If you don't like high gas prices......

[Four Suns]

It's not specific to Obama. But he has made villains out of business owners.

My example assumes you have filed an LLC... if you filed as a C-Corp, you are doubly screwed. Forget the 80K in my example. You can send that in as well.

The reality is that sometimes small business owners have to borrow money to pay the taxes even if they draw no money out. Look at the CNC machine above... that's "profit" per the IRS... not an expense.

I personally think there should be no corporate income tax up to a very big number (like over $10M in "profit"). A business owner that makes "$500K/year" may only be "taking home" $100K/year.

 

[douglee25]

Gary - Eye opening for sure.

My father owns a couple businesses and I have never spent enough time to really understand the details on the accounting side of things. I guess in truth, the details are none of my business, but generally speaking I would like to learn a little more.

Doug

 

[floriduramax1]

It's not specific to Obama. But he has made villains out of business owners.

My example assumes you have filed an LLC... if you filed as a C-Corp, you are doubly screwed. Forget the 80K in my example. You can send that in as well.

The reality is that sometimes small business owners have to borrow money to pay the taxes even if they draw no money out. Look at the CNC machine above... that's "profit" per the IRS... not an expense.

I personally think there should be no corporate income tax up to a very big number (like over $10M in "profit"). A business owner that makes "$500K/year" may only be "taking home" $100K/year.

Don't forget inventory!! I have 25k in inventory that is taxed as profit. Alot of it is screws nuts bolts etc. and stuff you leave off the bill because customers don't like to see "shop supplies" or "msc supplies" !

 

[comsnark]

The numbers ARE that bad. That's the point. The libtards don't get it.

"...$30K to file some forms"... and there you demonstrate your knowledge...

He he heh . . . Sometimes you make it too easy.

But I will let it slide - you obviously are in a bad mood

 

[MonacoMike]

I personally think there should be no corporate income tax up to a very big number (like over $10M in "profit"). A business owner that makes "$500K/year" may only be "taking home" $100K/year.

I believe that corporations are by their very structure incapable of paying taxes, they are only a conduit for money and ownership interests. A corporate tax is collected from one of three places in the corporate chain, the dividends earned by stock owners are decreased by the tax, the wages of employees are decreased by the tax, or the price of the item or service is increased to pay the tax. Stock holders, few of these are “rich”, many stockholders are small investors, or the insurance and pensions of the ordinary people. The employees, who wants to take these poor folks earnings? (Think moo-moo girls) That leaves the consumer, this equates to a hidden tax on income the purchaser has already paid tax on, that is why this is so regressive and underhanded.

We have the finest markets in the world but our corporate taxes cause companies to move out to avoid this taxation. I say: no corporate tax, under the current system just tax the above to get the revenue. Oh, I see, now the people will know how much politicians tax them. I have seen it calculated that a middle class family pays over 50% in all taxes combined. If this was collected in one amount would result in revolt, but cleverly disguised and embroiled in class warfare, intended to divide us, seems normal. If we went to no corporate tax we would have so many jobs we would have to encourage immigration to fill them.

 

[comsnark]

I believe that corporations are by their very structure incapable of paying taxes, they are only a conduit for money and ownership interests. A corporate tax is collected from one of three places in the corporate chain, the dividends earned by stock owners are decreased by the tax, the wages of employees are decreased by the tax, or the price of the item or service is increased to pay the tax. Stock holders, few of these are “rich”, many stockholders are small investors, or the insurance and pensions of the ordinary people. The employees, who wants to take these poor folks earnings? (Think moo-moo girls) That leaves the consumer, this equates to a hidden tax on income the purchaser has already paid tax on, that is why this is so regressive and underhanded.
[/FONT]

I have seen this argument before. It is not without merit.
Afterall, a corperation is NOT a person: Inherently, any tax on a corperation will result in double taxation as dividends and profits are distibuted to the investors.

There are, however, a few holes in this argument. The biggest is the simple issue of the corperation as a single entity. The 14th amendment (I believe) has been used a number of times to protect corperations as legal entitites just like a single person. Corperations have been afforded many of the property protection and other civil rights individuals have recieved. Therefore: Should they not also be taxed?

Second. . .if you were starting from scratch, one might argue to eliminate taxes on corperations. But if you eliminate corperate taxes now. . . where do you make up the revenue shortfall from? The rich? yeah right. The poor? yeah right. Restructuring the tax code this way would have as dramatic an impact as eliminating the home mortgage interest deduction. Don't give me the argument "cut spending to compensate". We ALL know, I mean KNOW that nobody is going to cut enough spending to make elimination of corperate taxes possible.

 

[Woody]

I believe that corporations are by their very structure incapable of paying taxes, they are only a conduit for money and ownership interests. A corporate tax is collected from one of three places in the corporate chain, the dividends earned by stock owners are decreased by the tax, the wages of employees are decreased by the tax, or the price of the item or service is increased to pay the tax. Stock holders, few of these are “rich”, many stockholders are small investors, or the insurance and pensions of the ordinary people. The employees, who wants to take these poor folks earnings? (Think moo-moo girls) That leaves the consumer, this equates to a hidden tax on income the purchaser has already paid tax on, that is why this is so regressive and underhanded.

We have the finest markets in the world but our corporate taxes cause companies to move out to avoid this taxation. I say: no corporate tax, under the current system just tax the above to get the revenue. Oh, I see, now the people will know how much politicians tax them. I have seen it calculated that a middle class family pays over 50% in all taxes combined. If this was collected in one amount would result in revolt, but cleverly disguised and embroiled in class warfare, intended to divide us, seems normal. If we went to no corporate tax we would have so many jobs we would have to encourage immigration to fill them.

Every business is a conduit isn't it?