DID YA HEAR? 80% of the over 250K crowd is "Small Business"!

[Tech_Esq]

What do you mean it isn't a taxable event? You will have to pay income taxes on that money whether you take it as a draw or leave it in the business.

On your quarterly payments...even if your business slows down you must base your payments on what you earned the previous year. Of course, you'll get a refund if you overpay.

Mean, and said, that I'd already paid taxes on the money (quarterly estimated) so whatever I choose to do with that money, it will not be subject to another tax (like payroll taxes). Therefore, there is not a subsequent taxable event to my taking it as a draw whether I do it in year 1 or year 3.

Example: I have $200k revenue in year 1. I pay out $100k in salary and $20k in other expenses. I have $80k left in profit. I've already paid taxes on the money during the year. At some point in that year I take a $20k draw. I owe no additional tax on that.

Next year I have similar income. I take another $20k draw. Since I paid taxes on that money in the previous year, I owe no tax on the money when I take it in year two. The same goes for any money I may take in the future of the remaining $40k from year 1.

That's all I was saying.

Some of my contracts will have me consulting with public housing authorities. Do you see that slowing down? Yeah, me neither.

I'm not sure if I'm understanding you properly, but if you mean that once you pay taxes on any profit you don't need to pay it again, you are correct. It seemed you were saying you didn't have to pay taxes on it unless you drew it out.

No, you understand me now.

 

[DiveCon]

Last week I said Republicans own the illegal immigrant problem because it is these small business' that are hiring the illegals.

Then the right wingers came back and said, "bobo thinks all small business' are Republican owned".

Well wouldn't you say 80% are owned by Republicans?

No way. There are plenty of fat cat Dems. You do know that the two richest men in the world are Dems right bobo?

Yea, but in general, aren't most service men and small business owners GOP?

I would love to claim them. I just don't think most of them are liberals.

Now a lot switched to the Dems after Bush. I know a lot of them. It was a long hard process, but eventually they all abandoned the GOP.

Only die hards are still Republicans.

you are such a moron
LOL

 

[Tech_Esq]

Last week I said Republicans own the illegal immigrant problem because it is these small business' that are hiring the illegals.

Then the right wingers came back and said, "bobo thinks all small business' are Republican owned".

Well wouldn't you say 80% are owned by Republicans?

No way. There are plenty of fat cat Dems. You do know that the two richest men in the world are Dems right bobo?

Yea, but in general, aren't most service men and small business owners GOP?

I would love to claim them. I just don't think most of them are liberals.

Now a lot switched to the Dems after Bush. I know a lot of them. It was a long hard process, but eventually they all abandoned the GOP.

Only die hards are still Republicans.

I think you will find that most of the "professions" are populated with Dems (Doctors, Lawyers, Teachers and Professors) many of these have their own businesses. I think CPAs split more evenly than other professions. But certainly most of these would be "small businesses."

For other small business owners, what I have observed is that they are not typically "liberal" they are more pragmatic if they are Dems. They are usually fiscally conservative, but perhaps socially liberal on the Dem side. They are more likely to be truly independent because they will (and usually have) voted for a Republican. Unlike a bunch of people running around now days calling themselves independent when they are really Dems and would never vote for a Repub.

So, all in all, I think it depends on where you live. If most folks are Repubs, it's likely your small business people are too. If most are Dems, it's likely your small business people are too. You might get a slight edge from repubs but I wouldn't say it's any large margin.

 

[sealybobo]

No way. There are plenty of fat cat Dems. You do know that the two richest men in the world are Dems right bobo?

Yea, but in general, aren't most service men and small business owners GOP?

I would love to claim them. I just don't think most of them are liberals.

Now a lot switched to the Dems after Bush. I know a lot of them. It was a long hard process, but eventually they all abandoned the GOP.

Only die hards are still Republicans.

I think you will find that most of the "professions" are populated with Dems (Doctors, Lawyers, Teachers and Professors) many of these have their own businesses. I think CPAs split more evenly than other professions. But certainly most of these would be "small businesses."

For other small business owners, what I have observed is that they are not typically "liberal" they are more pragmatic if they are Dems. They are usually fiscally conservative, but perhaps socially liberal on the Dem side. They are more likely to be truly independent because they will (and usually have) voted for a Republican. Unlike a bunch of people running around now days calling themselves independent when they are really Dems and would never vote for a Repub.

So, all in all, I think it depends on where you live. If most folks are Repubs, it's likely your small business people are too. If most are Dems, it's likely your small business people are too. You might get a slight edge from repubs but I wouldn't say it's any large margin.

hA! I don't think people today are denying and embarassed that they voted for Gore/Kerry. From my experience, all the independents and libertarians I run into are former Republicans who are embarrassed that they voted for Bush.

Anyways, remember that you said a lot of small business owners are Democrats. I wanted you to admit that. And, I didn't think you would admit that.

So are the Democrats hurt small business, why are small business owners voting for them?

From my experience, most small business owners vote Republican, and I think you agree, you just won't admit it.

Look at Joe the Plumber. I hook up with a hair stylist who is 15 years younger than me. She said her hair salon owner was voting for McCain after all the Joe the Plumber thing.

I would love to claim them, but I bet 80% of small business owners call themselves GOP.

 

[Ravi]

Bobo, I don't know where you're getting your ideas. Joe the Plumber never was a small business owner. He was just a doof that didn't understand that championing Republicans is what led to his problems. lol, of course now he's a big hero to the Republicans so he may be smarter than I give him credit for...but your idea that 80% of small businesses are republican owned is just retarded.

 

[Tech_Esq]

What Ravi said.

Except for the Joe the Plumber part. I think he's a guy that asked a good question. Why everyone fixated on him much past that is a mystery to me. I hope he can get some good for himself after the shit storm that swirled around him.

If reporters had been doing their job in any kind of a journalistic manner, Joe wouldn't have been noticed. That question would have been asked and answered a thousand times by then.

 

[sealybobo]

Bobo, I don't know where you're getting your ideas. Joe the Plumber never was a small business owner. He was just a doof that didn't understand that championing Republicans is what led to his problems. lol, of course now he's a big hero to the Republicans so he may be smarter than I give him credit for...but your idea that 80% of small businesses are republican owned is just retarded.

Well lets just say that the Republicans tried to use Joe the Plumber to scare small business' into voting for McCain. Because "obama will raise your taxes"

I think that alone is why most small business owners vote GOP. They think Dems will raise their taxes.

And so I asked my small business owners, "aren't you worried the dems will raise your taxes?" and almost all of them said, "who give a fuck, as long as business picks up."

So small business owners realized that they need a big strong middle class if their business is going to succeed.

That means "spreading the wealth".

And by the way, most small business owners don't take home $250K. They hide $200 and take home $50K.

 

[Ravi]

Bobo, I don't know where you're getting your ideas. Joe the Plumber never was a small business owner. He was just a doof that didn't understand that championing Republicans is what led to his problems. lol, of course now he's a big hero to the Republicans so he may be smarter than I give him credit for...but your idea that 80% of small businesses are republican owned is just retarded.

Well lets just say that the Republicans tried to use Joe the Plumber to scare small business' into voting for McCain. Because "obama will raise your taxes"

I think that alone is why most small business owners vote GOP. They think Dems will raise their taxes.

And so I asked my small business owners, "aren't you worried the dems will raise your taxes?" and almost all of them said, "who give a fuck, as long as business picks up."

So small business owners realized that they need a big strong middle class if their business is going to succeed.

That means "spreading the wealth".

And by the way, most small business owners don't take home $250K. They hide $200 and take home $50K.

Small business owners aren't stupid, Bobo. They know what they pay in taxes and they know a lot more about how the tax brackets work than most. I agree they used Joe to scare people, but it only scared the wrong people...people like Joe.

 

[Care4all]

Hmm...so if the top 5% are paying more of the total tax with lower tax rates? Then tax rate cuts actually stimulated growth in wealth in that class(the rich). It seems we should be cutting tax rates across the board if we really want to stimulate the economy. Afterall, growth of wealth should be our goal,right(in every class)?

Because our economic growth went ONLY to that group.....that's not a good or healthy economic policy...where on those at the very very top, aquire more wealth while those in the middle, lose wealth.....

If the top gained alot of wealth and all of the middle gained wealth and even the poor gained some wealth, then we would have a sound economy and functioning tax policy imo....this is our goal, as a country, on the whole.

It wouldn't matter that much if the very top was gaining wealth at a faster pace, as long as all are gaining wealth... from all the classes as well...again, imo.

care

more BULLSHIT

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

 

[oreo]

Bobo, I don't know where you're getting your ideas. Joe the Plumber never was a small business owner. He was just a doof that didn't understand that championing Republicans is what led to his problems. lol, of course now he's a big hero to the Republicans so he may be smarter than I give him credit for...but your idea that 80% of small businesses are republican owned is just retarded.

Well lets just say that the Republicans tried to use Joe the Plumber to scare small business' into voting for McCain. Because "obama will raise your taxes"

I think that alone is why most small business owners vote GOP. They think Dems will raise their taxes.

And so I asked my small business owners, "aren't you worried the dems will raise your taxes?" and almost all of them said, "who give a fuck, as long as business picks up."

So small business owners realized that they need a big strong middle class if their business is going to succeed.

That means "spreading the wealth".

And by the way, most small business owners don't take home $250K. They hide $200 and take home $50K.

Unbelievable comment: Do actually believe that people who go into business do it for their health or to lower their stress factor? They do it, they take the risks--so that they can make MONEY.

When someone takes away the incentive to "make" more money, & or to improve ones life-syles--it becomes a negative incentive for people to take large financial risks to open & operate their own businesse's.

On existing "already here" business'es--who were planning on expanding their businesse's the 250K factor comes into play first & foremost. They are going to do everything in their power to stay out of that tax bracket. Meaning they are not going to grow their business--either by expanding their employee base, or risking (by borrowing) more money for new equipment to expand or operate their business.

Currently 80% of the over 250K crowd--you know the "evil" rich in this country, are S corporations whom are going to get hammered in this new 40% tax bracket. When you add in state taxes it goes up to around a 50% tax bracket. At that point these business owners might as well shut down their businesse's & go to work for someone else--they would bring home more money.

The financial risk factor by being in their own business would disappear. Their health would improve & their blood pressure would drop dramatically. They might actually be able to take a vacation every now & then.

The incentive for business to expand & grow in a 250K 40% federal income tax bracket does not exist. AND WITHOUT A STONG BUSINESS BASE, A STRONG MIDDLE CLASS DOES NOT EXIST.

The problem with socialism (aka re-distribution of wealth) is that eventually government runs out of others people money to spend. "Margaret Thatcher"

 

[manu1959]

Because our economic growth went ONLY to that group.....that's not a good or healthy economic policy...where on those at the very very top, aquire more wealth while those in the middle, lose wealth.....

If the top gained alot of wealth and all of the middle gained wealth and even the poor gained some wealth, then we would have a sound economy and functioning tax policy imo....this is our goal, as a country, on the whole.

It wouldn't matter that much if the very top was gaining wealth at a faster pace, as long as all are gaining wealth... from all the classes as well...again, imo.

care

more BULLSHIT

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

who employs the middle class.............

 

[Care4all]

more BULLSHIT

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

who employs the middle class.............

the people who need laborers to produce and sell widgets that they can make money off of...

 

[DiveCon]

Because our economic growth went ONLY to that group.....that's not a good or healthy economic policy...where on those at the very very top, aquire more wealth while those in the middle, lose wealth.....

If the top gained alot of wealth and all of the middle gained wealth and even the poor gained some wealth, then we would have a sound economy and functioning tax policy imo....this is our goal, as a country, on the whole.

It wouldn't matter that much if the very top was gaining wealth at a faster pace, as long as all are gaining wealth... from all the classes as well...again, imo.

care

more BULLSHIT

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

yes it is
you claimed that it only went to the top 5% and THAT is pure unadulterated BULLSHIT

 

[DiveCon]

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

who employs the middle class.............

the people who need laborers to produce and sell widgets that they can make money off of...

yeah, generally in the top 5%

btw, you just defeated your entire BULLSHIT claim

 

[oreo]

no it isnt. It has been the policy of our gvt to strive for a strong middle class since I've been alive and certainly much longer....a healthy middle class is the backbone of our economy....and the strength of America....at least it was.....

who employs the middle class.............

the people who need laborers to produce and sell widgets that they can make money off of...

And if there were no "widget" businesse's then who would employ the laborers?

 

[jreeves]

who employs the middle class.............

the people who need laborers to produce and sell widgets that they can make money off of...

And if there were no "widget" businesse's then who would employ the laborers?

Someone finally gets it....
An economic policy of punishment is doomed from the beginning because by punishing the top 5% you are restricting economic growth for everyone.

 

[Care4all]

the people who need laborers to produce and sell widgets that they can make money off of...

And if there were no "widget" businesse's then who would employ the laborers?

Someone finally gets it....
An economic policy of punishment is doomed from the beginning because by punishing the top 5% you are restricting economic growth for everyone.

in general, i believe Demand comes before Supply....i don't believe in supply side economics, for the most part...

if there were no workers out there making the money to buy the widgets, there would be no business to make widgets.

this is not a one way street....

 

[Yukon]

VOODOO economics is the policy of the right-wing GOP hordes. These same people see no wrong in what is currently happening economically. These are the Rush Limpdick followers; they are so sad, so pathetic, so pitiful, so downright uneducated, hillbillion morons.

 

[DiveCon]

And if there were no "widget" businesse's then who would employ the laborers?

Someone finally gets it....
An economic policy of punishment is doomed from the beginning because by punishing the top 5% you are restricting economic growth for everyone.

in general, i believe Demand comes before Supply....i don't believe in supply side economics, for the most part...

if there were no workers out there making the money to buy the widgets, there would be no business to make widgets.

this is not a one way street....

really?
well, you will see it soon enough
the shit Obama is doing will be passed on

 

[DiveCon]

VOODOO economics is the policy of the right-wing GOP hordes. These same people see no wrong in what is currently happening economically. These are the Rush Limpdick followers; they are so sad, so pathetic, so pitiful, so downright uneducated, hillbillion morons.

how ironic for you to talk about morons