DoYouEverWonder
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Fri Oct-08-04 07:41 AM
Original message |
George Bush did cut my taxes |
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I am a small business owner and I have just had the worst September in 24 years. Even worse than 2001.
So guess what, George? You did lower my taxes, but you also lowered my profits.
Corporations pay taxes on their profits. The more money you make, the more taxes you pay. You don't have to pay any tax when you don't make a profit.
Some how I liked it better when I was paying taxes. At least I was still making money.
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RoyalWickedness
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Fri Oct-08-04 07:42 AM
Response to Original message |
1. I got a 100% tax cut... |
Warpy
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Fri Oct-08-04 07:52 AM
Response to Reply #1 |
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Just who do they expect to buy all this crap they make offshore?
No jobs = no pay. No pay = no purchases. No purchases = no demand. No demand = more jobs lost. More jobs lost = depression.
And that doesn't even count the unsecured debt bomb that's just about to explode...
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DarkPhenyx
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Fri Oct-08-04 07:57 AM
Response to Reply #1 |
12. They still make you pay taxes on your unemployment benefits. |
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which sucks so severely it dosen't even bear mentioning.
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RoyalWickedness
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Fri Oct-08-04 07:58 AM
Response to Reply #12 |
13. Well, since my unemployment ran out in December |
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I no longer have that to worry about, either.
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DarkPhenyx
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Fri Oct-08-04 08:02 AM
Response to Reply #13 |
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*grumble*
To quote Mike Malloy, "have I mentioned lately how much I hate these people?"
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Anarcho-Socialist
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Fri Oct-08-04 07:44 AM
Response to Original message |
2. Bush's* economic fuckup |
wolfgirl
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Fri Oct-08-04 07:45 AM
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3. People hae got to start sharing |
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their stories...the truth is what will free us from Bush!
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kokomo
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Fri Oct-08-04 07:45 AM
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4. For most Americans, out great tax rebate went for increased fuel costs |
DoYouEverWonder
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Fri Oct-08-04 07:48 AM
Response to Reply #4 |
5. Providing health insurance for my employees |
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costs one full time job for my operation.
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SquireJons
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Fri Oct-08-04 07:48 AM
Response to Original message |
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I used to be a small business owner. Now I am unemployed. The unemployed don't pay income tax, and I plan to give a big 'thanks' to the pugs this year. Unfortunately, I live in Virginia, so they won't notice.
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Ravenseye
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Fri Oct-08-04 07:48 AM
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7. What's your Tax Structure? |
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I"m a small business owner, but we're an S-Corp I think. I don't know the details because my partner takes care of all themoney because I"m hopeless with it, and he majored in Economics...
Anyway, I pay tons of taxes every year. We haven't made a 'profit' ever, but the way it works, all our money comes in, and then gets 'paid' to us. Our company has not yet paid taxes because honestly every penny gets doled out to us just to surivive. Ah....starting a new business.
So are you talking about the business not paying taxes, or you personally?
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DoYouEverWonder
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Fri Oct-08-04 08:01 AM
Response to Reply #7 |
16. Money earned from a S Corp |
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is treated has personal income.
There are advantages and disadvantages to being an S Corp.
If you are self-employed and don't have very many employees, it is usually recommended to go the S Corp route.
In an S Corp, all of your income is taxed, whether or not you make a profit. However, if you do make a profit, it is taxed at the personal income tax rates, rather than the higher corporate rates.
A C Corp, the income goes to the corporation, rather than an individual, therefore personal income tax does not apply. In a C Corp, taxes are paid on your tangible property and your profits. C Corp profits are taxed at a much higher rate than personal income tax for the same amount of money.
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Ravenseye
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Fri Oct-08-04 08:30 AM
Response to Reply #16 |
18. This is something I never got. |
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My partner, and our attourney recomended we go the s-corp route, and just have evertying, as you said, treated as personal income as we're a small company without many employees (3)
I'm not trying to avoid paying taxes at all, but when you make what we're making the taxes are a pretty hard hit.
I just don't understand what the disadvantage of a c-corp is, other than being taxed at a higher rate, because if we were a c-corp right now and we're not making a profit, we wouldnt be paying taxes at all. I just don't understand.
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DoYouEverWonder
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Fri Oct-08-04 09:29 AM
Response to Reply #18 |
19. You would still pay taxes |
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Because you would be an employee of the C Corp and take home a regular paycheck. When you earn income as a employee, even though you 'own' the business, you still have to pay federal income tax, SS and FICA on your paycheck.
In an S Corp, whatever money that is in the bank is yours to do whatever your wish with. In a C Corp, you have to justify your expenses if those expenses are to be excluded from your personal income tax.
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Ravenseye
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Fri Oct-08-04 10:55 AM
Response to Reply #19 |
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Yeah S-Corp is better for us right now.
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life_long_dem
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Fri Oct-08-04 07:50 AM
Response to Original message |
8. I couldn't agree more. |
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If your not making money your not paying taxes.
New Kerry ad: "I dont want a tax cut, I want a JOB". LOL....
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Paradise
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Fri Oct-08-04 07:53 AM
Response to Original message |
10. What he did was a 'TAX SHIFT'! |
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Take a look at your real estate taxes, school taxes, sales taxes, and the list goes on affecting the cost of everything.
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GOPBasher
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Fri Oct-08-04 07:55 AM
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11. I'm sorry to hear that. |
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Hang in there. The economy will be better next year, when John F. Kerry is President.
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MsMagnificent
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Fri Oct-08-04 07:59 AM
Response to Original message |
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to load tax on the backbone of America -- the small business!
Meanwhile giant corporations pay no tax, they'd rather buy a loss leader like a German sewage plant and send their money offshore instead of paying a just tax like every other American has to pay.
They'd rather invest in German Shit than pay taxes to help America.
But they pay lobbyists to influence the House and Senate votes. Any other place in the world would call it bribery.
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Enraged_Ape
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Fri Oct-08-04 08:00 AM
Response to Original message |
15. Georgie cut my taxes too, for real |
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But unfortunately our property tax, sales tax, heating bills, health insurance, car insurance, gas prices, and food prices all skyrocketed. By comparison, those "adjustments" make that little $300 tax cut I got sorta look weak and small, like Bush himiself.
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Fri May 10th 2024, 10:29 PM
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