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The President & the Executive Branch Discuss Here's How Biden's Proposed Tax Increases Will Affect You at the Political Forums; Originally Posted by saltwn none of which will affect anyone on this board. Not true, at least 2 commentators on ...

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Old 04-04-2021, 08:14 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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Originally Posted by saltwn View Post
none of which will affect anyone on this board.
Not true, at least 2 commentators on the board own small businesses which could be chapter S pass through entities. Taxing capital gains as ordinary income raises taxes on anyone with a share of stock or mutual fund.

Worse, hiking taxes on business profits and investment income discourages new investment like it or not the US is in competition with other countries for investment dollars. NY and California both Democrat ruled, high tax states have seen an outflow not only of people but of business investment to other low tax states. See Elon Musk. The results from Bidenís massive tax increases on a national level will be a massive diversion of investment capital overseas.

The radical Leftists running the Biden WH and the Democrats have shown zero concern about paying for their massive spending orgies so it's fair to conclude Bidenís proposed tax increases aren't to balance the budget, they are to punish the so-called rich.
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Old 04-05-2021, 07:23 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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Originally Posted by saltwn View Post
Once you have computed your gross business income and deducted your cost of goods sold to arrive at your gross profit, subtract your other business expenses for the year to calculate your net business income. This amount is your net profit for tax purposes.
Of the people that comment on this board, the last one that should be attempting to give a lesson on taxation is you.
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Old 04-05-2021, 05:49 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Yep. Clueless people, and especially the ones who blather on and on that none of the tax increases will affect "anyone on this board", don't believe that the big companies will allow the consumer to pay for the tax increases through higher pricing of goods and services.

Their ignorance and stupidity give me a headache.
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Old 04-06-2021, 10:55 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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For some (utterly inexplicable) reason, some people appear to think--or, at least, pretend to think--that taxes on companies and corporations are absorbed by those entities; that consumers are totally unaffected by these tax increases.

Of course, the companies (and corporations) that are subjected to increased taxation will either (1) go out of business; (2) fire some of their current employees; (3) hire fewer new employees; (4) rescind any plans for expansion; (5) pass along the tax increase, to consumers, in the form of higher prices; or (6) pass along the tax increase, to consumers, in the form of a downsized product.

(One or more of these may not be feasible in every circumstance; but at least one will surely be.)

Your point is spot on, tax increases on businesses and the wealthy,
affect everyone.

I have used 3,4, & 5 since the pandemic, and I will have to continue because of tax changes. I actually stepped back from my business, and let my people run it since we were slow, since I didn't want to let someone go. It probably was not a great business decision, but it will all work out.
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Old 04-06-2021, 09:54 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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Originally Posted by AZRWinger View Post
Not true, at least 2 commentators on the board own small businesses which could be chapter S pass through entities. Taxing capital gains as ordinary income raises taxes on anyone with a share of stock or mutual fund.

Worse, hiking taxes on business profits and investment income discourages new investment like it or not the US is in competition with other countries for investment dollars. NY and California both Democrat ruled, high tax states have seen an outflow not only of people but of business investment to other low tax states. See Elon Musk. The results from Biden’s massive tax increases on a national level will be a massive diversion of investment capital overseas.

The radical Leftists running the Biden WH and the Democrats have shown zero concern about paying for their massive spending orgies so it's fair to conclude Biden’s proposed tax increases aren't to balance the budget, they are to punish the so-called rich.
Most small businesses are not subject to the corporate tax
Biden wants to raise that corporate tax rate from its current 21% up to 28%. That's still not as high as the corporate tax rate under President Obama (35%).
I personally have always been against raising capitol gains, but, they are increases in value so, taxable in some people's opinion.
if a piece of jewelry increases in value, you should increase your insurance. so yes value means money in the long run which is whenever the person chooses to turn it into cash.
did you consider ny and california are getting tired of supporting arkansas and mississippi?
and internationally there is an effort going forth to raise the tax on all corporations so there will no longer be the advantage of dissing your own work force at home.
this is not to balance the budget. did repubs care about balancing anything when they cast us in the hole in favor of their rich donors? no they did not
this is to raise all ships. the little dinghys and the yachts.
plus there's a 10% tax cut for businesses that manufacture their goods in America.
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75% of small businesses are sole proprietorships - https://www.lendio.com/blog/bidens-t...ll-businesses/
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Old 04-07-2021, 06:03 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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Originally Posted by saltwn View Post
Most small businesses are not subject to the corporate tax
Biden wants to raise that corporate tax rate from its current 21% up to 28%. That's still not as high as the corporate tax rate under President Obama (35%).
I personally have always been against raising capitol gains, but, they are increases in value so, taxable in some people's opinion.
if a piece of jewelry increases in value, you should increase your insurance. so yes value means money in the long run which is whenever the person chooses to turn it into cash.
did you consider ny and california are getting tired of supporting arkansas and mississippi?
and internationally there is an effort going forth to raise the tax on all corporations so there will no longer be the advantage of dissing your own work force at home.
this is not to balance the budget. did repubs care about balancing anything when they cast us in the hole in favor of their rich donors? no they did not
this is to raise all ships. the little dinghys and the yachts.
plus there's a 10% tax cut for businesses that manufacture their goods in America.
__
75% of small businesses are sole proprietorships - https://www.lendio.com/blog/bidens-t...ll-businesses/
And the promise to raise taxes on individuals making over $400,000 will directly impact small business owners.
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Old 04-07-2021, 08:40 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Quote:
Originally Posted by saltwn View Post
Most small businesses are not subject to the corporate tax
Biden wants to raise that corporate tax rate from its current 21% up to 28%. That's still not as high as the corporate tax rate under President Obama (35%).
I personally have always been against raising capitol gains, but, they are increases in value so, taxable in some people's opinion.
if a piece of jewelry increases in value, you should increase your insurance. so yes value means money in the long run which is whenever the person chooses to turn it into cash.
did you consider ny and california are getting tired of supporting arkansas and mississippi?
and internationally there is an effort going forth to raise the tax on all corporations so there will no longer be the advantage of dissing your own work force at home.
this is not to balance the budget. did repubs care about balancing anything when they cast us in the hole in favor of their rich donors? no they did not
this is to raise all ships. the little dinghys and the yachts.
plus there's a 10% tax cut for businesses that manufacture their goods in America.
__
75% of small businesses are sole proprietorships - https://www.lendio.com/blog/bidens-t...ll-businesses/
I won't touch on all of the nonsense in your rambling comment but respond to the key points.

When corporate taxes were lowered from the highest in the developed nations the economy took off raising median family incomes, boosting job creation and creating full employment. But Biden and his radical Leftist handlers who believe the only legitimate way to make money is by peddling political influence want raise taxes to punish business success with the ridiculous claim it won't hurt businesses or consumers.

If NY and California are tired of seeing more Federal government spending in poor states than they pay in tax revenues then why do they support raising taxes? Democrats falsely believe raising tax rates translates into more revenue by virtue of simplistic static analysis. Why if the Federal government unjustly gives outsize shares to poor states would they want to give more money to them?
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