

The reason I posed this question is two fold:

First: First an Obama administration WILL impact me, although not as much as somebody who's just starting out in a new business.

Second: Since an Obama administration is a real probability, I thought I'd give you a dose of reality. Do you really think that people who are making a decent living are about to willing give a portion of it up to others that are are to lazy to get off their asses and find work? I don't think so.

This little game of cat and mouse has been going on since the government has been taxing the people, it's nothing new. The only thing that's going to change are the rules and how to work around them.

NObama, I'm sure you'll appreciate my parable http://www.usmessageboard.com/humor/62379-the-ant-and-the-grasshopper-updated-version.html

 

[Skull Pilot]

it's just fear mongering skull....seriously, it is partisan bunk when you read the whole article it is evident to me and there are no links to support any of it....

besides the fact when the employers with the push of our government's support... took guaranteed pensions away from us as a benefit from our employers and switched it to 401k's where the company only had to contribute 5% towards your retirement from them as a benefit, but it all had to go in to the RISK FILLED STOCK MARKET, it was the BIGGEST GIFT TO WALL STREET that had existed in our lifetimes....even bigger than the bailout....

You know that in a 401K that you have multiple options of where to allocate your contributions don't you? You don't have to invest in stocks at all if you don't want. You could invest solely in bonds or even in cash funds similar to savings accounts and CDs. Why do you ant the government telling you where to put your money when you already can put it anywhere you want?

NOW, all those 401k retirement plans in a few months LOST TRILLIONS UPON TRILLIONS of their value and the 401k savers have been totally RAPED.

Simply not true. No one has lost anything unless they cash out at a loss. People with more than ten years to retirement aren't going to be using that money and should leave it exactly where it is And people facine retirement in less than 5 years should not have the bulk of their money in equities. Maybe now people will take some responsibility to learn about their money rather than blithly and blindly trusting the government and their employers

I am against getting rid of it or it's tax breaks, but i am not against some kind of true reform, where a portion of the 401k can go in to guaranteed savings....like maybe being able to buy in to CD's or something....my 3 Employers that had 401k's did not have anything but investing with risk.

There really are no tax breaks in a deferred retirement plan. All the income tax deferred while in the contribution phase are recouped by the government in the first couple years of retirement. Minimum distribution requirements make sure that Uncle Sam gets his cut as well. You may very well be better off investing the bulk of your money after tax and not paying regular income rates on distributions and not being required to take out more than you need through required minimum distribution rules.

Now, with you and your situation Skull, even IF this made up fear mongering thing DID happen....I bet ya, you would still get the tax savings on the guaranteed plan that you were forced to do...as you would have with the 401k, no?

Care

No. One is never better off when the government makes his decisions for him. Believe me IF this happens, I will not put anything in a retirement plan but what I am forced to. BTW aren't we all forced to pay into social security? We all know how well that government ponzi scheme is run don't we?

 

[Truthmatters]

FactCheck.org: What percentage of the U.S. population makes more than $250,000 per year?

2 percent of the population makes over 250,000 a year

 

[Ravi]

How nice then that NOb graces us with his presence.

 

[Skull Pilot]

FactCheck.org: What percentage of the U.S. population makes more than $250,000 per year?

2 percent of the population makes over 250,000 a year

And if you think BHO can realize all the money he needs to keep his promises from his tax hikes on the top 5%, Ive got some swampland in FL to sell you.

 

[glockmail]

It astounds me that people here are making over $250K a year running businesses can find the time to post on boards like these.

When I was running a business that didn't even GROSS that amount of money I was too damned busy to waste time on something like this.

Nobama, you claim that your grossing more than $250K in PROFIT every year in your business?

Is that what you're claiming?

That's not the point. The points are:
1. Obama will be taking away people's incentive to work hard, build a business and take risks.
2. It is simply not fair to force a higher percentage tax on someone else.
3. We now have 40% of voters paying no tax, and this will increase under this plan. As this gets above 50% the majority will simply vote themselves more benefits, requiring the minority to pay for them. Not only is this, in effect, a form of slavery, it is the predicted downfall of all democracies.

 

[Care4all]

That's not the point. The points are:
1. Obama will be taking away people's incentive to work hard, build a business and take risks.
2. It is simply not fair to force a higher percentage tax on someone else.
3. We now have 40% of voters paying no tax, and this will increase under this plan. As this gets above 50% the majority will simply vote themselves more benefits, requiring the minority to pay for them. Not only is this, in effect, a form of slavery, it is the predicted downfall of all democracies.

we live in a republic, not a pure democracy, the 50% is meaningless...our representation does not listen to the masses, just look what they did by bailing out wall street with a Trillion Dollars of OUR money....they ignored us.

What slave have you ever known that earns and CLEARS $200k-$250,000 a year?

care

 

[Truthmatters]

And if you think BHO can realize all the money he needs to keep his promises from his tax hikes on the top 5%, Ive got some swampland in FL to sell you.

You already sold us the swapland with a Bush no bid contract to Haliburton.

Look arround dude we are all sinking

 

[dilloduck]

we live in a republic, not a pure democracy, the 50% is meaningless...our representation does not listen to the masses, just look what they did by bailing out wall street with a Trillion Dollars of OUR money....they ignored us.

What slave have you ever known that earns and CLEARS $200k-$250,000 a year?

care

Oh it will be fun---just figure out where the line is between the haves and the have nots and don't cross it. If you run short someone will have to pay you.

 

[Skull Pilot]

You already sold us the swapland with a Bush no bid contract to Haliburton.

Look arround dude we are all sinking

Didn't vote for GW

I doubt we're all sinking. If so then tell me why last Friday when my lovely wife and I went out to try to get a bite to eat that 3 restaurants had at least a 45 minute wait for a table and had people standing 2 deep at the bar?

If YOU were sinking, wouldn't the first thing you would cut out of the budget be eating out and drinking at a bar? You certainly can do both cheaper at home.

 

[glockmail]

.....

What slave have you ever known that earns and CLEARS $200k-$250,000 a year? .....

I didn't say "slave"; I said "a form of slavery". 100% taxation would be slavery. Any percentage above what is necessary for the government to fulfill its constitutional mandate and above the average percentage paid by all citizens infringes on personal freedom and therefore is, in effect, a form of slavery.

 

[Care4all]

Oh it will be fun---just figure out where the line is between the haves and the have nots and don't cross it. If you run short someone will have to pay you.

cut me a fricking break Dillo!

the tax increase proposed by Obama is $300 more for every additional $10,000 the people make over the $200-$250k of taxable income.........

Bwaaaaaaaaaaaaaaaa, the people are obviously not going to want to earn $10,000 more because of the extra $300 they would have to pay in taxes......

bull crud!


gees louise....

Did the poor and the middle class CRY this much when SS taxes went UP from 3% to 6.2%.... ohhhhhhhhhhhh, yeah i forgot, it doesn't MATTER when those in the middle or lower classes get an outrageous rate hike porportionate to their income...

Only the wealthy and their pawns can cry and bitch....

care

 

[NOBama]

Yeah, that's what I think too.

Let's just say I believe him about as much as I believed Joe the Plumber's fabrication.

Oh yeah, one more point.

You are not taxed by the FEDS on your assets.

You are taxed on your income.

Big BIG difference.

Anyone smart enough to have grown a business to the point where it's making $250 K in profits a year is likely to know the difference between an untaxable asset and a taxable income.

I could give a rat's ass about what you think.

Tell me something: Is income an asset or a liability?

 

[NOBama]

NObama, I'm sure you'll appreciate my parable http://www.usmessageboard.com/humor/62379-the-ant-and-the-grasshopper-updated-version.html

Now that's Funny!

 

[NOBama]

So, (some of) you people think income is the only variable in this game, eh?

Does that mean that the guys who own those pesky contracting companies like Joe the plumber and Sparky the HVAC guy are lying to me when they whine about their costs going up and that I should be prepared for yet more price increases if Obama’s “ideas” like mandatory health insurance come to fruition? Why those pinheads.

How about my maintenance and make ready guys, what the hell am I gonna do about them. I may have to insure them if Robin Hood takes the helm. Ah hell, maybe I’ll just put them all on part time and double the crew size, you know, spread the wealth around and all that jazz. Come to think of it, a couple of those assholes have Obama bumper stickers. Hmmm…

I guess the insurance people are lying to me about escalating prices as well. I better rush right out and replace them.

The bottom line is: Small businesses like mine are getting hit pretty hard already. In an Obama administration with the majority of the legislature being democrat, we better start taking cover now.

Like I said in a previous post, our salaries are going to be the last thing to get hit, if at all, and we’ll do whatever it takes to ensure that we continue to net the income we’re accustomed to and I don't really care how much that costs somebody else.

By the way, the rental business has picked up nicely over the last year and a half.

 

[Truthmatters]

Didn't vote for GW

I doubt we're all sinking. If so then tell me why last Friday when my lovely wife and I went out to try to get a bite to eat that 3 restaurants had at least a 45 minute wait for a table and had people standing 2 deep at the bar?

If YOU were sinking, wouldn't the first thing you would cut out of the budget be eating out and drinking at a bar? You certainly can do both cheaper at home.

Oh you went out to eat and the resturant was full?

Jesus people are you blind?

 

[Skull Pilot]

Oh you went out to eat and the resturant was full?

Jesus people are you blind?

No Three resaurants were full to brimming over and the Thai take out place where we eventually got dinner to take home and eat by the fire was packed as well.

There were an awful lot of people in the book store, not to mention the clothing stores.

But Hard times.... I say hard times are upon us people. You are all doing so badly and hurting so much that you can go out to dinner three times a week. You all are so strapped for cash that you can buy that new dress. Hard times .....hard times one and all.