Jim, that's just plain false. Most small businesses are taxed according to personal tax rates and schedules (as even Democrats will concede), so when you see a $250K income it's total business income - not the take home income of the owner. What has to come out of that total revenue is all the business expenses (employee benefits and salary, machinery, systems and communications, office rent, etc etc). Oh, and taxes. What's leftover is what the business owner might get to take as a distribution or salary.
Increasing these "personal" tax rates effectively increases the taxes that small business pay. That's why so many people are worried about the tax increases causing more layoffs. There's only so much revenue to go around, and with many businesses not able to borrow and not seeing their sales increase, a tax increase might be just what prompts them to lay off some folks - or even shut their doors.
Democrats contend that the taxpayers in the top two tax brackets will not allow increases in their tax liabilities to affect personal spending, business spending, or hiring new personnel.
This makes no sense. If your tax liability goes UP and your income stays the SAME then there is no possible way that either your personal spending or business spending will have to go DOWN.
In my experience as a banker, many small business owners cut their own salaries or decline to take bonuses when cash flow gets tight - then they quit investing in new equipment or upgrading technologies. Then only if there is nowhere else to cut and they see no prospect of cash flow picking back up do they lay off employees.
The highest 3% of earners are responsible for a LOT more than 3% of our GDP and consumer spending. Hitting them hits the economy more than most people think when they toss around those "we're only talking about a few people" statistics.
Interesting question. It also applies one's values to someone else.
We can look at someone driving a Ferrari and we don't know if
a) it's dads
b) it's mortgaged (15 yr mortgage for these things)
c) the driver just donated $10M to help a tornado struck village in the Pacific.
I see a billionaire (Warren Buffet) living what appears to be a frugal life (last I checked, my TV is bigger) and planning to give it all to charity. Then a see a guy (Trump) who took advantage of the rules, legally of course, and after bankruptcy, still claims to own a fortune. I don't care for his attitude or his lack of philanthropy. None of my business, of course, but when I remark about Trump, it's not envy, my hair is my own and my ego is in check. And I know many who have far more than I do, and happy for most of them.
So, what does it say when you're the youngest person in your group, have the least experience, have been with the company the least amount of time and are 35 with almost 14 years experience and 11.5 years with the company?
I work with two guys who have been with the company longer than I've been alive.
The plus size clothes are quiet little bit costly than a normal size clothesthe reason behind this less customers to buy the plus size clothes than normal size clothes have wide market.The tips to save money from plus sized clothes do not try dump the clothes from one shop and try to roam more and buy the clothes from 3 to 4 shop. Try to get stwiched from tailors which will be very cheap.
I agree with Melanie. We have become such a germophobic society. This is why more kids have asthma and other respiratory illnesses. People need to use common sense instead of fear when making decisions. I cannot remember the last time I got food poisoning and I do not have microban countertops. And I only clean my countertops and my sinks once a week.
"Too wealthy"? No such thing. Wealth is being self-sufficient, or having the means of production (including having enough accumulated money) to make you self-sufficient without depending on outside sources.
WHAT YOU DO WITH IT, however, is another matter. I point to Bill Gates & Warren Buffett as examples. Are they wealthy? You bet! Didi they EARN it (as opposed to senior employees of certain companies that were bailed out by CONgress) Yup, they sure did!
GREED and Lust For Power, however, is a different matter. You can confuse them very easily with the healthy self-interest desire to be wealthy.
No, I don't think you can be too wealthy. You have the right to keep what you've earned. I am not a proponent of socialism where someone else decides you have too much money and that it should go instead to the collective populace.
That being said, I don't believe that those who are wealthy beyond imagination should not have morals, ethics and a philanthropist drive.
Helping your fellow man is laudable, but having someone force you to do it because they think you have more money than you deserve, is not.
So, focusing on the problem at hand is important, I agree. Having Health Insurance is great. What if the patient does NOT have insurance? Who is going to haggle? Think the E.R. Doc knows costs? Is there another business where the owner doesn't know the costs as well as the customer(s).
I've thought about this a lot. (But not enough to do it) Our family value is driving our cars forever and when they get old, insurance costs are negligible!
Hello, I'm in Canada and I have an RCA DRC6000 VCR/DVD combo player. Does anyone have the code to make it region free. I get lots of videos from the UK. It seems to me from searching the web that RCA is a difficult one to crack.
Thanks jayjay W
If Obama is a socialist for wanting to raise the highest tax rate from 36 to 39 percent then I guess Eisenhower was Josef Stalin (highest tax rate was 91 percent during his term) and Nixon was V.I. Lenin (highest tax rate was 70 percent during his term).
Steve, Why do small business people taking home $250-$500k taxable income need to be singled out for "help"? Keep in mind that personal income rates apply to your income after deductions and your income from a business is not equal to your business revenue. Giving tax breaks on personal income to business owners does not directly help the businesses in any way but instead just lets those people with very high salaries keep more of it after taxes.
OMG ... germs are NOT our enemies. The vast majority of germs cause no harm whatsoever and some are down right beneficial. Besides, how will your body ever recognize a germ and protect you against it if you never introduce your defense mechanism to the 'enemy'?
I agree with you. We have been bidding on penny auctions for a long time. What people needs to know is they need to understand what they're doing. The uneducated just make guesses and accusations. As always the winners will tell everyone how good a thing this is but the losers will whine about how unfair the game is played.
Jim, that's just plain false. Most small businesses are taxed according to personal tax rates and schedules (as even Democrats will concede), so when you see a $250K income it's total business income - not the take home income of the owner. What has to come out of that total revenue is all the business expenses (employee benefits and salary, machinery, systems and communications, office rent, etc etc). Oh, and taxes. What's leftover is what the business owner might get to take as a distribution or salary.
Increasing these "personal" tax rates effectively increases the taxes that small business pay. That's why so many people are worried about the tax increases causing more layoffs. There's only so much revenue to go around, and with many businesses not able to borrow and not seeing their sales increase, a tax increase might be just what prompts them to lay off some folks - or even shut their doors.
Democrats contend that the taxpayers in the top two tax brackets will not allow increases in their tax liabilities to affect personal spending, business spending, or hiring new personnel.
This makes no sense. If your tax liability goes UP and your income stays the SAME then there is no possible way that either your personal spending or business spending will have to go DOWN.
In my experience as a banker, many small business owners cut their own salaries or decline to take bonuses when cash flow gets tight - then they quit investing in new equipment or upgrading technologies. Then only if there is nowhere else to cut and they see no prospect of cash flow picking back up do they lay off employees.
The highest 3% of earners are responsible for a LOT more than 3% of our GDP and consumer spending. Hitting them hits the economy more than most people think when they toss around those "we're only talking about a few people" statistics.
Interesting question. It also applies one's values to someone else.
We can look at someone driving a Ferrari and we don't know if
a) it's dads
b) it's mortgaged (15 yr mortgage for these things)
c) the driver just donated $10M to help a tornado struck village in the Pacific.
I see a billionaire (Warren Buffet) living what appears to be a frugal life (last I checked, my TV is bigger) and planning to give it all to charity. Then a see a guy (Trump) who took advantage of the rules, legally of course, and after bankruptcy, still claims to own a fortune. I don't care for his attitude or his lack of philanthropy. None of my business, of course, but when I remark about Trump, it's not envy, my hair is my own and my ego is in check. And I know many who have far more than I do, and happy for most of them.
So, what does it say when you're the youngest person in your group, have the least experience, have been with the company the least amount of time and are 35 with almost 14 years experience and 11.5 years with the company?
I work with two guys who have been with the company longer than I've been alive.
Nick, no one said anything about Obama being a socialist in this thread except for you. Please stay on topic.
The plus size clothes are quiet little bit costly than a normal size clothesthe reason behind this less customers to buy the plus size clothes than normal size clothes have wide market.The tips to save money from plus sized clothes do not try dump the clothes from one shop and try to roam more and buy the clothes from 3 to 4 shop. Try to get stwiched from tailors which will be very cheap.
I agree with Melanie. We have become such a germophobic society. This is why more kids have asthma and other respiratory illnesses. People need to use common sense instead of fear when making decisions. I cannot remember the last time I got food poisoning and I do not have microban countertops. And I only clean my countertops and my sinks once a week.
God forbid your multi-million dollar idea which allows you to accumulate wealth should actually employ people to share in the profits of your idea...
"Too wealthy"? No such thing. Wealth is being self-sufficient, or having the means of production (including having enough accumulated money) to make you self-sufficient without depending on outside sources.
WHAT YOU DO WITH IT, however, is another matter. I point to Bill Gates & Warren Buffett as examples. Are they wealthy? You bet! Didi they EARN it (as opposed to senior employees of certain companies that were bailed out by CONgress) Yup, they sure did!
GREED and Lust For Power, however, is a different matter. You can confuse them very easily with the healthy self-interest desire to be wealthy.
J Crew's corporate policy is to give a 15% discount on everything, but I've never been to a J Crew that actually honored this policy.
Very, very true! You have to practically be a professional.
No, I don't think you can be too wealthy. You have the right to keep what you've earned. I am not a proponent of socialism where someone else decides you have too much money and that it should go instead to the collective populace.
That being said, I don't believe that those who are wealthy beyond imagination should not have morals, ethics and a philanthropist drive.
Helping your fellow man is laudable, but having someone force you to do it because they think you have more money than you deserve, is not.
So, focusing on the problem at hand is important, I agree. Having Health Insurance is great. What if the patient does NOT have insurance? Who is going to haggle? Think the E.R. Doc knows costs? Is there another business where the owner doesn't know the costs as well as the customer(s).
I've thought about this a lot. (But not enough to do it) Our family value is driving our cars forever and when they get old, insurance costs are negligible!
Ikea has a student discount also... somewhere between 10-15%..... just show your student id...
Hello, I'm in Canada and I have an RCA DRC6000 VCR/DVD combo player. Does anyone have the code to make it region free. I get lots of videos from the UK. It seems to me from searching the web that RCA is a difficult one to crack.
Thanks jayjay W
Too wealthy? Yes, absolutely. Accumulating riches just isn't healthy nor just.
If you're using your wealth negatively or are otherwise managing it poorly, then it's definitely possible to be too wealthy.
Does the banana work?
If Obama is a socialist for wanting to raise the highest tax rate from 36 to 39 percent then I guess Eisenhower was Josef Stalin (highest tax rate was 91 percent during his term) and Nixon was V.I. Lenin (highest tax rate was 70 percent during his term).
Steve, Why do small business people taking home $250-$500k taxable income need to be singled out for "help"? Keep in mind that personal income rates apply to your income after deductions and your income from a business is not equal to your business revenue. Giving tax breaks on personal income to business owners does not directly help the businesses in any way but instead just lets those people with very high salaries keep more of it after taxes.
OMG ... germs are NOT our enemies. The vast majority of germs cause no harm whatsoever and some are down right beneficial. Besides, how will your body ever recognize a germ and protect you against it if you never introduce your defense mechanism to the 'enemy'?
WinCo is great, but we found that Grocery Outlet's prices were higher than our regular grocery store's, except on wine and cheese.
Just scored HBO free for a year and also got Showtime at a discounted rate. All I did was ask....lol.
I agree with you. We have been bidding on penny auctions for a long time. What people needs to know is they need to understand what they're doing. The uneducated just make guesses and accusations. As always the winners will tell everyone how good a thing this is but the losers will whine about how unfair the game is played.