Small Business Income Tax Brackets
April 4th, 2011
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Question: Do you think Obama’s economic plan will work in this time of economic crisis considering…..?
He says 95% will get a tax break.. but 40% of american DON”T PAY TAXES..
Small businesses will end up getting taxed and will have to close down…
Where will he get an extra 50B to mandate that everyone is covered by health insurance?
HE’s got 1 trillion in extra spending.. Govt to interfere with all our choices..
Small business income is treated just like normal income and is only taxed as personal income tax just like your normal paycheck. Therefore, there is no tax to offset that supposed tax rebate he plans to give. A further point is that the top 5% income bracket that he wants to raise taxes on is already paying 95% of the tax burden. The middle 60 percent is paying the other 5% and the bottom 35 to 40 are actually not only not paying taxes but are getting free money from the government.Answer: No.
Obama Would Ruin Economy With Tax Hike
Monday, September 22, 2008 9:03 AM
By: Dick Morris & Eileen McGann Article Font Size
he Wall Street mess now takes center stage in the presidential race. With company after company biting the dust, can John McCain survive as the representative of the incumbent party?
So far, McCain has focused on a populist criticism of Wall Street and its irresponsibility, firing away at corporate greed and lending practices. But he has to fuse the issues of the economy and taxes to show how Barack Obama’s tax proposals would lead to a catastrophic implosion of the nation’s capital base.
With the top Wall Street houses crashing for a want of capital, how can Obama justify an increase, and perhaps a doubling, of the capital-gains tax?
Obama has already said he might drop his tax hikes if the economy weakens. After noting that it’s pretty sad when your best idea for how to help the economy is to abandon your own proposals, McCain should call on Obama to give up on those new taxes right now.
People will sit on their capital rather than invest it if their gains are to be taxed at twice the current rate. And raising taxes on a troubled economy is akin to bleeding a sick patient — medieval “medicine” that does more to kill than to cure.
McCain needs to force Obama to choose between his leftist commitment to income redistribution and the common-sense point that higher taxes on investors and “the rich” would merely deepen the economic mess.
f Obama refuses to abandon his tax hikes, he’ll be seen as putting his ideology ahead of the nation’s needs. If he does the reverse, he’ll be admitting that his tax program has been a mistake — and, by recanting, show how unsteady his hand would be on the tiller.
Hiking taxes at the outset of a slowdown has always made things worse. McCain need point no further back than the first President George Bush, whose tax increase hit just as the economy was slowing from the Reagan expansion — triggering a recession that let Bill Clinton win the White House.
As the financial failures spread, voters will focus on the bad news and be inclined to hand the White House to the party that’s out of power. But if they focus focus on the cure Obama proposes, the bad economy could work to McCain’s benefit.
© 2008 Dick Morris & Eileen McGann
Wyden Again Pitching Tax Simplification
While a partisan battle over cuts to government spending threatens to shut down the federal government, a bipartisan pair of senators said they took a page from President Reagans book Monday, offering legislation that experts say will reduce the federal budget deficit by growing the economy.
OMG!!! Barack Obama is a socialist! Chris Matthews smacks down Republican Tom ridge
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