Just a point!

iVillage Member
Registered: 08-27-2005
Just a point!
27
Mon, 10-20-2008 - 11:04am

I am a lurker. I love this board because, I love to read the research the posters post in here.


iVillage Member
Registered: 08-27-2005
In reply to: joelgon
Mon, 10-20-2008 - 12:46pm

Yes, I agree.


iVillage Member
Registered: 03-26-2003
In reply to: joelgon
Mon, 10-20-2008 - 1:25pm

I am European too and I disagree with you. There are certainly problems with some of the European systems too, but my father and both my grandfathers ran small to medium businesses all their lives. They all did very well with it.

Also, please note that the tax increase is on personal income over 250K, not on the gross dollar volume of a business.

Avatar for songwright
iVillage Member
Registered: 06-28-1997
In reply to: joelgon
Mon, 10-20-2008 - 1:25pm

You know, there may be something to that idea of 'spreading the wealth' around.

~ SW

iVillage Member
Registered: 07-25-2006
In reply to: joelgon
Mon, 10-20-2008 - 1:34pm

<>Also, please note that the tax increase is on personal income over 250K, not on the gross dollar volume of a business.<>


WHy didn't he say that to the plumber when he was asked if his taxes would go up when he bought a business that made over 250K. I heard him say yes...spread the wealth... blah blah...nothing about whether it would be the business,


iVillage Member
Registered: 08-27-2005
In reply to: joelgon
Mon, 10-20-2008 - 1:37pm

How long ago?

iVillage Member
Registered: 03-26-2003
In reply to: joelgon
Mon, 10-20-2008 - 1:39pm
I don't know why he did not make that clear, I really don't. Because of the whole Joe plumber debacle, I looked it up. Obama may have assumed that by "make" Joe meant "makes for the owner". Only Joe meant that the business grosses that (which in any event would not be the basis for the taxes, the net would be taxed, not the gross).
iVillage Member
Registered: 07-25-2006
In reply to: joelgon
Mon, 10-20-2008 - 1:41pm
Since you have already looked it up ;-) would the net tax on the business itself, go up?


iVillage Member
Registered: 03-26-2003
In reply to: joelgon
Mon, 10-20-2008 - 1:48pm

Did they run the business? Well one grandpa died in 1962. My other grandpa sold the family business in the 70s and did quite well in the sale, although times were hard thanks to the oil crisis (he was in building supplies mostly). My dad retired a few years ago, but still has some income from a patent from that business, and my younger brother runs a very successful business as a graphic designer. Dh and I run a small business too and have done so for a long time, both in the US and in Europe.

Business law is generally more advantageous in the US, although most of the northern European countries have done very good work in revamping their business laws in the last ten years. Some of those economies are currently doing extremely well.

iVillage Member
Registered: 09-08-2008
In reply to: joelgon
Mon, 10-20-2008 - 1:51pm

I just looked up the income tax paid by HAL

iVillage Member
Registered: 03-26-2003
In reply to: joelgon
Mon, 10-20-2008 - 1:56pm

That is not clear to me. As far as I can see there is no mention of a 250K dividing line when it comes to business tax. How corporate taxes will change is not clear to me either. IME, small businesses do not usually pay much in taxes, except for payroll taxes. This is because any profit is usually either plowed back into the business or paid out as salary to the owner, in which case it is an expense to the business (therefore not taxed) and any taxes paid on that money are income taxes paid by the owner.

So, from a small business POV, how payroll taxes might change is probably the most pertinent taxation question. Small businesses that pay health insurance for their employees, as OP's dh does, will definitely see payroll taxes go up under McCain's plan, however.