LMFAO the overwhelming majority of small business owners are not in the 1% you ******* idiot.
Of Earned Income Taxpayers, YES... they ARE!
NO they ARE NOT!
Trump isn't talking about raising Earned Income Tax Brackets that. In fact he is talking about having only 4 tax brackets: 0%, 10%, 20% and 25% – instead of the current seven.
Again... No, he has recently said "I'm not a big fan" [of the majority of his tax cuts going to the top 1%] and he plans for their rate to go up. He has SAID... "We have to tax the rich more!" What he
WAS talking about was fine... I liked his tax plan... I defended it here several times against stupid liberals who didn't get it. But he has now lurched left on it... he says we have to "raise taxes on the rich" like some kind of fucked-in-the-head liberal kook who doesn't understand the way our tax system works. "The Rich" aren't making their money through Earned Income and pay very little Earned Income Tax. Raising the top marginal earned income tax rates (what he said) is stupid and only hurts small businesses.
You see this is where your ignorance shines bright, thinking that small business owners are the 1%. You must be one of those fucked-in-the-head liberal kooks since what he has proposed would reduce tax rates on Earned Income (Net Profit - personal income). He never stated we should raise the top marginal earned income tax rates. SMFH
He is only talking about closing corporate loop holes:
No... In a totally different conversation about
corporate taxation he has said that but he has not been specific about what "loopholes" he wants to close. A "loophole" in corporate taxation context, is basically a tax incentive that we have passed at one time or another in order to address some problem or issue facing many Americans. I can't sit here and defend them all, but every single one of them has a reason and purpose for existing and Congress held debates to argue why we should or should not have them. Personally, I am all for eliminating all the "loopholes" and lowering the tax rate to near zero for corporations, particularly if we can incentivize domesticity. You keep your money and jobs HERE and you can pay 5% corporate tax with no loopholes.
But Trump was NOT talking about corporate tax rates in the interview I raised questions with.
What interview is it you think he stated to raise the top marginal earned income tax rates in? You seem to be projecting based on some other phrase that you are mis-interpreting. In a town-hall interview he was asked if he believed in raising taxes on the wealthy, to which he said he does, and his ideals are to close loopholes to do so, such as the Carried Interest loophole.
The biggest winners under Donald Trump's tax plan
Again... IDIOT... We don't tax WEALTH in America! That is a Socialist-Marxist propaganda tool. We've NEVER taxed WEALTH in this country! We tax income... we tax capital gains... we tax property... we do not tax WEALTH! Now you and Trump can BUY IN to the class warfare rhetoric of the progressives if you want to... but you're STUPID!
And yes... he most certainly DID say, in an interview on Thursday with CNBC, that he's "not a big fan" of the proposals in his tax cut plan which provide tax relief for top wage earners and he plans to "tax the rich." So he has now abandoned Conservatism and is spouting the Socialist-Marxist class warfare propaganda.
I don't care if you don't believe me... do some ******* research! Small businesses pay the
overwhelming majority of the "Top 1%" of
taxes on Earned Income because that's how they report. That's who he (and progressives) are talking about increasing taxes on... that's who they consider "The Rich!"
Linking me to stuff about Trump's tax proposal or his town halls is pointless... I already said, I was a supporter of his tax plan. But he is NOW changing his tune on his OWN tax plan! He says "I'm not a big fan" ...of his OWN TAX PLAN!
In two days, following his coronation as GOP nominee, he has completely caved on two key conservative principles. He is now leaning toward a minimum wage increase (which will kill jobs) and increasing the top marginal earned income tax rates (which harms small business). He has taken to spewing the left-wing talking point about "taxing the rich" as if he doesn't understand we don't tax wealth in America. And here YOU are, continuing to wave your pom-poms, seemingly oblivious to what he is saying NOW... in total contradiction of what he has said on the campaign trail.
Yes... someone needs to be shaking their damn head but it's not YOU... you keep shaking your head and marbles keep falling out... you're losing them all!
Are you really this ******* illiterate? Nobody said anything about taxing wealth you ******* idiot. Don't create a strawman so that you can knock it down and try to look as though you know more than you actually do.
Trump stated he is for taxing the wealthy (that is with a Y) by closing some loopholes like Carried Interest, which in effect would increase their taxes.
I have done the research, small business owners are not the majority of the 1%, in fact less than 1% of small business owners are in the 1%.
So-called wealthy are actually small business owners? The data is dubious
Buffett Rule would only hit 1% of small business owners
That is, it's likely that only 1% of small business owners would be directly affected by the latest proposal to raise taxes on the rich, according to data from the U.S. Treasury Department.
Small Business Owners and the Top 1% - Barbara Weltman
According to Forbes, to be within this elite income group, a person needs annual income of about $394,000 from personal services or investments.
According to the IRS, you need income of about $389,000 (based on figures from 2011 tax returns). This group reported 19% of all the taxable income in the U.S. and paid 35% of all federal income taxes for individuals.
Small business owners
Almost all of small businesses in the U.S. are set up in such a way—as sole proprietorships, partnerships, limited liability companies, or S corporations—that owners pay personal income taxes on their share of business profits. How many small business owners fall within the top one-percenters? It’s difficult to tell. Here are some clues:
- From IRS statistics, of the more than 8 million owners who had Schedule K-1 income from partnerships (including LLCs that report as partnerships) and S corporations, they had income of $425,384,000,000. This works out to about $53,000 of income per owner, which is a far cry from the approximately $390,000 of income needed to fall within the top 1%. But these are averages, so some may well have income from businesses and other sources putting them in the top 1%.
- According to the Urban Brookings Tax Policy Center, of the income reported by the top 1%, 24% came from business income.
- Payscale reports that the median salary for small business owners is $77,180; this would be something limited to S corporation owner-employees and does not take into account owners’ share of profits.
Top 5%
Even if only a handful of small business owners fall within the top 1%, many probably find themselves in the top 5% of individuals.
The
U.S. Census Bureau fixes the threshold for the 5% group at household income of $232,000. And it is within this group that many of the federal tax limitations, surtaxes, and other restrictions begin to apply.
You don't appear to know how to research then. The rest of your frothing is nothing more than soundbites and mis-interpretation which appears to be pretty common with you since you don't understand the difference between tax brackets and tax rates, changing wealthy into wealth, etc. SMFH