This Just Isn't The Right Time....

With small business reeling on the heels of Covid, these tax hikes directed towards small business will be devastating to many. Many are hanging on by their short hairs currently. The result will be less wages and fewer jobs. I know the Dems need to make a statement, but at the risk of laying waste to so many job creators? The last report I read had the corporate rate increasing by more than 6% and that is a substantial expense to a small business that is blessed to see 5%-8% on their bottom line.

Writing in USA Today (9/21), NFIB President Brad Close said that tax increases as envisioned in the US House of Representatives tax proposal would negatively affect small businesses. Close wrote, “If these tax hikes and mandates go through, the damage will be severe and long-lasting. The country may recover in time, but countless small businesses won’t live to see it. It wasn’t just wrong to roll out these tax hikes and mandates around Small Business Week. It’s wrong to consider them anytime. And it’s right to defeat them – immediately and permanently.”

 

Interesting MD.
What's your take on taxing the billionaires and eliminating loopholes that have them paying virtually nothing?

(Look kids. Real conversations)

 

Why would you say that these taxes are directed at small businesses? That is exactly the opposite of what the bill is proposing. What have you heard?

 

That the corporate tax rate. The business tax we all pay is rising from 21% to more than 26%. My average monthly bottom line is 5.5% once all the bills and salaries are paid. An added 5% hike in my expenses puts me working for free.

 

I cannot speak to the loopholes that may exist for billionaires. I do acknowledge that is a sore spot for many. My beef is the proposed increase on the corporate tax rate. That affects us all. Not just the super wealthy.

 

That's why the super wealthy need to start paying more. A lot more in my opinion.
I understand your beef MD.

 

The "loopholes" are there for a reason...for Democrats to manipulate the economy and society. I would be pleased if Democrats would plug them...but they won't. Even with everything they need to eliminate carried interest", they don't and won't. Democrats are nothing but hot air.

Democrats control the House, Senate, and the White House. They can pass their Green New Deal and blow through the debt limit all by themselves. Will they do it? ...nope.

 

The 26% is for corporate incomes beyond 5 million a year. Do you have corporate income beyond 5 million a year?

 

We can't tax the "rich"...we can only tax the Economy. Even if direct taxation was a good idea (which it isn't) The "rich" have their money invested. Taxing the "rich" only drains capital from the economy which hits the "poor" the hardest.

 

The purpose of the Constitution is to "protect the Minority from the Majority". There's no greater minority than the top 1%.

 

It depends on how "income" is defined. Yes, my company does more than 5mm annually in revenue. I consider income as earnings or the bottom line. And from what I have gleaned this figure targets revenue as their definition of income.

 

Why? Please explain yourself. You're speaking in Marxism.

 

I'm not a CPA but I am sure that income is capital after expenses.

 

I hope so. I haven't been able to find the determination yet.

 

Talk to your accountant. I don't think that you have anything to worry about.

 

Regardless of before/after expenses...you act as though draining capital from a productive enterprise will "somehow" improve productivity. If you can explain away that, you're truly a magician.

If you hope to reorganize the World's economy, you should at least read the syllabus of an "Intro to ECON 101" course before starting out.

 

Cost of doing business. Deal with it.

Someone please define small business for me. What exactly is a small business?

 

There was a real discussion going on here. Why must you ruin it?

 

It's called trolling.

 

Tax is an expense like any other. How do you suppose a business "deals" with an increase in expenses?