Nothing Like Beating A Man When He Is Down

NFIB: Build Back Better Act Imposes “Inflexible Mandates” On Small Businesses
An NFIB press release (11/19) following passage of the Build Back Better Act in the U.S. House said, “By passing the Build Back Better Act, the U.S. House has proposed saddling small businesses with significant tax increases, inflexible mandates, and unaffordable penalties. ... By passing the Build Back Better Act, the U.S. House has proposed saddling small businesses with significant tax increases, inflexible mandates, and unaffordable penalties.”

I am a member of this NFIB outfit. They are a lobbying group for small business.... I haven't seen the particulars, however I knew in my heart of hearts that small business would be saddled with what this piece terms, "Significant Tax Increases".... I said it repeatedly months ago. I knew without a doubt that this would come to pass. I been in business now since the early 2000's and 2021 was my very first negative year. I am only able to remain afloat because I have been thrifty. And thing is, my story could be said for probably 75% of small business in America today. So go ahead... Kick me again. I am learning to like it.

 

I looked into the particulars they were concerned about.

Tax increase - S Corporations are now having to pay net investment income tax of 3.8%. Are you running an S corporation? If so, your investment profits may be taxed. If not, no increase NFIB was worried about.

Inflexible mandates - FMLA applies to more businesses in essence. You have to give employees up to 4 weeks a year off if something big happens to them or their family. This seems fair to me.

Unaffordable penalties - they're complaining that there would be harsher penalities for violating the Fair Labor Standards Act. I mean... don't violate your worker's rights and you'll be fine.

Source on above: https://financialregnews.com/nfib-advocates-against-build-back-better-act-to-congress/

Honestly, nothing seems too egregious to me. However, I've never owned a business so I don't speak from experience and could be wrong. Is any of that worrying to you?

 

In and of itself.... No it doesn't. I believe I am quite fair to work for. I have had employees need extended time for surgery recovery and the like and have never, not once held their income from them. Just yesterday I made a sizable withdrawal from the business savings to give my guys a Christmas bonus. I like to give them the day before Thanksgiving and even though I have realized my very first negative year, my guys will each receive a lucrative bonus. It isn't their fault that the economy is in shambles and we are struggling to source materials at costs dramatically higher than costs we bid with. I am not the least bit concerned with violating workers rights.

Here's the deal. I will sit down with my CPA over the course of the next several weeks and we will hash all this out and figure out where we stand. Just understand this.... I been at this a while and what I know for fact is this.... The door has been opened. And perhaps a bit of water will get through that door right now. What I know is that won't be enough to satisfy this massive spending plan. Politicians unbridled cannot and will not stop. When next April's increases won't be enough to satisfy their greed, they will demand more in 2023. Oversight knows no bounds. It is the very reason I believe that it is dangerous for the House, the Senate and POTUS to all be of the same political persuasion. There are no checks and no balances and in this case, they are maxing out all the national credit cards and I will pay the price in the name of perceived fairness. After all, I am the greedy white guy, aren't I? The fact that I have worked endlessly for years and paid my fair share all these years has absolutely no bearing in the current climate.

I said at the beginning of this debacle that this would be the endgame. I will also state right now that there will be further increases to my tax burden in April 2023 to offset this mess. Keep kicking. I am beginning to like it.

 

I am, as usual, going to be blunt, Gene. You have not run a For Profit business, you do not have an understanding of the issues and the impact, and certainly are pouring runny eggs on the cold table hoping the offering will congeal.

Explain NIT, in simple "For Idiots" language.

Explain FMLA, in simple 'For Idiots" language.

An additional exercise: Explain the responsibility of FMLA compliance, by ANY business, without regard to TYPE of formed legal entity, including hospitals, private employers, and most importantly, the significance of FMLA used as a tool to qualify for Disability by manipulating the Healthcare system and forcing healthcare Providers...including hospitals/physicians/Pharma/LT care... to pay for same, whether workplace related or not, and forcing those business entities to comply with CMMS regulations pitfalls while providing care (to help you, there were 2.576 million "SS Disability claims" in 2020), and ALL such claims, and the pending FMLA legislation, is subject to the whim of insurance entities that issue the Liability policies for ANY licensed entity, and continuously defy HIPPA and CMMS requirements and place the Healthcare entities in the Global period for continuing care...which is a significant economic penalty the we ALL pay for.

This sleight of hand adds adds an adjusted 3.7% surtax to EVERY business entity, as passthroughs under the ACA, specifically the health importability requirements foisted on EVERY business entity., JUST FOR THE FMLA portion of the pending legislation.

Explain, in simple "Four Idiots" language, your understanding of an S Corp, including limitations of tax status under the Parent Company Rule, and explain the difference of a Sole Proprietor entity, and an LLC, and a Sole Employee tax status under IRS rules, and the differences of the impact of FMLA pending legislation on State and Local Tax (SALT).

Explain in simple "For Idiots" language, the pending legislation impact on Individual IRA contributions and Business Entity IRA contributions for both employee based contributions and SEP contributions.

You ask if this pending legislation is worrying any business entities?

After you do the research, I would definitely be interested in your honest opinion of egregiousness.

Yes, you are wrong.

I am continuously disappointed in your approach to your decision/opinion process.

You looked into the particulars? Please, you read a few paragraph blurb that did not even explain the legislation language, and you most certainly have not read the legislative text....

.....BCAUSE IT IS NOT FINALIZED OR PUBLISHED AT THIS TIME, AND YOUR OWN FEDERAL REPRESENTATIVES HAVE NOT READ THE LEGISLATION IN ENTIRETY.

You might also benefit from familiarizing yourself with the "egregiousness" of the Eisenhower tax legislation, before opining on your "honesty" opinion.

Stop. Just stop.

Truth in editing: added a 't' to stop.

 

I uh, I said that. I was hoping to learn, and I did see more of the implications from @Mopar Dude post. But man you're condescending for like no reason in every post to me. Not a very conducive teaching strategy.

I looked into the concerns put forth by the NFIB, which while obviously narrower than the bill itself, pertained better to the thread's topic.

In all, you're kind of a strange one. I'm starting to get the feeling you like me with all the extra attention I'm getting.

 

In the end it has to be realized that nothing is free. Somebody’s sweat or earnings have to pay for it. And the hard reality is this….. If the fed continues to take from those of us that contribute to the economy, eventually we will stop. I could retire right now. Close up shop and enjoy being with my family rather than beating my head against a wall trying to do the right thing…… Now multiply my frustration by the many thousands of small businessmen sitting where I am. I am closing the books on my very first negative growth year since I been in business due entirely to conditions out of my control. I won’t have a second losing year. I will bail out before I forfeit another 200k of my life’s work. My pockets aren’t that deep. Job creators should be heralded in our nation. Not penalized.

 

Five stars for @Mopar Dude . . . A model citizen.

Half the nation’s behind you and the other half's not looking for you to give the shirt off your back . . . They’d rather take it from you.

 

Gene, you are confusing condescension with a desire to convey to you that the world you are viewing and judging in your very limited life experience is very misguided and wrong. I do not coddle a person that professes a position that the person has falsely....for whatever reason....formed a path and direction, knowingly or unknowingly, because of ignorance, of an Ideology of Division, and continues to profess socialist positions, with an attitude of dismissal of any actual experience of the subjects the person espouses to be knowledgeable about, by using sleight of hand replies that are evasive and disingenuous and designed to re-direct any factual knowledge from persons that possess the knowledge by personal experience and disagree adamantly with you.

I do not opine on any issue that I have not, in depth and hands on personally, been involved in. When you choose the phrase "conductive teaching strategy", you are stating a philosophical bent toward intellectualism, and probably do not realize you are doing so, and have most likely been taught to respond in a manner that appears to be enlightened and globally aware. Kwon, Thompson Et Al have been disproved, going back to 1950. Piaget was wrong then, and acolytes are wrong now. The method that you have subconsciously been directed toward....specifically the global entrepreneurial teach and cast seed of malcontent as a means to sew doubt of the advances of a system of government that is based on individual accomplishment..... is the very downfall of your enlightened global socialist training, if the word training could be applied.

Tough love is what I am imparting to you. Your real colors emerge when you are directly challenged, and can not respond accordingly because you lack real world experience and consequences of same to be able to articulate without silly pouting:

"I uh"

"kind of a strange one"

"I'm starting to get the feeling you like me with all the extra attention I'm getting"


"Pertained better to the thread's topic"

"But man you are condescending...."

"for LIKE no reason...."

"in every post to me"

Notice the pattern?

The pattern is as old as the first child that was sent home with an admonishment of less than stellar recommendation of support and agreement.

You become a spoiled toy kicking "what did I do....the other kids don't like me, Mom" innocent babe of vindictiveness.

But (there is always a "but") YOU NEVER ADDRESS THE ISSUES. YOU NEVER DEBUNK THE SAMPLES OF DIRECT FACTS PRESENTED.

You revert to snarky angry valley girl phrasing as a defense mechanism.

If you care to listen, and stop the misguided psychology experiment and quit the road of apostleship of JoeNation, you will be astounded at what you can truly learn from those that have had to fight and claw for their real world education and become REAL INTELLECTUALS THE TOUGH WAY....LEARNING IT FOR THE SAKE OF SURVIVAL.

And, most importantly, shutting up and listening, instead of trying to be the smartest kid in the room.

Truth in Editing: changed 'stoop' to 'stop'.

 

I'll be sure to try to write in a Charley Approved™ manner in the future since you seem so bothered.

If I can make a request, it'd be real neat if you could quit derailing every thread into a psychoanalysis of me rather than talking about the subject. Maybe it's all you can do because you "do not opine on any issue that I have not, in depth and hands on personally, been involved in"

Funny how you're super comfortable pretending you know me though. You say stuff like you're "disappointed in me" as if I care about your approval. Get a grip. You could have said any of your points in the begining of this thread without making it personal, but you chose to take it there. I was open to new ideas and that I was wrong, I said as much in my original response, but your "tough love" comes off as the ramblings of an arrogant fool who thinks a few more trips around the sun has bestowed enlightenment.

You want people to listen? Then you have to listen. Ask yourself honestly, when was the last time you were open to the idea you were wrong about a deeply rooted belief?

 

"There's nothing to be learned from the second kick of a mule"...Mark Twain.

 

The real Gene emerges. It was inevitable. You will not succeed in the Board Room of life, until you have earned it.

The world is not full of Muppets that will laugh and play with you, and and softly introduce you to reality. People will cut your throat and take advantage of you and do what they have to and if you are in the way, you are simply treated as being in the way.
You want to play Socially Aware Hipster, travelling the World with a message of Camelot re-born and free stuff for everybody? Do so.
While you embark on your happy journey, know 2 things: 1) I lived the Camelot years, in the city of Kennedy Camelot. It was not so great. 2) Enemies will kill you, so be prepared or die. You decide.

Try to stop whining. If you want to continue setting up for your eventual FDQ exit to join JoeNation on Reddit, at least do so with dignity and self respect.

 

I take that as a no then, you won't stop derailing topics to go for personal attacks instead. At least I see now why the other guys blocked you.

 

Childish rants.

Yawn.

 

I just am unable to rationalize one thing in my mind..... We tease about liberals, but by and large these aren't ignorant individuals. Most are far more educated than I am..... How can they not realize that free stuff is not free? If we could print valueless money, we would all be working our printers to death creating wealth. But it doesn't work that way... As I recall, 1920's Germany allowed individuals to print their own cash. I believe I read the end result was that a loaf of bread was a million marks before they stopped the insanity. Yet here we are..... My point is that those of us in business are already suffering as a result of the Covid economy. Placing additional tax burdens on us now makes zero economic sense whatsoever.

 

Oh, they're not stupid . . . just willfully negligent. If they stand any net gain themselves, be it monetary and / or political, they have no compunction over saddling everyone else with the distributed cost of voting for / benefitting from free stuff. They're just as bad as the Gordon Geckos they call out, but they'd slit their own wrists before ever admitting it.

 

It's basically what @toughcoins said: they do this purposefully because the worse it gets for people like you the better it is for them. If they can eliminate all the opposition (or as much as possible), their strength increases. They want to weaken the independent minded and have most be dependent on the government (them). This way it is very easy to dictate/rule and those that oppose can be easily dealt with.

 

Welcome to the party. I did however run across something that explains this type of a troll. And it is brilliant and the Brits say.

 

FDQs always return after their Exit, for emotional support. Keep sending Reddit acolytes, Joe.

Glad to have them.

Make certain to return at any time you need emotional hurt reinforcement for your FDQ Exits.

I thought you were not going to reply/read/respond anymore, here? Typical FDQ.
.

 

Hey Joe!

 

Funny that! . . . Cleese's described JN to a T.