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Originally Posted by Face82
I really don't care about alll that #+%. It is what it is. He can't do worse than bush did. I only gave a damn about him being the 1st Black president real talk.
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Originally Posted by Face82
I really don't care about alll that #+%. It is what it is. He can't do worse than bush did. I only gave a damn about him being the 1st Black president real talk.
Originally Posted by NikeFlightposite
cliffnotes?
Originally Posted by 718stylez
seems that as a business owner your goal should be about expanding your business by finding new customers/innovation/R&D/efficiency etc.
if the tax rate is really what will determine if you make it or not, you're probably not that good of a business owner to begin with.
i'd love to hear a CEO say to his investors that his only prospect for growth was less taxation. i'd pull my money out quick.
Unfortunately, the cost of running this business, and employing you, is starting to eclipse the threshold of marginal benefit and let me tell you why: I am being taxed to death and the government thinks I don't pay enough. I have state taxes. Federal taxes. Property taxes. Sales and use taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes. Taxes on taxes. I have to hire a tax man to manage all these taxes and then guess what? I have to pay taxes for employing him. Government mandates and regulations and all the accounting that goes with it, now occupy most of my time. On Oct 15th, I wrote a check to the US Treasury for $288,000 for quarterly taxes. You know what my "stimulus" check was? Zero. Nada. Zilch.
It really is a shame that that probably 90% of the country doesn't realize this.
Obama is in a tough spot. He can raise taxes and probably do worse than it is now i.e. FDR raising taxes inheriting a Recession. Or he can brake his promisesto the people who voted for him.
It's not so much him raising taxes from Fed Income tax from 36% to 39.6%, it's the other taxes he will raise like Payroll, Cap Gains, Unemployment ect.
It's going to be interesting, I hope he does good, though.
Originally Posted by Fede DPT
Unfortunately, the cost of running this business, and employing you, is starting to eclipse the threshold of marginal benefit and let me tell you why: I am being taxed to death and the government thinks I don't pay enough. I have state taxes. Federal taxes. Property taxes. Sales and use taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes. Taxes on taxes. I have to hire a tax man to manage all these taxes and then guess what? I have to pay taxes for employing him. Government mandates and regulations and all the accounting that goes with it, now occupy most of my time. On Oct 15th, I wrote a check to the US Treasury for $288,000 for quarterly taxes. You know what my "stimulus" check was? Zero. Nada. Zilch.
hahahaha what is there to believe? It is a letter about one persons OPINION. Its not a true/false test. Man some of yall need to go back toschool.Originally Posted by theyhatinonme
That letter is BS. It's one of those stupid internet chain letters that goes around. I don't believe any part of it.
288,000 /qtr x 4 = 1,152,000/35% (Flat Corporate tax rate assuming its a PSC, Personal Service Company) = $3,291,429 NET INCOME that is after all expenses have been paid.Originally Posted by SunDOOBIE
Originally Posted by Fede DPT
Unfortunately, the cost of running this business, and employing you, is starting to eclipse the threshold of marginal benefit and let me tell you why: I am being taxed to death and the government thinks I don't pay enough. I have state taxes. Federal taxes. Property taxes. Sales and use taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes. Taxes on taxes. I have to hire a tax man to manage all these taxes and then guess what? I have to pay taxes for employing him. Government mandates and regulations and all the accounting that goes with it, now occupy most of my time. On Oct 15th, I wrote a check to the US Treasury for $288,000 for quarterly taxes. You know what my "stimulus" check was? Zero. Nada. Zilch.
288,000 /qtr x 4 = 1,152,000/35% (Flat Corporate tax rate assuming its a PSC, Personal Service Company) = $3,291,429 NET INCOME that is after all expenses have been paid.Originally Posted by SunDOOBIE
Originally Posted by Fede DPT
Unfortunately, the cost of running this business, and employing you, is starting to eclipse the threshold of marginal benefit and let me tell you why: I am being taxed to death and the government thinks I don't pay enough. I have state taxes. Federal taxes. Property taxes. Sales and use taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes. Taxes on taxes. I have to hire a tax man to manage all these taxes and then guess what? I have to pay taxes for employing him. Government mandates and regulations and all the accounting that goes with it, now occupy most of my time. On Oct 15th, I wrote a check to the US Treasury for $288,000 for quarterly taxes. You know what my "stimulus" check was? Zero. Nada. Zilch.
It seems many people ignore the part where the guy says if he had MORE money he'd actually put it back into employees and the company.
Based on the assumption I made above, if this business, assuming a C Corporation made over $3Mil in Net Income to have to pay over a milliondollars in taxes, this business has more than adequate funds to put it back into employees. Hell this guy is profiting over 3million so he could afford torent out Staples Center for an xmas party with Kobe hosting it and he would probably still have funds left over.
This letter is a prime example of a GREEDY business owner who doesn't want to pay his fair share of taxes. Maybe I am reading too much into this becauseof my profession as a public accountant but there is no way someone making over $3 mil in Net Profits should be complaining about firing employees due to anincrease in taxes. Like I said.. makes no sense what so ever.
This letter is a prime example of a GREEDY business owner who doesn't want to pay his fair share of taxes.
I am asking this to you and anyone reading.
The term fair share is used a lot in discussing tax policy. What is the proper and fair share of for someone to pay in taxes in your opinion?
Originally Posted by SunDOOBIE
It seems many people ignore the part where the guy says if he had MORE money he'd actually put it back into employees and the company.
I agree.... lets see what he actually does.Originally Posted by K8be wan Kenobi
Dudes are itching to blame @#@+ on Obama.
OBAMA HASN'T DONE ANYTHING YET. HE IS NOT IN OFFICE.
Originally Posted by TBONE95860
Oh is that right??Originally Posted by Face82
Man if I see another Obama thread!
I really don't care about alll that #+%. It is what it is. He can't do worse than bush did. I only gave a damn about him being the 1st Black president real talk.
He could EASILY do worse.
A lot of people just don't know their American History.
Do a little reading.
The Bush era was NOT very bad at all compared to other periods during our history (if you need to ask me for examples... once again, do a little American history reading)
People think we are in HARD economic times right now....
Please... this is nothing compared to the possibilities.
Originally Posted by cguy610
This is the way it really works:
Demand is 1000 units @ $20 a unit
Employee can produce 250 units.
4 employees are needed
Each unit costs $10 to produce
Income with 4 employees and producing 1000 units
Income @ 1000 units= 20,000 - 10,000 = $10,000
Income after federal income taxes @40%= $6,000
Income after federal income taxes @45% = $5,500
Income after firing you and only producing 750 units
Income @ 750 units = $15,000 - 7,500 = $7500
Income after federal income taxes @ 40% = $4,500
Income after federal income taxes @45% =4,125
Should the business fire you and produce 750 units or keep you and pay the higher INCOME tax?
Does the business fire an employee and produce 750 units because INCOME taxes went up?
Also, the stock market also will look at EBIT(Earnings before Interest and Tax). And because we use marginal tax rates, the increase isn't as significant.
How? What did I say that's false?Originally Posted by BIG FAME ONE
my man you should probably take off your blinders now.Originally Posted by TBONE95860
Oh is that right??Originally Posted by Face82
Man if I see another Obama thread!
I really don't care about alll that #+%. It is what it is. He can't do worse than bush did. I only gave a damn about him being the 1st Black president real talk.
He could EASILY do worse.
A lot of people just don't know their American History.
Do a little reading.
The Bush era was NOT very bad at all compared to other periods during our history (if you need to ask me for examples... once again, do a little American history reading)
People think we are in HARD economic times right now....
Please... this is nothing compared to the possibilities.
You've taken it all wrong.Originally Posted by K8be wan Kenobi
But the guy in the article is talking about how he has to lay people off because of the economy and Obama's plan, blah blah. Wrong. The reason for the layoffs has nothing to do with Obama, someone who has not enacted a single policy. The reason for increased unemployment across the board is a struggling economy.Originally Posted by TBONE95860
I agree.... lets see what he actually does.Originally Posted by K8be wan Kenobi
Dudes are itching to blame @#@+ on Obama.
OBAMA HASN'T DONE ANYTHING YET. HE IS NOT IN OFFICE.
That being said "not yet" is the key phrase.... we know what to expect because of Obama's OWN WORDS about what he was going to do... so we're just taking Obama at his word.
So we'll see what he actually decides to do.
However, the good news is this: The economy doesn't pose a threat to your job. What does threaten your job however, is the changing political landscape in this country.
Of course, as your employer, I am forbidden to tell you how to think politically
I stopped reading after that