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95% of small businesses make less than $250K, Really!!

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Posted: #26
Quote Originally Posted by TIMBER9:

That may be the single funniest comment of the political season.    SHRIMMPPPP!

#1)  Why are your bolded fonts so weird looking?

#2)  Do you know anything about economics?

 

 
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Posted: #27

Quote Originally Posted by boogreenz:



Gates and Buffet are bridge partners.  He hasn't donated to McCain but has donated to several Repubs and a couple Dems.  I think he leans GOP.

Boo-

Donations mean nothing.  Rich people donate both ways.  The important thing is who they personally "endorse.".......

Warren Buffet has offically endorsed Obama.

 

 
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Posted: #28
Lets make sure we clarify a few items as his plan has been misrepresented with untrue assumptions here.
 
1)  His $250K number is GROSS, not net.  can see this in full tax plan comparison on Tax Policy institute site. (just like a FICA type tax)
2) 2ndAgain, your 481K number is based on taking the top 2 tax brackets which is not correct since these are base on "net" income brackets.  The number will be many tims (multiples) higher when using he gross number. I would estimate instead of 1.5% that the number is closer to 7-10% of all small businesses could be affected. Include at least next 1-2 brackets, but many eople with gross + 250K could have much lower "net"income (or no income at all).
3) Under Obamas plan do you all realize that the Tax Policy Center estimates that 48% of all households WILL PAY NO TAXES AT ALL.  That "my friends" is complete Bullsh@%$t. IMHO.  I am tired of working my ass of to pay for everyones elses "issues".
 
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Posted: #29
Timber-
 
Here is a "pretend" scenario.  Let's say you want to sell 1,000 acres of fine property.  Here are two choices.....
 
A)  Sales Price of $32,000 per acre with cap gains tax of 28%, or
 
B)  Sales Price of $8,000 per acre with cap gains tax of 15%
 
Which scenario would you pick?
 
 
 
 
 
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Posted: #30
Quote Originally Posted by Grego:

Lets make sure we clarify a few items as his plan has been misrepresented with untrue assumptions here.
 
1)  His $250K number is GROSS, not net.  can see this in full tax plan comparison on Tax Policy institute site. (just like a FICA type tax)
2) 2ndAgain, your 481K number is based on taking the top 2 tax brackets which is not correct since these are base on "net" income brackets.  The number will be many tims (multiples) higher when using he gross number. I would estimate instead of 1.5% that the number is closer to 7-10% of all small businesses could be affected. Include at least next 1-2 brackets, but many eople with gross + 250K could have much lower "net"income (or no income at all).
3) Under Obamas plan do you all realize that the Tax Policy Center estimates that 48% of all households WILL PAY NO TAXES AT ALL.  That "my friends" is complete Bullsh@%$t. IMHO.  I am tired of working my ass of to pay for everyones elses "issues".

Dude,

Are you an economist?

 

 
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Posted: #31

All politicians are movie stars who cant act. Well, except Mr. Obama as he does pretty well with cue cards. The politicians dont pay into social security, they have their own plan. They have their own health care plan. Some collect mulitple pensions. When they tell they took a pay cut, its because they proposed 46% pay increase and only took 25% thus a pay cut.

The only one I like is Sarah Pahlin, she did very well for the people of Alaska. I respect John McCain for his service to this county.

I agree with the above who wrote what has Mr. Obama done? He's nothing more than well spoken-highly educated community organizer.

here's the facts folks;

INTERESTING DATA ON TAXES

Proposed changes in taxes after the 2008 General election:

CAPITAL GAINS TAX

MCCAIN

0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA

28% on profit from ALL home sales

How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.

DIVIDEND TAX

MCCAIN 15% (no change)

OBAMA 39.6%

How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.'

INCOME TAX

MCCAIN (no changes)

Single making 30K - tax $4,500

Single making 50K - tax $12,500

Single making 75K - tax $18,750

Married making 60K- tax $9,000

Married making 75K - tax $18,750

Married making 125K - tax $31,250

OBAMA (reversion to pre-Bush tax cuts)

Single making 30K - tax $8,400

Single making 50K - tax $14,000

Single making 75K - tax $23,250

Married making 60K - tax $16,800

Married making 75K - tax $21,000

Married making 125K - tax $38,750

Under Obama, your taxes could almost double!

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet.

New gasoline taxes (as if gas weren't high enough already)

New taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts, and last but not least....

New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

You can verify a lot of the above at the following web sites:

https://money.cnn.com/news/specials/election/2008/index.html

https://www. cnn.com/ELECTION/2008/issues/issues.taxes.html

https://elections.foxnews.com/?s=proposed+taxes

https://bulletin.aarp.org/y ourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

https://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

https:// blog.washingtonpost.com/fact-checker/candidates/john_mccain/

 
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Posted: #32
Do i really need to post a hundred youtube videos of him changing his plan depending on the interviewer?          How bout the Factor when he tells Bill maybe his rate is to high and he thinks maybe he could do better. 
 
I guess I should have been more specific with my "source?" question, TIMBER9. I was referring to your "but to my understanding it is on 250k GROSS profit" statement. I assumed you would be smart enough to figure that out BUT obviously NOT.
 
so I guess I can assume your source was "PIOMA" (pulled it out my ass) or maybe a "PIOMA" via Faux News?
 
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Posted: #33
Rink.....
 
Gross vs Net is over heads here
 
No wonder we have a deficit.
 
This is embarassing.
 
 
 
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Posted: #34
Tommy Bahama, the only one you like is Sara Palin because she has done a great job for the state of Alaska.   Are you sure you dont like her because shes a hot milf?
What exactly has she done for the state of Alaska?  This state has so much oil money, you could bring in zippy the chimp to run that state and you would get the same outcome as Palin.
 
 
Your comments about politicians not paying into social security and having their own plan is 100 percent wron.   You might want to get your facts correct before posting wrong stuff.
 
 
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Posted: #35
So is his claim of Obamas tax increases, but we've been through it a 100 times before and I can't be bothered doing it again
 
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Posted: #36
Over 20 years as a republican i bought into that trickle down bullshit, where lets give the rich guys the breaks and they will pass it down to the rest of us.
-----------------
cd - you think trickle down doesnt work? watch what happens what you tax companies and rich folks back to the stone age (you know those who employ most of us?)

-jobs go overseas (if you can afford)
-layoffs, benefits cut

if you live in the northeast...say within 50-70 miles of new york city, how much do you think a married couple with a house, kids, etc needs to earn to be comfortable?

250k in iowa is much different than 250k in NJ or CT
 
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Posted: #37
trickle down is a load of bullshit koaj. It's a scam that was sold to the American people as a way to give the rich tax cuts and poor old Average Joe was to lump it. Even David Stockman said he realised his mistake after a couple of months.

If Average Joe was given the tax cut instead what will happen? More money in their pockets to spend or invest. Does this have a negative impact on the economy? Why do we cut interest rates and what impact does this have on mums and dads?

How has giving corporations a break working out at the moment?
 
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Posted: #38
KOAJ et. al.
 
First, that was going to be my first point. People living in the midwest, south, and northwest have a different definition of middle class than people living within 70-100 miles of NYC (the financial capital of the world and one of the largest trade stops also.) Rent, food, other groceries etc. cost a fraction in other places than around here.
 
Anyway, tax revenue has broken record highs in each of the last 5 years. It is where the tax revenue is going that is the underlying problem. The rich pay over 90% of the tax burden and is why when there is an accross the board cut it benefits them more than it does the middle class. The tax rates are not the problem. The true problem is that the middle class is not educated enough to use the same vehicles as the rich to protect their money. I worked in wealth management for a period of time and the financial vehicles, such as trusts, we employed abled people to avoid some of their tax burden so they could disburse their income in other ways. Taxing is not the most efficient way to put revenue into the governments hands.
 
To anyone's point on Warran Buffet voting and endorsing Obama...is that supposed to tell us what is best for the economy or what is best for the stock market? Warran Buffet is uber-wealthy (I believe the 2nd or 3rd wealthiest man in the world) and is probably looking to see how he can best secure his legacy. Like Andrew Carnegie (who gave all his money to build libraries, schools, etc) Buffet does not only want to be remembered as a suave investor that was able to pad his pocket...so he gave 3/4 of his money to Bill Gates foundation. Secondly haven't you ever heard of limosine liberals...the people who the everyday economy effects very little. Well if you haven't Buffet is one...I also wander how much of his tax burden he avoided by giving money to Mr. Gates. Please do not assume that Mr. Buffet wants Obama because it is best for the economy...he wants Mr. Obama because he aligns with his political beliefs.
 
This post is not to support John McCain, who I, like cd, think is a mean spirited individual. I lived and went to school in D.C. and had many opportunities to speak with friends and classmates who worked for John McCain...let's just say he has a temper that made some of these interns and legislative aids very uncomfortable.
 
I vote we do what American's always do i.e. fight over gays and abortion rights. Vote on those issues. Care less about what truly is going on behind the curtains and watch our society morph into non-importance. This is the track we are headed on...and until apathy turns into hunger we will continue on this road.
 
KV 
 
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Posted: #39
SecondAgain,
 
The top 1% of the of the income earners pay over 35% of the tax burden....that is why when there is an across the board cut they reap the most benefit. Do not listen to the rhetoric. No one gave only the rich a tax cut. It was an across the board cut....now you could argue that the decrease in the capital gains is a tax break for the rich because they are the only individuals who have significant amounts in the stock market but here again you would be wrong because institutions and funds (Retirement, 401K, Mutual etc.) are the most significant portion of the market.
 
Please...this tax argument is bogus. What needs to be done is to simplify the tax code in order to limit the tax avoidence (but in turn that will cost 1000s of jobs.) A vicious circle.
 
To fact check myself, the top 25% pay over 85% of the taxes not 90%. The lower 50% pay 4% of the taxes.
 
Republicans cut only for the rich is a democrat slogan just as Democrats want to take your guns away is a republican slogan and that Democrats will tax you to an oblivian is a republican slogan....
 
The other problem is that no one in office understands economics.
 
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Posted: #40
kenny, a flat tax or a consumption tax is the answer in my opinion.

don't get me started on CTG, as my ideas on this and social security, etc are long winded and would upset both sides here


 
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Posted: #41
Quote Originally Posted by SecondAgain:

trickle down is a load of bullshit koaj. It's a scam that was sold to the American people as a way to give the rich tax cuts and poor old Average Joe was to lump it. Even David Stockman said he realised his mistake after a couple of months.

If Average Joe was given the tax cut instead what will happen? More money in their pockets to spend or invest. Does this have a negative impact on the economy? Why do we cut interest rates and what impact does this have on mums and dads?

How has giving corporations a break working out at the moment?


im in favor of no taxes outside of funding the military and infastructure (general welfare)...all of these entitlements are all bullshit. i would eliminate them all if i could (through a 20-30 years phase out).

if average joe has more money, corporations will raise prices on goods and services to get that money.

there is a finite amount you can tax until it becomes a detriment to the economy. under obamanomics, if you make 250k as opposed to 249.9k you will pay an extra 40k in taxes per year.

if anyone is even close to that number or projects themselves close to it, they will do everything in their power to get under that number. obama and other lefties assume that revenues will be a constant through every economic cycle and every tax bracket which is 100% false.
 
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Posted: #42
second - a consumption tax hurts lower class b/c they spend more of their income on goods and services than others do...on a percentage basis
 
Captain
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Posted: #43
Quote Originally Posted by Grego:

Lets make sure we clarify a few items as his plan has been misrepresented with untrue assumptions here.
 
1)  His $250K number is GROSS, not net.  can see this in full tax plan comparison on Tax Policy institute site. (just like a FICA type tax)
2) 2ndAgain, your 481K number is based on taking the top 2 tax brackets which is not correct since these are base on "net" income brackets.  The number will be many tims (multiples) higher when using he gross number. I would estimate instead of 1.5% that the number is closer to 7-10% of all small businesses could be affected. Include at least next 1-2 brackets, but many eople with gross + 250K could have much lower "net"income (or no income at all).
3) Under Obamas plan do you all realize that the Tax Policy Center estimates that 48% of all households WILL PAY NO TAXES AT ALL.  That "my friends" is complete Bullsh@%$t. IMHO.  I am tired of working my ass of to pay for everyones elses "issues".

Skrimp, CD...     LIke it or not that is the truth.  If there is cool aid in anybodys ice box we now know where to find it.

 
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Posted: #44
Quote Originally Posted by tommybahama:

All politicians are movie stars who cant act. Well, except Mr. Obama as he does pretty well with cue cards. The politicians dont pay into social security, they have their own plan. They have their own health care plan. Some collect mulitple pensions. When they tell they took a pay cut, its because they proposed 46% pay increase and only took 25% thus a pay cut.

The only one I like is Sarah Pahlin, she did very well for the people of Alaska. I respect John McCain for his service to this county.

I agree with the above who wrote what has Mr. Obama done? He's nothing more than well spoken-highly educated community organizer.

here's the facts folks;

INTERESTING DATA ON TAXES

Proposed changes in taxes after the 2008 General election:

CAPITAL GAINS TAX

MCCAIN

0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

OBAMA

28% on profit from ALL home sales

How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.

DIVIDEND TAX

MCCAIN 15% (no change)

OBAMA 39.6%

How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.'

INCOME TAX

MCCAIN (no changes)

Single making 30K - tax $4,500

Single making 50K - tax $12,500

Single making 75K - tax $18,750

Married making 60K- tax $9,000

Married making 75K - tax $18,750

Married making 125K - tax $31,250

OBAMA (reversion to pre-Bush tax cuts)

Single making 30K - tax $8,400

Single making 50K - tax $14,000

Single making 75K - tax $23,250

Married making 60K - tax $16,800

Married making 75K - tax $21,000

Married making 125K - tax $38,750

Under Obama, your taxes could almost double!

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.

NEW TAXES PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2400 square feet.

New gasoline taxes (as if gas weren't high enough already)

New taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts, and last but not least....

New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

You can verify a lot of the above at the following web sites:

https://money.cnn.com/news/specials/election/2008/index.html

https://www. cnn.com/ELECTION/2008/issues/issues.taxes.html

https://elections.foxnews.com/?s=proposed+taxes

https://bulletin.aarp.org/y ourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

https://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

https:// blog.washingtonpost.com/fact-checker/candidates/john_mccain/

More FACTS.    People either dont want to mention or just dont understand that Obama WILL repeal the Bush tax cuts.  So your taxes WILL GO UP!.   

 
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Posted: #45
timber - most of that email forward has been denied by the obama camp...but if anyone can get a straight answer from him or his plan then maybe we can do it once and for all

once revenues do not meet his targets b/c of higher taxes, he will move his "rich" threshhold down to 200k, then 150k

all in the name of paying your fair share...or class warfare
 
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Posted: #46
timber - google S2433, Global Poverty Act...obama's shining piece of legislation...845b over 10 years sent to the UN on top of what we already give. its proposed that the monies for this endeavor will be paid for via taxes on fossil fuels
 
Captain
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Posted: #47
Am i economist?....NOPE   I dont need to be!  Not to figure this out.    You guys here making 50k or less BETTER OPEN YOUR EYES before its to late.   Do some honest research and compare what you net on each paycheck now.....then compare it to what it will be under Prez. Obama. 
 
Shrimp i realize you fancy yourself SHARP on the economy.  Well get out of the text book and use some common sense.  You like to say how Dems run a better economy. Well that job becomes quite simple when you double tax revenue. 
 
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Posted: #48
Quote Originally Posted by KOAJ:

timber - google S2433, Global Poverty Act...obama's shining piece of legislation...845b over 10 years sent to the UN on top of what we already give. its proposed that the monies for this endeavor will be paid for via taxes on fossil fuels

 KOAJ, bro i am just frustrated.    I cant understand why intelligent people want see the truth.   But i guess these guys will get to see who told them the truth down the road.....  When Obama's tax increases take their gambling money.

 
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Posted: #49
I'm out!   Gotta go make Obama some money...
 
I'll be back later to see the BS injected in the thread.
 
 
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Posted: #50
KOAJ,
 
I agree fully that the Federal Government should not be taxing us the way it does to pay for all the programs that actually do not fall under the purview of the American Constitution...here is where we diverted American democracy. It started in Reconstruction, expanded under the New Deal, has has exploded in the last 30 years. The Federal Government should be dealing with the infrastructure, defense, immigration, and antitrust..that's it in my humble opinion (I may miss something). The United States is too diverse and different areas have too many problems that diverge from the norm. The state is better able to cater to the needs of its individuals. That is why our tax burden should be more burdensome on the state level than the federal level....
 
On the tax issue...flat tax helps the rich as does a consumption tax-- that's why steve forbes was the biggest proponent of the flat tax.
 
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