Obamas plan

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Sonya

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The Republicans are totally upset that McCain abandoned Michigan.
Living in Michigan (Registered Republican) , I am not upset...he should not waste his time here...totally democratic state. His time would be much more usefull in other states.
 

C G Minis

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We are one of those small business that makes over 250,000 a year.My husband has a automotive shop with 2 employees. Do you want to know how much of that 250,000 we see? May be 40,000 a year. That is what we take so we are FAR from rich OK. I work also to make ends meet. I am afraid now we will have to let our employees go if Obama wins. To try to pay even more taxes and then having to pay for health care or be fined is too much for our business to bear. May be even have to close. I guess our little business is going to be just one of many that will go down the tubes. Thanks Obama.....
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littlesteppers

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Yes, I did. He brings more news back on Monday
Did you watch Kenya TV channel on youtube?
From what I heard..No documentation..he will bring back emails between Odinga and Obama?? I understand they where as recently as september 2008?? did you hear this too??
 

AppyLover2

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I found it ironic that this was done by the son of a politician.

THE son of a prominent Democratic state politician has been charged over the hacking of Sarah Palin's private emails and could be jailed for five years if convicted.

David Kernell, the son of Tennessee Democrat Mike Kernell - chairman of the state's Government Operations Committee - has pleaded not guilty to the charges. His father has said he had nothing to do with the hacking

http://www.news.com.au/story/0,23599,24469...5012572,00.html
 

Bassett

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Thanks Anita, I just can't understand how people can not see through him. Just doesn't make sense to me. They can see it on something like this with him there actually at the rally and still not believe it.
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Probably think he has a twin doing the evils that are reported. Oh no couldn't be Obama.
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littlesteppers

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Did anybody look at the video in my signature?? It shows what Obama acomplished when he was a community orginizer
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SweetOpal

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We are one of those small business that makes over 250,000 a year.My husband has a automotive shop with 2 employees. Do you want to know how much of that 250,000 we see? May be 40,000 a year. That is what we take so we are FAR from rich OK. I work also to make ends meet. I am afraid now we will have to let our employees go if Obama wins. To try to pay even more taxes and then having to pay for health care or be fined is too much for our business to bear. May be even have to close. I guess our little business is going to be just one of many that will go down the tubes. Thanks Obama.....
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I completely agree, I was not aware of this until the debate as I am not an Obama supporter, but we would be in the same boat, the 4 people that work for our small business will be jobless if this is the case.
 

littlesteppers

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Thanks Anita, I just can't understand how people can not see through him. Just doesn't make sense to me. They can see it on something like this with him there actually at the rally and still not believe it.
default_wacko.png

Probably think he has a twin doing the evils that are reported. Oh no couldn't be Obama.
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It seems to me the perfect storm is brewing..his friends are sure popping up all over the place..

I think these people are all obamanated
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littlesteppers

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We are one of those small business that makes over 250,000 a year.My husband has a automotive shop with 2 employees. Do you want to know how much of that 250,000 we see? May be 40,000 a year. That is what we take so we are FAR from rich OK. I work also to make ends meet. I am afraid now we will have to let our employees go if Obama wins. To try to pay even more taxes and then having to pay for health care or be fined is too much for our business to bear. May be even have to close. I guess our little business is going to be just one of many that will go down the tubes. Thanks Obama.....
default_no.gif

I completely agree, I was not aware of this until the debate as I am not an Obama supporter, but we would be in the same boat, the 4 people that work for our small business will be jobless if this is the case.
YUP..we are too..
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Pepipony

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So exactly how much $$$ will those of you that have $250k+ small businesses, be out if Obama gets in?

Edited to add.... from Obamas pages as on first post

Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.

I looked this up. So now I ask again, exactly how will those of you that have $250k+ small businesses, be out if Obama gets in? This was under the family making more than $250k. I cannot find the small business plan. But one would assume that if you make more than $250k for the business, but bring in less than that per family, this above would be your plan?
 
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littlesteppers

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The tax on the business is on the GROSS income not the NET income.

If you work on a 20% profit margin and your gross is $250K, your net is $50K.

Obama wants you to make less than $50K. He will tax you until you DO make less than $50K.

The result is: You won't only be paying the business tax on the initial $250K gross, but you will ALSO be paying your personal income tax on the $50K you were able to keep for yourself. (You can still get more money when you pass the cost of the tax increase on to the consumer of your product. The end user always pays all the taxes on a business anyway.)

Considering the work involved in operating a business, why bother running your own business,

ESPECIALLY considering you will have to pay 100% of your own Social Security tax which is DOUBLE what an employee of a corporation pays, since the corporation pays the other 50%.

Any why would you hire ANYONE? You then get stuck with paying for their health insurance, half of their S.S., etc.

Just quit and get a Government job. Let everyone else pay your salary and you can't get fired for screwing around.
 

BlueMoonEmbroidery

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Your business makes 40,000 not 250,000. Taxable income is income minus expenses. As a small business you will also NOT be fined for not providing insurance.

http://mediamatters.org/items/200810080009

Chicago Tribune uncritically reported false McCain claim that Obama "will fine" small business owners who don't insure employees

Summary: The Chicago Tribune uncritically reported Sen. John McCain's false assertion during the second presidential debate that Sen. Barack Obama "will fine" small business owners who don't insure employees. In fact, Obama's health care plan states that small businesses are "exempt" from its requirement that "[l]arge employers" either "offer meaningful coverage or make a meaningful contribution to the cost of quality health coverage for their employees" or "contribute a percentage of payroll toward the costs of the national plan."

In an October 7 Chicago Tribune article about the second presidential debate, correspondents John McCormick and Jill Zuckman uncritically reported Sen. John McCain's false claim that "If you're a small-business person and you don't insure your employees, Sen. [barack] Obama will fine you." In fact, Obama's health care plan explicitly states that small businesses are "exempt" from its requirement that "[l]arge employers" either "offer meaningful coverage or make a meaningful contribution to the cost of quality health coverage for their employees" or "contribute a percentage of payroll toward the costs of the national plan." Indeed, in response to McCain's assertion, Obama said, "Small businesses are not going to have a mandate. What we're going to give you is a 50 percent tax credit to help provide health care for those that you need" -- a comment McCormick and Zuckman did not report.

In contrast with the Tribune, in an October 7 post on its blog The Caucus, The New York Times reported:

"If you're a small businessperson and you don't insure your employees, Senator Obama will fine you," Mr. McCain said. "He'll fine you. That's remarkable. If you're a parent and you're struggling to get health insurance for your children, Senator Obama will fine you."

Mr. Obama would, in fact, require medium and large employers to either provide coverage to their workers or pay a tax into a fund that would help subsidize coverage for low-income people. But his plan specifically exempts small businesses from the requirement. In fact, Mr. Obama proposes to offer a substantial tax credit to small businesses to encourage them to provide insurance.

Indeed, Obama's health care plan reads:

(3) TAX CREDITS FOR FAMILIES AND SMALL BUSINESSES. Barack Obama and Joe Biden understand that too many families that do not qualify for public health programs like Medicaid and SCHIP have trouble finding affordable health insurance. They know from talking to small business owners across the nation that the skyrocketing cost of healthcare poses a serious competitive threat to America's small businesses. The Obama-Biden health care plan will provide tax credits to all individuals who need it for their premiums. They will also create a new Small Business Health Tax Credit to provide small businesses with a refundable tax credit of up to 50 percent on premiums paid by small businesses on behalf of their employees. To be eligible for the credit, small businesses will have to offer a quality health plan to all of their employees and cover a meaningful share of the cost of employee health premiums.

(4) EMPLOYER CONTRIBUTION. Large employers that do not offer meaningful coverage or make a meaningful contribution to the cost of quality health coverage for their employees will be required to contribute a percentage of payroll toward the costs of the national plan. Small businesses will be exempt from this requirement.

From the Tribune article:

McCain also charged that Obama's first instinct is more government.

"As you notice, he starts talking about government. He starts saying, government will do this and government will do that, and then government will, and he'll impose mandates," McCain said. "If you're a small-business person and you don't insure your employees, Sen. Obama will fine you. ... If you're a parent and you're struggling to get health insurance for your children, Sen. Obama will fine you."

And Obama painted McCain as just a captive of Washington as he criticized his energy proposals.
 

littlesteppers

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I gotto add our small business is trucking..soo we being screwed double..since we are hit with higher taxes..PLUS higher fuel cost..NOBAMA!!
 

garyo

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Wow, I guess i need to take business lessons from some of you.

I also own a successful small business with, until recently, six employees and after 22 years I have NEVER netted $250,000 per year. There is a HUGH difference between GROSS and NET income, I really don't believe some of you realize that or don't understand Obabma's tax plan, or care to.

One cannot actually discuss the tax ramifications of any small business, or otherwise, without knowing whether the business is a sole proprietorship, LLC, S-corp. or C-corp. which are all taxed differently.

Wouldn't a flat tax system be so much easier? But thats a discussion for another day.

Gary
 

littlesteppers

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The Obama campaign maintains that the number of small-business owners is what’s important. Economists know what matters is the tax rate that’s applied to the bulk of small-business income. Make no mistake about it: Obama’s plan to raise taxes on households making more than $250,000 will raise taxes on most small-business profits in America.

What type of tax rate are we talking about? Currently, S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent (since they’re responsible for paying both income tax and the Medicare component of the payroll tax).

Under Obama’s plan to let the scheduled 2011 tax rate hikes occur, and his plan to raise the self-employment tax on those making more than $250,000, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to a staggering 50.3 percent. Many Democrats in Congress have proposed making all small businesses (including S corporations) pay this 50-plus percent rate

If you care to read the whole thing..

http://www.politico.com/news/stories/0708/11670.html
 

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