jreeves
Senior Member
- Feb 12, 2008
- 6,588
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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.