Why the Buffet plan could kill jobs.

Discussion in 'Politics' started by Charles_Main, Sep 23, 2011.

  1. Charles_Main
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    Charles_Main AR15 Owner

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    It is easy to get Americans to agree that the Super Rich should at least pay as much as everyone else in Taxes.

    However How many of those Americans would agree with Higher Taxes on the rich if they knew this little fact.

    If you have ever run a business you know a few things that Paying basically as individual makes really suck.

    First they teach you in Business school that most Businesses should keep enough cash on hand to operate for 3 to 6 Months. To get you through the lean times.

    When sole proprietors or S corporations Want to save money like that from year to year. Money they can not really spend, but need to keep liquid. They end up having to pay Taxes on it as if it were Income even though they can't spend it.

    If a business plans to Add on in the next calendar year, and plans to spend 200k doing it. They often times also end up being taxes on Income that was not really income as it will indeed be reinvested in the company.

    There are more Examples of how sole proprietors or S corporations get fucked by the Tax code but I am not going to list them all. The Point is, that just because a sole proprietor or S corporation shows a 1 million dollar profit, does not mean they actually had any where near 1 Million dollars of Person Income from it.

    If Obama succeeds in Raising taxes on individuals making over 200k, and we do not find a way to exempt these Businesses, It will Destroy what little Job Creation we have.
     
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  2. The T
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    The T George S. Patton Party Supporting Member

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    And we will see more layoffs, more unemployed and no growth.

    The entire tax structure that taxes income needs to be deep sixed, the 16th repealed, and consumption tax enacted.
     
  3. ABikerSailor
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    ABikerSailor Platinum Member

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    Actually, it seems more like you can increase your net worth significantly if you lay off a few thousand people.

    http://www.alternet.org/newsandviews/article/458013/as_tea_party_koch_brothers_earned_an_extra_$11_billion_in_recent_years,_they_laid_off_thousands
     
  4. Charles_Main
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    Charles_Main AR15 Owner

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    WTF does that have to do with this? If they laid off a couple of Thousand people. Then clearly they are not a small Business and therefore not in the Group of people I said we need to protect from the Buffet plan and Obama's Tax the "Rich" Agenda, if we were to implement it.

    Another group we need to watch out for is Retiree's. There are many of them well off enough to have a nest egg that could last them years living off the Interest, but does not mean their are Rich as they have to ration their Money so they don't run out. Those peoples income is mostly Capital Gains, and forcing them to pay some AMT at the highest Federal Income Tax Rate, could make their Retirements go from Comfortable to Struggling to pay the bills.

    Just little things, Obama ignores when he Lumps anyone who lives off Capital Gains alone, or earns more than 200k Into a group and labels them "Millionaires and Billionaires"

    My Boss runs a 2 Million dollar a year Company, and I know him personally, have for years. Despite having good years on Paper. He has never been what I would call rich. In fact I don't know how he deals with all the stress. It's been nothing buy 19 years of Struggling to make ends meet, both on the business side and the home front.
     
    Last edited: Sep 23, 2011

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