 | Blogs > 60minman > My Blog > Reality Check for today............tax & spend the real vodoo economics |
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.......Both Candidates are touting their Tax cuts. Senator Obama says 95% of Americans will see a tax cut under his plan. That is patently false because 95% of Americans are not all taxpayers. So if you do not owe federal taxes how can you recieve a tax cut? Senator McCain favors some tax cuts but wants taxes like they are and reduce taxes on business that provide jobs.......What both Candidates will not tell us is that we don't need tax cuts as much as we need SPENDING cuts. America is not in financial trouble because of taxes we are in trouble because of spending. Why doesn't the electorate demand this from our candidates? We cut spending in our own lives why don't we impose that on our elected officials. Does the Federal Government really need an Education Dept.? Federal authority over the States is so big now I wonder why we have Governors? Senator McCain does favor a moratorium on earmarks which I believe is a step in the right direction. Wont solve the problem but will help. When directly asked about this in the last debate both Candidates said they will look into it. Hell its been looked at ever since I can remember. How about "doing" something about it. what a great thing it was to be a U S Marine... I'll be one till I die." ....Ted Williams |
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10/13/2008 7:25 am |
For a politician, looking into it is the same as doing something about it. 
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 10/13/2008 8:29 am |
 Not only is OBAMA--NOT going to give you a tax cut but America has changed from an INDUSTRIAL America to a SERVICE America--in that--large corporations have left America and opted to have their products built in other countries. . . Therefore we've lost--retirement and insurance packages and now have lower pay jobs--we're trying to raise our families with. Barack Obama proposes taxing small business--He claims it won't hurt most of us because we have to make at least $250,000.00 Let me explain--I clean toilets for a living--If I've ten window washers and they each make ONLY $25,000./per year I'm already at $250,000.00 Anyone--worth his salt--in small business is at $250,000.00 If he's not--he needs to get a job. . . he's waisting time and resources. The sole proprietor and partner rate will rise from 37.9 percent all the way up to a staggering 50.3 percent. Tack onto that my expenses--Office rent--phone bill--utilities--yellow pages--insurance-liability--bond--workers comp--gas for my vehicles--chemicals--equipment--vehicles--etc.etc.etc. GUESS WHAT FOLKS?? I'm going to stay in business! I'll be here when Barack Hussein Obama IS GONE! Thousands of Small Business Owners will either be gone! Or will never go into business! THOUSANDS OF JOBS GONE WITH THEM!! A bad economy getting worse! There's a lot of room for the Government to cut spending and LOOK at THEMSELVES!! Government needs to get out of the Free Enterprise System and let America and Business work the way it is suppose to work!! Without Government interference!! IT ISN'T ROCKET SCIENCE! It works like this! A FAIR DAYS WORK FOR A FAIR DAYS PAY!! You don't get jobs from poor people! Sorry but that's just the way it is!! I believe in taking care of America's poor! You can't break the back of Business! You let it work and it will work for you! Your right 60min government needs to look into what we are spending--also into what is owed to us. Also when a country is made of nothing but money--it grows money right out of it's dirt--I see no reason for us to pay for the expense of it's freedom from our treasure chest! That is where this country has gone and is going into trillions of dollars of debt. LOOK THERE first! Is it for the protection of our country or it is for the freedom of theirs?? They don't carry their full share of the expense but they expect us to pay outrageous amounts of money for their oil. We do so much for them and then they rub it in our face! MAYBE IT IS TIME FOR A WOMAN TO STEP UP TO THE PLATE! TOO Bad it couldn't have been Hillary! So far men haven't had enough _ _ _ _ _ to tell men in the third world countries that there's an elephant in the living room and we're tired of picking up the bill on this MILITARY DEAL!! [image] ~The World According To SpunkyLady~ ------------------------------------------------------------------ "Of all the supervised conditions for life offered man, those under USA's constitution have proved the best. Wherefore, be sure when you start modifying, corrupting or abrogating it." ~Martin H. Fischer~
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10/13/2008 10:19 am |
Spunky; Wake up. You doin't get taxed on the volume of business that you do....Only on the profit that it makes. So if I had 10 window washers making 25,000.00 I would have to bill probably over 400,000.00 just to make a 20% profit. And 20% of 400,000.00 ain't 250,000.00. Try 80,000.00. Believe me I know a bunch of small business men who would gladly take a tax increase to be making 250,000.00. A tax cut on them will put more money back into the economy than it will on the rich upper 10%. Trickle down economics has been around for 8 years now and where are you financially???? I know that I am sure a hell of a lot worse off now than I was after 8 years of Bill Clinton. So go ahead and be scared off by all of the negative BS out there and vote for ol' Flip-Flop and be worse off after the next 4 years!!!!!!!!
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10/13/2008 10:23 am |
I think I got lost in your math. If you have ten window washers making $25K a year that does not translate to running a $250K business. Not net anyway. Not if you are paying overhead, taxes, SS, and all the other items that generated the income to do this, plus giving yourself a salary or profit. Beside that, I think the $250K figure referred to individuals not businesses, big or small.
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10/13/2008 10:50 am |
Now that is one spunky Lady.... Phoenix
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10/13/2008 1:57 pm |
flirty I got news for you Businees is taxed as individuals if you are a sole proprietorship. Our Corporate rate is the 2nd highest in the world. This is why we have lost jobs overseas. As a business owner you put your capital at risk, your 14-16 hour days on the line and for what? to be taxed at a higher rate? Robin Hood may have been your hero but he's not mine. Don't think he's Spunky Lady's either what a great thing it was to be a U S Marine... I'll be one till I die." ....Ted Williams
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10/13/2008 2:06 pm |
Fooled, Happy birthday my friend. I would have to say that a small business owner is fairly successful if he makes $250,000 but so what? He currently pays $90,000 in taxes. You dont think thats enough? If you were taxed that much would you want to work all those hours putting your money at risk? Workers do not create jobs business does. We have had trickle down ever since the first guy ever to draw a paycheck, not just the last 8 years......Trickle up is socialism. Trickle down is capitalism, which do you prefer? what a great thing it was to be a U S Marine... I'll be one till I die." ....Ted Williams
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10/13/2008 2:31 pm |
Fooled-- Obama is saying if we make $250,000.00!! He's not saying profit! We get taxed everything!! EVERY Supply we buy! EVERY EMPLOYEE WE HAVE! We need to foster the growth of small business and encourage the Spirit of American Ingenuity and Innovation! Keep the small business people excited to go to work everyday! Not shoot them in the leg!! Economists know--what matters is--the tax rate--that's applied to the bulk of small-business income. The money that comes through our door is income! I'm listening to him! I was born on June 19th but it wasn't this last June! He's "DROVE THE POINT HOME" BY PROPOSING to change the way we withhold taxes--small business owners will pay both the employee and the employer side of the payroll tax?? PROFIT?? THAT'S NOT A TAX ON PROFIT!! Fooled--go ask your bunch of business friends how they're going to like that?? That's making me pay welfare through the back door!! EVERONE knows where I stand on taking care of each other in AMERICA!! I'll do my share and take care of the less fortunate!! By Gosh--I'll give money right from my heart and right out of my purse--But what an insult to have it stolen from me!! A FAIR DAYS PAY FOR A FAIR DAYS WORK! I PAY MY PART AND YOU PAY YOURS!! As far as the last eight years-- I don't want to hear about that. . . We've had plenty of Democrats in the Congress and the Senate so there's plenty of blame to go around! The Democrats had a chance to run HILLARY--they chose not to! As far as--being scared off-- I'll be right here in business regardless! I made it through Carter I'LL make it through this mess! I don't care which candidate gets in--it's not going to be easy! When it comes to FINANCES--Well--I've always had ability-tenacity--and I still live in the LAND OF THE BRAVE--and as long as I'm not lazy--or ill--money isn't going to be an issue for me. Thank you for being concerned. [image] ~I AM SPUNKYLADY AND I APPROVE THIS RESPONSE!~ ------------------------------------------------------------------- "Of all the supervised conditions for life offered man, those under USA's constitution have proved the best. Wherefore, be sure when you start modifying, corrupting or abrogating it." ~Martin H. Fischer~
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10/13/2008 2:34 pm |
But the fact is that 80% of the business have a taxable income under 250,000.00. So under Obama they would not have a tax cut. So under your theory of cutting taxes to create jobs Obama's plan would work very good. Plus business's are taxed as corporations if they are incorporated. So if you are a sole proprietorship you would benefit from the tax cuts. As it is with mcacin's tax cuts for big corproations and damn the little guy you then hurt a large part of america while making the rich richer and letting those who can afford it pay less. Tell me how a man who gets $1,700.00 for everyday that he worked for a corporation as a bonus shoutdn't have to pay a higher rate than me who lives on a fixed income?
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10/14/2008 9:28 am |
Those "trickle-down economics" (TDE) or a rising tide may float all boats in the private sector, but gawd help us when big government makes their case for TDE because we all sink in a sea of over-spending, waste and debt.
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10/14/2008 4:53 pm |
By the way if we cut federal spending by 50% how many jobs is that going to kill in job market????? None of you give any credit to the fact that every federal dollar that is spent winds up in some company's coffer. And ultimately in the workers pocket. Just stop and think about how many jobs at a state level that will be cut when 50% of the federal funding for highways is cut. Oh and then don't bitch when all of our roads are end to end pot holes!!!!!!!! And even though I am no fan of welfare when all social programs are cut 50% think of how many local jobs will be lost in just the grocery stores because they get no food stamp money. Tax and spend isn't the evil that you make it out to be. But I can sure say that spend and don't tax like we have suffered through the last 8 years is no good thing. And I know all of you flip/flop voters voted twice for the present situation and want more of the same. Even though he bills himself as a maverick. And the Democrats have been in grid lock by the nopublicans for most of the last 8 years. Ever heard of gridlock? I guess that didn't exist!!!!!! And by the way spunky whether it is income as you put it or profit as 60min says for the sole propriteor it is all the same basis for paying taxes. I have been paying taxes both on income as you put and on profits from business that I have had for 40 years now. And guess what my income or profit(as the IRS put it) was taxed. And the profit was income from the business minus all expenses and deductions. So go get yourself straight and don't try and twist things. By the way I have not seen what you purport to be Obama saying that all business's should pay both sides of income tax. That sounds like some more of the nopublican scare BS to me. If you can show me that exact quote. Oh and by the way give me the whole text of where it came from. Everything I have seen that was a quote from Obama taken out of context severely twisted the meaning that the whole text actually said.
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10/14/2008 7:18 pm |
FooledOnce-- barackobama dot com/issues/economy/ Scroll down to Support Small Business The first paragraph --Provide Tax Relief for Small Businesses and Start Up Companies: About mid-way down-- Barack Obama and Joe Biden will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama and Biden will also support small business owners by providing a $500 "Making Work Pay" tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation. PAID FOR BY OBAMA FOR AMERICA Sure I'll do the research for you--Right off of Obama'a own site! It's nice of him to eliminate the capital gains tax on a start up or small business--there usually isn't any to begin with!! How can you have a capital gains when you've just invested you life savings--to get this thing going?? If your smart at all your not going to have the same inventory on site for a year! Reducing the burdens of double taxation?? Excuse me--didn't he just add the tax to me (the small business owner!) With a sole proprietorship--partnership--S corporation--and the limited liability company (LLC) you are taxed on profits as tho you are an individual. Therefore--HE'S Adding taxes to SMALL BUSINESS! IF you are a C-corporation--your taxed on the corporate profits--again as you take the income home. I used to pay the double tax because it protected me against being sued. Now the LLC offers the protection. I don't twist things--I tell it the way I see it! This isn't personal to me--It just is! And I'm passionate because I have children to raise!! They deserve the same advantages I have! They deserve an America that belongs to us! Opportunities to take the bull by the horns and become rich if they chose--OR NOT if they DON"T!! NOT ONLY that FooledOnce--John McCain is "DAMAGED GOODS" just like ME!!  I get a lot more done than most people who aren't damaged! So I figure EveryONE needs to get out of his way and LET HIM GET TO WORK!! *And that's ALL I have to say! [image] THIS COMMENT HAS BEEN PAID FOR AND APPROVED BY ~SpunkyLady051~ -------------------------------------------------------------------- "Of all the supervised conditions for life offered man, those under USA's constitution have proved the best. Wherefore, be sure when you start modifying, corrupting or abrogating it." ~Martin H. Fischer~ *Disclaimer-NOT 
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