Re: Convention junkies can obsess details here!
Does it really matter who people are "thinking about"? Isn't it far more important, who actually will be affected?
Most small business owners report their business income on their personal tax returns; while larger corporations file a separate tax return.
This isn't about what I believe. If you have $15 million invested in a business, why keep it there? Why not just sell it and invest the $15 million somewhere else? if you can earn a measly 2% on your money, you'd need the business to generate $300,000 in profits to make it "worth it" to keep it going, no? Otherwise, why even bother?
More importantly, it's not the increase in the tax rate, it's singling out this one group of people for vilification that is the real problem. What's the point of expanding a business if a second-term Obama is just going to confiscate all the profits? You wonder why job growth is slow? all these new regulations make it more and more and more expensive to hire people! You make something cost more, you get less of it, right?
It's not unusual for ordinary people not to understand the difference between who nominally pays the tax, and who actually bears the burden of a tax. Many small businesses pay their employees bonuses based on a percentage of after-tax profits (yes, most small business owners are happy to distribute the fruits of their success to the people who made that success possible!). If you increase the tax on business profits (reported on personal tax returns even though it is business income), then you necessarily reduce after-tax profits, which means you reduce everyone's bonus. So even though the so-called "rich" are paying the tax, all of their employees are actually burdened by the tax in the form of a lower bonus than they otherwise would receive.
No, that's just silly. Yet with all this talk of "fairness", don't you think it is a bit unfair to single them out and say they are doing something wrong by being successful? why isn't he railing about the salaries paid to pro athletes and entertainers, they are a lot, lot richer than these business owners!
why stop at raising taxes on people who report their business income on their personal tax returns if it is over $250,000? why not also introduce a new supplemental income tax rate on income above $5 million? It wouldn't be because those people are disproportionately democrats by any chance, would it?
Does it really matter who people are "thinking about"? Isn't it far more important, who actually will be affected?
Most small business owners report their business income on their personal tax returns; while larger corporations file a separate tax return.
This isn't about what I believe. If you have $15 million invested in a business, why keep it there? Why not just sell it and invest the $15 million somewhere else? if you can earn a measly 2% on your money, you'd need the business to generate $300,000 in profits to make it "worth it" to keep it going, no? Otherwise, why even bother?
More importantly, it's not the increase in the tax rate, it's singling out this one group of people for vilification that is the real problem. What's the point of expanding a business if a second-term Obama is just going to confiscate all the profits? You wonder why job growth is slow? all these new regulations make it more and more and more expensive to hire people! You make something cost more, you get less of it, right?
It's not unusual for ordinary people not to understand the difference between who nominally pays the tax, and who actually bears the burden of a tax. Many small businesses pay their employees bonuses based on a percentage of after-tax profits (yes, most small business owners are happy to distribute the fruits of their success to the people who made that success possible!). If you increase the tax on business profits (reported on personal tax returns even though it is business income), then you necessarily reduce after-tax profits, which means you reduce everyone's bonus. So even though the so-called "rich" are paying the tax, all of their employees are actually burdened by the tax in the form of a lower bonus than they otherwise would receive.
No, that's just silly. Yet with all this talk of "fairness", don't you think it is a bit unfair to single them out and say they are doing something wrong by being successful? why isn't he railing about the salaries paid to pro athletes and entertainers, they are a lot, lot richer than these business owners!
why stop at raising taxes on people who report their business income on their personal tax returns if it is over $250,000? why not also introduce a new supplemental income tax rate on income above $5 million? It wouldn't be because those people are disproportionately democrats by any chance, would it?
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