Corporations Don't Pay Taxes

[DREDIOCK]

As Obama said in an interview some months back, it's not so much about income for the gov't as it is about fairness. I don't agree with that point of view, but a lot of folks on his side of the aisle do, apparently. (AND, it plays well to the uneducated masses )

If it were about "Fairness" then there should be one flat tax. No deductions. no exemptions.
then EVERYONE pays their fair share.

Sluggish,
I dissaggree that corporations do not pay taxes.
What you say holds true for large corporations. Because they can pass it on along to the consumer.
Small and moderate sized corporations such as independent tradesmen cant always do that.
They have to respond by either doing business illegally (Cash, illegal workforce) Or cut jobs.

They cant always pass it on. Because even if they do operate legally. They cant compete with those that do not without taking the hit themselves.

Obamas plan will increase Corperate taxes on businesses making over $250K
$250K is NOT alot of money even for a small corporation
A company with a 6-10 man crew making $10 an hour would have to make at least that much just to stay afloat by the time all is said and done and all expenses are taken into account.

[Carrel]

Obamas plan will increase Corperate taxes on businesses making over $250K
$250K is NOT alot of money even for a small corporation
A company with a 6-10 man crew making $10 an hour would have to make at least that much just to stay afloat by the time all is said and done and all expenses are taken into account.

No, it will not- it will increase taxes on those individuals making over 250k a year. Remember, taxable income and gross income are two different things- my small mom and pop business will do close to 200k this year, which is my gross, yet my taxable income will be about 48k after writing off business expenses. From my personal position on the tax ladder I'd benefit financially under Obama's proposal more than McCain's, and I'm betting that's true for 98% of everyone who posts here.

[DREDIOCK]

No, it will not- it will increase taxes on those individuals making over 250k a year. Remember, taxable income and gross income are two different things- my small mom and pop business will do close to 200k this year, which is my gross, yet my taxable income will be about 48k after writing off business expenses. From my personal position on the tax ladder I'd benefit financially under Obama's proposal more than McCain's, and I'm betting that's true for 98% of everyone who posts here.

ummm no....Well yes and no.
according to Factcheck.

"The Tax Policy Center, a think tank run jointly by the Brookings Institution and the Urban Institute, concluded that Obama's plan would increase after-tax income for middle-income taxpayers by about 5 percent by 2012, or nearly $2,200 annually. McCain's plan, which cuts taxes across all income levels, would raise after tax-income for middle-income taxpayers by 3 percent, the center concluded.

Obama would provide $80 billion in tax breaks, mainly for poor workers and the elderly, including tripling the Earned Income Tax Credit for minimum-wage workers and higher credits for larger families.

He also would raise income taxes, capital gains and dividend taxes on the wealthiest. He would raise payroll taxes on taxpayers with incomes above $250,000, and he would raise corporate taxes. Small businesses that make more than $250,000 a year would see taxes rise."

[eagl]

How fun would it be, If everyone had to write their own check each week for federal and state income tax?

I have to do this.  My wife is self-employed.  It's not every week, but close enough.  Not only that, even if my wife will work only (for example) the last month of the year, I am supposed to use a crystal ball way back in January to divine how much she'll make, and start cutting checks at the beginning of the year to cover income she may or may not make at the end of the year.  Failing to do so results in a fine and having to pay interest on taxes not paid in January for income she didn't earn until December.  Multiply that by the number of states she gets contracts in...

Basically the tax code is so fubar, self-employed people who have "seasonal" or non-constant income must be psychic in order to avoid penalties.  Tell me how that's reasonable.  And it's doubly unfair to spouses of military members since their income is made even more variable by the military member's deployments, TDYs, and permanent change of station moves.

This last year I got whacked over $700 in fines for failing to correctly anticipate that my wife would lose her permanent job and would have to do self-employed contract work for the last 3 months of the year, because we did not pay self-employment taxes back in January.  And a lot of people wonder how a military officer can have such a poor opinion of his government...

[Carrel]

"Obama would leave the top corporate tax rate at 35 percent. McCain would cut it to 25 percent."

http://www.suntimes.com/news/politics/obama/1031268,CST-NWS-tax30.article

Dred, in no way is this an endorsement of Obama...it's an attempt to find the facts.

[Chalenge]

I think the point is that if you tell people 'I am going to raise YOUR taxes' they will hate you but if you say 'I will raise taxes on corporations' they dont get the connection and love you. This is why I am convinced the general public is dumber then stone.

[Urchin]

What is so hard to understand about that?  The ONLY people in this country that pay taxes are end users.  If you tax an industry they pass it on to their customers and their employees through higher prices and lower wages.  If you tax an industry to the point where they can no longer do business, they will move somewhere else.  Any "windfall profit tax" is just a tax on the end user.  Can anyone explain to me how a redistribution of wealth will help this country?

Wealth redistribution has been policy in this country for the past 30 years.  It isn't an accident that the top 1% of earners have seen their incomes almost triple since the 70s.

[Donzo]

Wealth redistribution has been policy in this country for the past 30 years.  It isn't an accident that the top 1% of earners have seen their incomes almost triple since the 70s.

 

No following you here....what are you saying?

[Urchin]

No, it will not- it will increase taxes on those individuals making over 250k a year. Remember, taxable income and gross income are two different things- my small mom and pop business will do close to 200k this year, which is my gross, yet my taxable income will be about 48k after writing off business expenses. From my personal position on the tax ladder I'd benefit financially under Obama's proposal more than McCain's, and I'm betting that's true for 98% of everyone who posts here.

The truly amusing thing is its true for at least 99% of the population.  This is a more affluent crowd than an average sampling would be, but I really doubt there is more than a couple of people here bringing in more than 250k a year.  But they hear "OSAMABAMAMOMMA GONNA RAISE YO TAXES!!!!" so like little sheep-parrots they sit around and chirp that every chance they get.

[APDrone]

How fun would it be, If everyone had to write their own check each week for federal and state income tax?

Think how much more fun it would be if you changed election day to April 16th.

[Donzo]

Think how much more fun it would be if you changed election day to April 16th.

 

[bj229r]

No, it will not- it will increase taxes on those individuals making over 250k a year. Remember, taxable income and gross income are two different things- my small mom and pop business will do close to 200k this year, which is my gross, yet my taxable income will be about 48k after writing off business expenses. From my personal position on the tax ladder I'd benefit financially under Obama's proposal more than McCain's, and I'm betting that's true for 98% of everyone who posts here.

Most small businesses pay taxes at the individual rate, and beyond that, it's fundamentally WRONG for the voting majority to vote to confiscate a larger % of 'rich' people's money than anyone elses money. Mr Hitech has a small company, (a corp. I think) and I bet that bastid makes a LOT more than me after taxes---I believe we should vote to take it, that'll teach him

[Hangtime]

But they hear "OSAMABAMAMOMMA GONNA RAISE YO TAXES!!!!" so like little sheep-parrots they sit around and chirp that every chance they get.

How about 'OBAMA IS AN UNTRUSTWORTHY LIBERAL SOCIALIST FORMER COMMUNITY ORGANIZER FROM THE CHICAGO SOUTH SIDE WITH A RACIST WIFE AND PREACHER AND AN EX BLACK PANTHER FOR A PAL THAT HAS NO EXECUTIVE OR BUSINESS EXPERIENCE, THAT BREAKS CAMPAIGN PROMISES ABOUT CAMPAIGN FUNDING, BUYS REAL ESTATE AND GETS CAMPAIGN FUNDING FROM CROOKED DEVELOPERS AND TYCOONS AND THEN EXPECTS US TO BELIEVE THE LYING CREEP IS HONEST'.

That ok, Urch?

[Urchin]

LOL, Hang.. I didn't say I was voting for him.. I was pointing out the behaviour of the Republican sheeple here on the BBS.

[Hangtime]

Oh.. well, in that case, by all means; carry on!

<S!>