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Reeves,
NO ONE, absolutely no one, gets taxed on their Gross income or Gross Revenues in our tax code....
That's your answer to your speculation....all of us, even you and me, according to the irs, get taxed on our NET INCOME/EARNINGS....
You are just misunderstanding this....there is no way Obama or anyone could tax people on their Gross income without some major tax code reform, which would NEVER pass muster in Congress....like i have said, Obama was speaking about thier TAXABLE income...which is everyone's NET income, not gross income.
And let me run this by you also....these larger 'small businesses' will be getting tax breaks up to the point of $250k NET much larger than mccain's plan, if these are as little as 9k in tax cuts up to that point, and obama is raising their taxes by $300 bucks for every $10k more in net earnings....they actually do not begin getting the tax increase of $300 for every $10k earned until they go over $500k...because the initial tax cuts of $9k for the lower bracket cuts that they also benefit from covers the increase from $250k up to the $500k.
And another thing, you do realize that these company profits that are taxed is the INDIVIDUALS yearly INCOME, one person's INCOME, not the businesses... all the money reinvested in to the business and payroll and expenses of the business are TAX DEDUCTABLE, so there is no taxes paid on this...let alone an increase tax on this....
Care
Care I have to disagree, he said he would increase their taxes to 39% on all revenues over $250k. That would hurt a great number of small businesses. Mccain's plan gives tax cuts to 'all' businesses and doesn't attempt to wage a class warfare.
It can't be done Reeves...
taxable income IS ALWAYS ON ONE'S NET.
honestly, ask anyone...how taxes are calculated and it is on everyone's net....there is no other way to calculate it...even those that do not file long form, their taxes are on their net income, because they get automatic personal deductions....(we all do) and taxes are calculated after these deductions are taken out.
Obama was speaking of taxable income/revenues....NOT GROSS, but NET income/revenues.
No worries, truely, on that part of it Reeves....not to say that even if it is $250k/$500k net as i projected it with the tax breaks they got from the lower tax bracket rate cuts is still NOT something that should go in to effect now, during the recession...that's still debatable imo....raising taxes of any kind during a recession is something still worth arguing about is what i am saying, but as far as the tax increase, it is calculated on ones net income, even for the lower groups getting tax cuts, it is on their net income.
Care
if you pay taxes you know taxesare NEVER, EVER PAID on your gross...NEVER! who does your taxes? if you did them, taxes are paid on your taxable income, after your personal deductions.I do pay taxes you know? Anyway, if he stated he will tax all revenue over $250k from small business then I think that he will do just that. You know there is more than one column on a tax form, other than just the column at the bottom net income tax due? If he taxes, small business revenue over $250k that would be a disaster to this economy. As you stated earlier, 80% of the jobs in this country are generated by small business.
The amount of income that is used to calculate an individuals or a companys income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.
Taxable income is also generated from appreciated assets that have been sold or capitalized during the year and from dividends and interest income. Income from these sources is generally taxed at a different rate and calculated separately by the tax entity.
Individuals may choose to use a standard deduction amount for a given tax year. This amount is subtracted from gross income to arrive at the final taxable income figure. If individual deductions are claimed, the person or company will hope to have a total amount deducted from gross income lower than what would be achieved using the standard deduction. Some typical deductions that lower many tax bills include IRA contributions and certain business expenses.
Taxable Income
2. For example, suppose that your gross income is $50,000 and you have $20,000 in deductions and credits. This leaves you with a taxable income of $30,000. Then, suppose that another $5,000 of income tax is subtracted; the remaining $25,000 will be your net income.
Net Income (NI)
Well, i do not disagree with you in total...i summed up Obama the same way when i saw him for the first few times and especially the way i believe the DNC picked him over hillary during the primaries from the very beginning...I'm not a big fan of behind the scene picks made for me...
If i do vote though, I will be voting for Obama, not because of Obama, but because I do not in any way, want to see another republican administration, and i believe the republicans do NOT deserve a third chance and should be punished for what they have done to us.
I want to see a Democratic Secretary of Defense, a Democratic Secretary of State, a Democratic Justice dept, a Democratic director of homeland security and health and human services and chief of staff etc...
keeping all of the important advisory positions in the hands of republicans for ANOTHER 4 to 8 years with the same mind think that we just went through the last 8 years would be absolutely TRAGIC and DEVASTATING for our country imo.
Whoever wins though, i will accept them as my President.
care
if you pay taxes you know taxesare NEVER, EVER PAID on your gross...NEVER! who does your taxes? if you did them, taxes are paid on your taxable income, after your personal deductions.
the irs form DOES NOT ALLOW YOU to pay taxes on your gross income....even if you only file the short form it is on your adjustable gross income... and businesses ALWAYS file the long form, itemizing their deductions...
i was using the wrong word of calling it your net revenue/income....
i should have continued to call it your TAXABLE income....
which is not your GROSS income or revenues, it is your income after you have taken out all of your business or personal expenses that are deductable according to irs code.
here is the net income example:
The article was nice but it left out some things that ought to be done.
First, we scrap the income tax (both personal and corporate) and replace it with a National Sales Tax. There is one stuck in the House Ways and Means Committee headed by Mr. Rangel. It is ironic that he who writes the tax laws is having tax issues and has tax reform stuck in his committee. Perhaps instead of Ironic we could say Karmic?
Next, we need a balanced budget amendment with the only exception being during time of war.
The President needs a line item veto.
Finally, the Enumerated Powers Act needs to be passed and implemented.
Two of these items are already bills being held up in Congress. If your Rep isn't a co-sponsor you might ask him/her why not.
1. I don't know if a national sales tax is the solution or if it will work, but something has to change.
2. The House Ways & Means back in 03-06 is who gave all the off shore tax breaks that cost America close to a trillion dollars. So please don't go throwing stones on Rangel, because that would be deflecting too.
3. Balanced Budget sounds good. I don't know about the other two things. Debatable.
4. The war is how Bush & the GOP raped us. Through defense spending. I don't approve of my money being pissed away whether it's welfare fraud or bogus no bid contract defense spending. In fact, more was stolen from the treasury through defense spending. We spend more than the rest of the world combined, and you just know we aren't getting a good roi on that spending. Maybe half of it is waste.
Talking about Iraq is not deflecting. Iraq spending is why we can't get out of Bush's recession. And I don't want to argue whether it's a recession or not. Bush sent us a stimulous check because without it, we would have been in one. So for 8 years now we've borrowed our way out of a recession, and put ourselves double in debt.
And Iraq spending has a lot to do with it. How do you expect to fix our economy when we spend $10 billion a month in Iraq? That trickles down to the rest of the economy. Inflation, cost of living, gas, budget, interest on the debt, etc.
If we bomb Iran and Syria, won't we bankrupt ourselves?
Anyways, we tried your way for 6-8 years. Didn't work. Or, you had your shot and blew it. So all this shit you want? Forgetabout it. You should have put in the line item veto when you ran Washington.
Hey dipshit, a great deal of democrats in Congress voted for the war authorization bill.....
Even Republicans now admit Chaney lied to them too about the connection between Saddam and 9-11 and WMD's and everything else.
And the Democrats want to bring the troops home. Remember? Cut and Runners? Timetables for withdrawl? Emboldening the terrorists? Remember?
"Simply stated, there is no doubt that Saddam Hussein now has weapons of mass destruction."
- Dick Cheney, August 26 2002
"Right now, Iraq is expanding and improving facilities that were used for the production of biological weapons."
- George W. Bush, September 12 2002
"If he declares he has none, then we will know that Saddam Hussein is once again misleading the world."
- Ari Fleischer, December 2 2002
"We know for a fact that there are weapons there."
- Ari Fleischer, January 9 2003
"Our intelligence officials estimate that Saddam Hussein had the materials to produce as much as 500 tons of sarin, mustard and VX nerve agent."
- George W. Bush, State of the Union address, January 28 2003
"We know that Saddam Hussein is determined to keep his weapons of mass destruction, is determined to make more."
- Colin Powell, February 5 2003
"We have sources that tell us that Saddam Hussein recently authorized Iraqi field commanders to use chemical weapons."
- George Bush, February 8 2003
"Intelligence gathered by this and other governments leaves no doubt that the Iraq regime continues to possess and conceal some of the most lethal weapons ever devised."
- George Bush, March 17 2003
"Well, there is no question that we have evidence and information that Iraq has weapons of mass destruction, biological and chemical particularly . . . all this will be made clear in the course of the operation, for whatever duration it takes."
- Ari Fleischer, March 21 2003
"There is no doubt that the regime of Saddam Hussein possesses weapons of mass destruction. As this operation continues, those weapons will be identified, found, along with the people who have produced them and who guard them."
- Gen. Tommy Franks, March 22 2003
"We know where they are. They are in the area around Tikrit and Baghdad."
- Donald Rumsfeld, March 30 2003.
"Iraq has trained Al Qaeda members in bomb-making and poisons and deadly gases."
- Bush in October 2002.
"Saddam Hussein aids and protects terrorists, including members of al Qaeda."
- Bush in January 2003 State of the Union address.
"Iraq has also provided Al Qaeda with chemical and biological weapons training."
- Bush in February 2003.
"sinister nexus between Iraq and the Al-Qaeda terrorist network."
Powell in his U.N. speech prior to the Iraq War.
"We have removed an ally of Al Qaeda."
Bush in May 2003.
Stated that the Iraqis were "providing bomb-making expertise and advice to the Al Qaeda organization."
- Cheney in September 2003.
"Saddam had an established relationship with Al Qaeda, providing training to Al Qaeda members in the areas of poisons, gases, making conventional weapons."
- Cheney in October 2003.
.......
Cheney said Saddam "had long established ties with Al Qaeda."
- June 14, 2004.
Bush said, "The reason I keep insisting that there was a relationship between Iraq and Saddam and Al Qaeda, because there was a relationship between Iraq and Al Qaeda."
- June 17, 2004.
Long List Of Bush-Cheney Administration Lies
Maybe this will clear it up for you Care.....
An argument against Obama's tax plan - Grover G. Norquist - Politico.com
The Tax Policy Center and the Barack Obama campaign used some sleight of hand this week in Politico. To quote Eric Tolder of the TPC, Most small-business people, like most everyone else, are not really high-income. While this is true, it completely and totally misses the point.
Lets start with the definition of a small business. Most will tell you that small-business income constitutes income derived from sole proprietorships, partnerships and Subchapter S corporations.
The conservative argument (and that of the John McCain campaign) is that Obamas stated plan to raise taxes on households making $250,000 or more in income is a tax increase on small business. The simple answer to this dilemma can be found in the IRS Statistics of Income Bulletin (Table 1.4, for those who are interested).
So what do the data say?
In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more the very same households that Obama wants to increase taxes on.The Obama campaign maintains that the number of small-business owners is whats important. Economists know what matters is the tax rate thats applied to the bulk of small-business income. Make no mistake about it: Obamas plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America.What type of tax rate are we talking about? Currently, S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent (since theyre responsible for paying both income tax and the Medicare component of the payroll tax).
Under Obamas plan to let the scheduled 2011 tax rate hikes occur, and his plan to raise the self-employment tax on those making more than $250,000, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to a staggering 50.3 percent. Many Democrats in Congress have proposed making all small businesses (including S corporations) pay this 50-plus percent rate. A small business tax rate that high would be the highest marginal rate faced by them in nearly a quarter-century.
Like I have said before, it would be economic suicide.
THANKS, reeves...i am in the process of reading this and some other analysis and factchecking now...appreciate the link...
i did find this though, which is about who will add what to the National Debt between mccain's plan's and obama's plans and this is what the Tax foundation came to on its analysis:
In fact, the TPC found that Obama's proposals could increase the projected baseline debt by an additional $3.6 trillion to a total of $5.9 trillion. Similarly, McCain's proposals could raise the baseline debt by an additional $5.1 trillion to a total of $7.4 trillion.
McCain's could add $1.5 Trillion more to the national debt than the Obama plan..
Of course, that is if each of these candidate's plans are instituted precisely as they have promoted and of course we know that this will not be the case for either because it is Congress that will have to do it and they will add and subtract from any of them freely.
care
THANKS, reeves...i am in the process of reading this and some other analysis and factchecking now...appreciate the link...
i did find this though, which is about who will add what to the National Debt between mccain's plan's and obama's plans and this is what the Tax foundation came to on its analysis:
In fact, the TPC found that Obama's proposals could increase the projected baseline debt by an additional $3.6 trillion to a total of $5.9 trillion. Similarly, McCain's proposals could raise the baseline debt by an additional $5.1 trillion to a total of $7.4 trillion.
McCain's could add $1.5 Trillion more to the national debt than the Obama plan..
Of course, that is if each of these candidate's plans are instituted precisely as they have promoted and of course we know that this will not be the case for either because it is Congress that will have to do it and they will add and subtract from any of them freely.
care
One of the reasons that I complain constantly about FREE TRADE as practiced is preciely because other nations DO have a values added tax.
China, for example, has about a 17% VAT tax on everything in China.
EXCEPT when those products are shipped off shore, of course, in which case the manfuacturer is rebated that 17%.
Now when a product comes INTO CHINA there is a 17% VAT tax added to the cost.
Let's recap.
Stuff coming into America? No tariffs
Stuff coming into other nations which have VAT? American goods are taxed on it.
Is it ANY wonder why we have such an enormous trade imbalance?
Every other civilized nation on earth taxes our goods (at least to the tune of their VAT) when they come into their nations, but the USA doesn't tax ANYTHING on their goods coming here.
Rather than spin the conversation, I'd like to hear a Republican explain why this is cool with them. Why do they continue to ignore this fact? I can only assume they don't care because it means more profit for them if America doesn't have any protections in place.
Rather than spin the conversation, I'd like to hear a Republican explain why this is cool with them. Why do they continue to ignore this fact? I can only assume they don't care because it means more profit for them if America doesn't have any protections in place.
