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Wednesday, October 15, 2008 

Small Business Owners better think

The American Small Business Owner needs to wake up and fast. If they think a vote for Obama is only going to help them out because they are the little guy. Well best think again. Obama Sunday let the cat out of the bag.

"My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody. I think when you spread the wealth around, it's good for everybody." said Obama. This after letting Joe Wurzelbacher know that he will be taxed more.

Wurzelbacher is planing to become the owner of a small plumbing business that will take in more than the $250,000 amount at which Obama plans to begin raising tax rates. When asked how this will effect him Obama said, "It's not that I want to punish your success," Obama told him. "I want to make sure that everybody who is behind you, that they've got a chance for success, too."

A trickle up economic plan that is nothing but a line of smelly B.S. This is socialism at its basic concept. Punish those who try to achieve by taking away their achievements (profits) and giving the hard earned money to those who are not achieving. This spells doom and gloom for the small business.

Think about it. If you are not allowed to grow because of higher taxes are you going to hire more people? Are you going to try and expand? More insurance is and benefits are going to be paid for out of the small business owners pocket already reducing the profit margin, now higher taxes. Very few small businesses can handle this increase of out going funds. Especially when a small business that is only grossing $250,000.00 a year to begin with.

As previously posted small businesses make a lot more then the figure Obama thinks they do. We are talking gross here,. This is what is taxed not net. So now your net goes down much further because the gross is being taxed and strained by more government regulations.

The small business owner needs to wake up ands see what is planned for them. Even the little corner hair salon that supports Obama is going to be hit hard by this. Already small businesses are feeling the crunch from a higher minimum wage increase. Thus a hiring freeze is already being felt in the markets.

Now for those who think well will just contract and 1099 my workers and let them worry about this. WRONG, you are still going to be taxed on the funds you pay contract labor. No benefit there.

This trickle up theory is bogus and as much a myth as Atzlan and Global Warming. It just isn't happening.

If you vote with your heart and a false feeling of guilt, or based purely on race. Which is what so many are doing. You are not doing yourself any favors and more then likely are going to put yourself out of business.

Its time to wake up and think. A vote for Obama is not a smart vote, but one based on ignorance of the truth and the facts.

"We are talking gross here,. This is what is taxed not net."

And that is where you are absolutely wrong. Obama's talking taxable income, not gross receipts. Federal income tax has never, ever, ever been calculated on the gross. B&O tax is sometimes, but not federal taxes.

Take a look at your pay check next time and see if what you are taxed on. A small business as any business has write offs, however each of these write offs have been taxed somewhere along the line.

Obama said $250,000.00. He never said net. As a matter of fact when he spoke to the gentleman who wants to purchase a business he eluded to gross, and SAID A REDISTRIBUTION OF MONEY.

If you honestly think his tax plan is a good thing, I invite you to come back in one year should we be unfortunate to have him as President. Thgen tell me we are better off fincially. The numbers are in and his plan will cost the American public 600,000,000,000.00 a year in addition to what is being spent now. This in no way is a better plan. Don't be suckered in by his platitudes of stick it to the rich. In the end you will only be sticking it to yourself

I don't have a paycheck. I have a business, and I have income and expenses. I am taxed on the income less expenses. If I had employees, I would get to deduct their pay and what I spent on their benefits from what I report to the IRS as my taxable business income. If you say otherwise, you're misleading people seriously. Check out the tax calculator on the Obama website: there is nowhere to put in the gross receipts. It asks for your taxable income only. That's net.

When I did have a paycheck, I reported my gross income, sure, but then I took the allowable deductions and ended up with a much smaller figure.

Taxing the gross on businesses with employees would mean double-dipping, as the employees' income is taxed separately.

Whether Obama's tax plan is good or not, it does cost less than McCain's, which is your only other choice.

There is no argueing with a brick wall. You are an Obama supporter and so no matter the end effect you obviously will support a tax plan nthat is socialist and bad for American small business.

I to have a small business and am doing just fine with it and look to more success. Yet I understand that Obama wanrts to take my profits form me and redistribute it to others. You seem tobe fine with that. I am glad you have that extra money and feel free to do so. But why should I be forced to spend my money how you see fit and not how I see fit.

By the SBA figures if you are making under $500,000.00 your business is less then a year old or has no employees. After your "expenses" you must be paying yourself a salery then to not end up in the "rich" catagory that Obama seems to think small businesses do not fall in. I suggest you look on at the big picture on small business and see just exactly where their average taxable income rests. Then see that the figure of 98% as quoted tonight by Obama is a lie. More like 90% of small business make more then $250,000.00 per year and will be taxed at a higher rate.

· U.S. Department Of Treasury: Small Business Owners “Are Frequently Subject To The Highest Individual Income Tax Rates.” “Changes in the individual income tax affect most businesses in the United States. That is because taxes on business earnings are often paid through the individual income tax when ‘passed-through’ to business owners. The business income from sole proprietorships, farm proprietorships, partnerships, S corporations, etc., is all taxed at the owners’ individual income tax rates. This year 34 million business owners are expected to receive this type of income and pay tax on this income through the individual income tax. These businesses are typically small and often entrepreneurial in nature, and a source of innovation and risk-taking in the economy. Moreover, these business owners are frequently subject to the highest individual income tax rates.” (”Topics Related To The President’s Tax Relief,” U.S. Department Of Treasu ry, http://www.ustreas.gov/press/releases/reports/president_taxrelief_topics_0508.pdf, May 2008)

· Barack Obama Would Raise Social Security Taxes. “Obama’s proposal … would impose social security taxes on income above $250,000 per year. He would continue to exempt income between $102,000 and $250,000 from social security taxes.” (Teddy Davis, Sunlen Miller, and Gregory Wallace, “Obama Kisses Billions Goodbye,” ABC News’ “Political Radar” Blog, blogs.abcnews.com, 6/18/08)

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  • I'm Devious Mind
  • From Denver, Colorado, United States
  • Good judgemnt comes from experiance. Experiance comes from bad judgement. Karma, its a bitch.
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