No one here knows anything about business. I have owned a small business for 25 years. I have never taken $1 out of my business earnings. I am paid a salary like any other employee. If we do well, I will be paid a % bonus like all my other employees. The income of the company is taxed on my personal return, but the money stays in the company for operating capital and growth. If I took the income out the company it would have no money to operate. I have met with my insurance and tax advisors and I am looking at an increase of 8.4% with the tax the rich plan and obamacare. Cut backs are the only way I will be able to afford the increases. Business cost are up over 12% in the last 24 months from fuel, raw materials etc. My business is stable but business is not good for anyone unless you have noticed. I have health covered my employees for 23 years and next December I will stop. We will not be able to afford due to the added expenses and penalties from Obama care. I pray they will get some kind of coverage though I doubt it. To the idiot that suggested that the flower shop guy would borrow, try to borrow from a bank right now and put your personal liquid assets as collateral putting you at way more risk than you have now and weakening your business. Lending requirements and regulations on business are at an all time high. Business people like me are going into protection mode. Think what you may, but those are the facts and the way it will go.
Almost all businesses are taxed as personal income. See sub S, LP, LLP, LLC, sole proprietors, only C corps pay taxes which only employ about 25% of Americans. Our increase on our heath insurance premiums for 2013 is 21.7%. Keep drinking the cool aid and watch what we all do.
As a federal retired Nuclear Engineer Civil Service who used to support Navy Submarines living on a takehome pension of $1756 which next year will be in the $1600 range because of an increase in health insurance premium of $115 a month while I get a CPI raise of $20 - $30, I cannot imagine how anyone making $250,000 a year and more can complain.
Someone explain to me how raising personal income taxes hurts buisness, if you spent it on your business it becomes a buisness expence and is not taxable income anymore I wish they would quit with the line of ******** about how its going to cause all this job loss and just say I earned it and I want to keep it and Im disapointed that CBS reporters arent smart enough to call people on it
Help me out here. The flower shop owner interviewed said his taxes would increase by $8000 if the Bush tax cuts went away for those earning more than $250,000 $200,000 if single. Assume he is single so using some high-school math if he makes $200,000 that would be subject to the higher rate of 39% vs 35%.
The flower shop owner said that the additional $8000 he would pay in taxes would "reduce the capital available for investment and employment". Money spent for 'employment' he would not pay taxes on.
ONLY income above $200000/$250000 is subject to the higher rate.
Me thinks the flower shop owner is just one more greedy fat cat.
Wouldn't the flower shop owner obtain a loan to use "for investment and employment"? Maybe some business owners can say whether or not they use their own money to expand their business or, instead, apply for a loan to build up their business.
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I wish they would quit with the line of ******** about how its going to cause all this job loss and just say I earned it and I want to keep it
and Im disapointed that CBS reporters arent smart enough to call people on it
The flower shop owner said that the additional $8000 he would pay in taxes would "reduce the capital available for investment and employment".
Money spent for 'employment' he would not pay taxes on.
ONLY income above $200000/$250000 is subject to the higher rate.
Me thinks the flower shop owner is just one more greedy fat cat.