What is Obama's definition of small business?

[Quantum Windbag]

The health care bill defines a small business as one with 50 employees or less.

I'd say that's a good place to start for a definition.

That is nice. I still want to know what Obama's definition is.

I believe the only one who can answer that is Obama.

And I don't think he's posting here. Hey, you never know I guess...

Somebody must know, he had to explain it at some point in his life.

 

[Quantum Windbag]

so is he talking about the business' income, or personal income...........no question mark.

here is for jarhead: code pink still protests the wars - just fyi

True, but MSNBC doesn't make sure you know about it. I wonder why.

 

[Quantum Windbag]

I heard some guy call into Rush the other day, yapping about how his BUSINESS makes over $250k a year, and most of the time he doesn't even take a salary..........etc. so he's kind of personally broke, and wondering how he'd afford the new tax.....

Rush of course didn't correct him.

It's not any BUSINESS that makes over 200, it's personal income. The guy's not going to see an increase. Big difference. And it could make a difference in the personal life of a business owner if he does net that salary, by a few percent, but technically shouldn't do much to the Business itself.

You, of course, are generalizing. S corporations pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. If that caller had an S corporation that has an income above Obama's cut off it will be hit by the tax,

 

[Quantum Windbag]

The health care bill defines a small business as one with 50 employees or less.

No, it does not. It exempts businesses with 50 employees or less from the employer mandate, but it defines a small business in Section 1313 to be "as defined under section 3 of the Small Business Act (15 U.S.C. 632)".

And that act defines a small business as:

For the purposes of this chapter, a small-business concern, including but not limited to enterprises that are engaged in the business of production of food and fiber, ranching and raising of livestock, agriculture, and all other farming and agricultural related industries, shall be deemed to be one which is independently owned and operated and which is not dominant in its field of operation: Provided, That notwithstanding any other provision of law, an agricultural enterprise shall be deemed to be a small business concern if it (including its affiliates) has annual receipts not in excess of $750,000.

15 USC § 632 - Small-business concern | LII / Legal Information Institute

I'd say that's a good place to start for a definition.

I'd say a business which is independently owned and operated and which is not dominant in its field of operation is a great place to start for a definition.

It is a start, but that would actually include some pretty big businesses.

 

[Quantum Windbag]

I heard some guy call into Rush the other day, yapping about how his BUSINESS makes over $250k a year, and most of the time he doesn't even take a salary..........etc. so he's kind of personally broke, and wondering how he'd afford the new tax.....

Rush of course didn't correct him.

It's not any BUSINESS that makes over 200, it's personal income. The guy's not going to see an increase. Big difference. And it could make a difference in the personal life of a business owner if he does net that salary, by a few percent, but technically shouldn't do much to the Business itself.

Good to see you GT.

Actually, as it pertains to an LLP and an s-corp...he is 100% correct.

If you own a small business..and your after payroll profit is 250K.....you are in that category.

With that 250K you must pay rent, and other operating expenses...and depending in your business...that can be all or most of it.

He was not wrong.

And hey....even I dont listen to that windbag rush....you do?

Link it.

Obama, everytime I've heard him mention it, was talking about Personal income taxes, not Business.

One small problem with what you are hearing.

Income Tax

All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to Business Structures to find out which returns you must file based on the business entity established.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return. For additional information refer to Publication 583, Starting a Business and Keeping Records.

Business Taxes

 

[ClosedCaption]

Umm, I do not have a voting record, you are the one that is projecting here.

Did you think I was talking about you personally when I said voting in Lockstep?

You were talking about cons, which apparently includes me.

Sorry, didn't realize you were that stupid.

 

[g5000]

It is a start, but that would actually include some pretty big businesses.

The definition of "small business" includes BIG businesses?

Do you think a $20 million a year business is a big business?

It isn't. Not even close.

 

[Quantum Windbag]

It is a start, but that would actually include some pretty big businesses.

The definition of "small business" includes BIG businesses?

Do you think a $20 million a year business is a big business?

It isn't. Not even close.

By the SBA definition McDonnel Douglas could be considered a small business because Boeing is dominant in the field.

 

[Ravi]

I'd like to know what the rights definition is of Small Business.

What sucks is that Leftists feel the need to attack any of our wealth and job producers.

I don't feel attacked. What a poor little whiner you are.

 

[g5000]

It is a start, but that would actually include some pretty big businesses.

The definition of "small business" includes BIG businesses?

Do you think a $20 million a year business is a big business?

It isn't. Not even close.

By the SBA definition McDonnel Douglas could be considered a small business because Boeing is dominant in the field.

No. There are provisions for that in the 15 USC § 632 link I provided.

 

[g5000]

I'd like to know what the rights definition is of Small Business.

What sucks is that Leftists feel the need to attack any of our wealth and job producers.

I don't feel attacked. What a poor little whiner you are.

Obama wants to raise income taxes on the rich from 35% to 39.6%.

He also wants to raise the dividend top tax from 15% to 44%. And he wants to raise the capital gains tax from 15% to 39.6%.

These are not small tax increases.

 

[Skull Pilot]

I really want to know what Obama means when he says he supports small business, so I want to know what he means when he says small business.

The SBA has this definition.

I'm still waiting for a definition of "Fair share" so don't hold your breath waiting for a definition from a fucking politician or one of their ovine minions.

 

[SniperFire]

I'd like to know what the rights definition is of Small Business.

What sucks is that Leftists feel the need to attack any of our wealth and job producers.

I don't feel attacked. What a poor little whiner you are.

Hey, don't take MY word for it!

Obama Seen as Anti-Business by 77% of U.S. Investors

(Bloomberg) -- U.S. investors overwhelmingly see President Barack Obama as anti-business and question his ability to manage a financial crisis, according to a Bloomberg survey.

The global quarterly poll of investors and analysts who are Bloomberg subscribers finds that 77 percent of U.S. respondents believe Obama is too anti-business and four-out-of-five are only somewhat confident or not confident of his ability to handle a financial emergency.'

Obama Seen as Anti-Business by 77% of U.S. Investors (Update1) - Bloomberg


Vote responsibly next time, peeps!

 

[Ravi]

What sucks is that Leftists feel the need to attack any of our wealth and job producers.

I don't feel attacked. What a poor little whiner you are.

Obama wants to raise income taxes on the rich from 35% to 39.6%.

He also wants to raise the dividend top tax from 15% to 44%. And he wants to raise the capital gains tax from 15% to 39.6%.

These are not small tax increases.

He wants to end the Bush tax cuts. Just like we were promised by Bush. That isn't an attack on small business. In fact, rolling back the tax cuts will more than likely spur small business spending for the write offs instead of paying taxes on profits.

 

[SniperFire]

I don't feel attacked. What a poor little whiner you are.

Obama wants to raise income taxes on the rich from 35% to 39.6%.

He also wants to raise the dividend top tax from 15% to 44%. And he wants to raise the capital gains tax from 15% to 39.6%.

These are not small tax increases.

He wants to end the Bush tax cuts. Just like we were promised by Bush. That isn't an attack on small business. In fact, rolling back the tax cuts will more than likely spur small business spending for the write offs instead of paying taxes on profits.

No he does not, moron. He wants to roll back about 20% of it.

And the rest of your post was as clueless as the first.

 

[Quantum Windbag]

The definition of "small business" includes BIG businesses?

Do you think a $20 million a year business is a big business?

It isn't. Not even close.

By the SBA definition McDonnel Douglas could be considered a small business because Boeing is dominant in the field.

No. There are provisions for that in the 15 USC § 632 link I provided.

All McDonnell Douglass has to do is outsource enough jobs to get below the employee numbers to magically become a small business, the dollar amount of their sales is irrelevant.

 

[Quantum Windbag]

I don't feel attacked. What a poor little whiner you are.

Obama wants to raise income taxes on the rich from 35% to 39.6%.

He also wants to raise the dividend top tax from 15% to 44%. And he wants to raise the capital gains tax from 15% to 39.6%.

These are not small tax increases.

He wants to end the Bush tax cuts. Just like we were promised by Bush. That isn't an attack on small business. In fact, rolling back the tax cuts will more than likely spur small business spending for the write offs instead of paying taxes on profits.

Bush promised that he would end the tax cuts after he was out of office?