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RE: Meet Cory the Driller: "I resent you, Mr. Obam... - 11/27/2008 3:40:33 AM
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crownlaurel
Posts: 65
Joined: 2/15/2007
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I don't understand why business taxes are all clumped in with personal income taxes. I'm not an expert. It's hard enough to figure out our standard deduction and separate our housing allowance self employment from our salary self employment and w2 wages.
But shouldn't there be a completely separate way of taxing the corporation than the take home pay of the owner of the corporation? Why does the owner's personal income tax affect his or her ability to retain employees? And if a person making $1,000,000 gross pay per year is paying $400,000 in income takes, why? Isn't their bracket 35% of everything over about $373,000 of taxable income and less on everything below that? Aren't there deductions and loopholes to reduce their taxes? Why would they be paying 40% of their personal income, which would equal a much larger percentage of taxable income? And why would that rise to over 60% under Obama's plans (I thought I read his closer to 40%). Are you including FICA or SECA? Doesn't the Social Security portion cap and someone making $1M wouldn't be paying it on the majority of their income? Are you including corporate taxes? Does the gov't tax the owner's personal income on the business' income? Why do they do that?
Why can't a corporation be taxed only on profit, after overhead and employee related expenses (including owner's personal income)? What would happen if they lowered the tax percentage but removed many of the loopholes (or maybe loopholes aren't as prevalent as we've been told?).
Again I am only trying to understand....I'm not in any way trying to contradict you because I have no idea.
quote:
ORIGINAL: Dancre
I work for an accounting firm that only works with those who make over $250,000. I enter in their tax data into our programs for the accountants. I see first hand how much these folks are already paying in taxes and I've come to the conclusion, it's just not worth it to be rich. The numbers are scary around tax season.
But let's take a look what I've seen and incorporate the numbers into Cory's financials. If he makes say, 1 million a year, take home pay. His taxes on April 15th would be around 400,000, so he only gets to keep 600,000. Next year, Obama will tax him even more, say around 600,000, leaving him with 400,000. Now before you start shouting Yipee!! 600,000 for me!!! I think you need to remember, that's 200,000 taken from an already unstable economy, unless of course, you can spend 200,000. I can't. Remember, Econ 101. You have to buy stuff to keep the economy going.
So the next year, maybe he brings in only 900,000. He is still taxed that same 600,000. Now he's only bringing in 300,000 and it's hard to keep the doors open, especially since he has personal bills to pay and a business to run. So now he has to lay off folks, close some of his satellites businesses, etc. just so he won't go under. Each year, his well keeps drying up. So then what? Run to another well, then another and another? Why is it folks think that the rich have a magic goose that lays the golden eggs. Believe it or not, folks, these rich people work very hard for the money. My accountants make over $250,000 a year and they are the ones who have had to work 7 days a week, on holidays and their work days are 7am - 8 pm. I'm not willing to work that hard. I don't think others are either. So before you start bashing the rich, saying they can handle losing all that money, just remember, they have the same desires and the same wants as you do. And if we keep taking their money, then they'll have no choice but to lay off folks and close businesses. TRust me, there is no money tree, golden gooses or pots of gold at the end of the rainbow for the rich. It's only blood, sweat and tears.
kim
I do have a problem with bailout companies paying executives millions each and ignoring the purpose of the bailout. I don't think any company that receives government subsidies or taxpayer money should be allowed to pay executives (especially those of unsuccessful businesses that have any discovery of misconduct or misuse of funds) outrageous amounts of money for poor quality performance.
Self employed small business owners who run a clean honest business should be rewarded. Even medium and larger sized business owners that contribute jobs and boost the economy should be rewarded. But huge corps who've had shady and/or failing operations and receive gov't moneys should not be rewarded.
How can the system be fixed to help the smaller businesses and honest businesses grow and flourish without allowing the bad seeds to use taxpayer funds to give out golden umbrellas?
And as unsavvy as I am with taxes, I can't see how Obama's plans and the bailouts and everything else is going to work with only raising taxes on ppl making over $250,000. I would venture to say his middle class "cuts" won't happen and anyone not on welfare will be paying higher taxes before we make it back to the polls in 2012. But again, that comes from someone who can't do our own taxes without extra biting all my fingernails off and taking extra antacids for 2 weeks and I don't even itemize deductions.
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RE: Meet Cory the Driller: "I resent you, Mr. Obam... - 11/27/2008 6:57:05 AM
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SonInMe1
Posts: 3146
Joined: 4/16/2005
From: my mom by God
Status: offline
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Do you think when the rich company owner gets his taxes raised....his prices won't go up as well?
_____________________________
You adulterous people, don't you know that friendship with the world is hatred toward God? Anyone who chooses to be a friend of the world becomes an enemy of God.
James 4:4
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RE: Meet Cory the Driller: "I resent you, Mr. Obam... - 11/27/2008 12:21:54 PM
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crownlaurel
Posts: 65
Joined: 2/15/2007
Status: offline
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To whom are you asking that question?
If it was to me, yes I do think they will. I also think his taxes won't be the only ones raised and when our taxes are raised we won't be able to afford his new prices. One thing I have noticed in larger companies that pay millions to CEOs and even in larger churches that have 6 figure earning pastors, the bigger execs are the LAST ones to take a cut. They start with layoffs and pay cuts for the average guy. A CEO making $50million could in some cases save his company if he took a couple million cut. He might have to give up a plane or one of his 5 mansions, but his family won't be facing homelessness. I'm not an expert in economics but when a church cuts the maintenance guy's salary and cuts out all benevolence ministries before the pastor gives up a little of his 6 figure pay, someone's priorities are out of balance. Clearly higher taxes aren't going to fix that. I'm not arguing that. I think the only taxes the feds should be allowed to take are taxes for federal infrastructure and for military protection and whatever else is absolutely necessary for the basics. Put the arts and pet funds (I meant pet project funds, not necessarily funds for pets, but I'm sure by now the feds get money for actual pets too) and anything else on a donations basis. Let the charities and churches handle welfare, not the companies and the gov't. Of course I think anyone receiving gov't benefits should have to pay back in community service. I'm sure both sides can find something wrong with that idea.
Oh and just to clarify, my dh pastors two small churches. In order to continue reaching people, we are going to our finance team and asking for a pay cut. We're already struggling financially but if we don't take the hit, our church will no longer be able to function. We'd do it if we were making less and we'd do it if we were making more.
< Message edited by crownlaurel -- 11/27/2008 12:42:58 PM >
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RE: Meet Cory the Driller: "I resent you, Mr. Obam... - 11/29/2008 11:19:30 AM
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rhippie
Posts: 557
Joined: 4/13/2005
From: Rich The Hippie
Status: offline
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quote:
ORIGINAL: stamper_ben
Really? God's commandments changed? What are numbers 11 and 12 then?
But that is a topic for the theology folder...
When I saw that comment I also wondered the same thing.....
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Stand up for what's right....even if you're standing alone
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