The Small Business Tax Help Blog

Posts Tagged ‘obama’

Question: I clean porto potties and want to open a business in that field who tax plan work best for me Obama or McCain?

I have been working and cleaning porto potties for 15 years and Joe the Plumber got me fired up to open my own business

Answer: McCain does. Under Obama, if your business makes more than 250k a year, you’ll be mandated to supply health insurance under penalty of fine, and you’ll pay an extra 5-25% in taxes depending upon how much over 250k a year you make.

Congress Should Take Up $90 Billion Bank Tax, Frank Says

U.S. Representative Barney Frank , an architect of the financial-overhaul bill lawmakers sent to President Barack Obama yesterday, said he wants Congress this year to take up the White House plan for a $90 billion bank tax to recoup government bailout funds.

Obama Explains His Tax Cut Plans To Plumbing Business Owner

Question: Is Obama Lying when he says he’ll remove the Capital Gains tax off Small Business?

I was unaware that small business paid capital gains taxes.

http://www.topix.com/news/2008-presidential-election/2008/09/obama-tax-cuts-for-the-middle-class

Answer: Obama’s plan to raise taxes on the very people, small businessmen and women, who are providing about 80% of the new jobs our economy is producing. Obama’s response last night was to say that “I will eliminate capital gains taxes for the small businesses and start-ups that will create the high-wage, high-tech jobs of tomorrow.”

Obama said he was going to eliminate capital gains taxes. These small businessmen generally don’t pay capital gains taxes. They pay income taxes. Obama’s plan is to raise the income taxes on these entrepreneurs. Telling the American people that he will cut their capital gains taxes is simply a charade; a charade the uneducated will buy.
You can here him say it here:

You can read it from his site here:

http://www.barackobama.com/taxes/

“Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.”

A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property.

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on “long-term capital gains,”

So, you see, lowering CGT for a small biz like mine… won’t do me one damn bit of good. I don’t pay CGT and I’ve been in business since 1/1/03!

Bank of England Rate-Setter Fears New UK Recession

Bank of England rate-setter fears UK could fall back into recession Bank of England – Recession – Business – Financial Services – Banking Services

Barack Obama on Small Business Loans: Toledo, Ohio

Question: Who knows the effects of Obama’s tax plan on small businesses better? Obama or small businesses?

Obama’s never run a business. Obama’s not the one running their businesses (yet). Obama’s not the one who’s been looking at how his tax plan is going to effect Joe the Plumber’s specific business.

Small businesses say they’ll have to lay people off. Small businesses say they’ll have to cut salaries. Small businesses say they’ll go out of business.

But hey, at least their employees will get a tax cut.

Answer: Barry will kill small business and the economy! He wants to "share the wealth" - BULL CRAP! I work hard for my money. He is trying to "punish" success. He's a blatant liar when he says otherwise!

I am so sick of this crap about the "rich" people that make over $250K. Many of those taxpayers are small businesses (Sched. C) and they will either raise costs or cut back (lay off employees). How's that going to help the economy, Barry?

Sure, the employees will get a big tax cut - no taxes at all since they will loose their jobs!

Kiffmeyer hosts small business roundtable

Small business owners from Big Lake, Monticello, Elk River, Princeton and other local cities came to Big Lake city hall Monday evening for a roundtable discussion with state representative Mary Kiffmeyer and government experts.

No Republicans Stand for Small Business Tax Cut

Liberty Tax Service is Ready For Internal Tax Preparer Certification Program

Its Internal Tax Preparer Certification Program Has Been in Place Since 2007 (PRWeb Jan 7, 2010) Read the full story at http://www.prweb.com/releases/20100106/taxpreparercertification/prweb3415784.htm

President Obama Holds Online Town Hall on Health Reform

Question: Do you think small businesses will comply with the new tax increases if Obama is elected?

What I mean is, Will the Companies all participate in paying the taxes, or will they pass it to the consumer, and maybe lay off a few folks as well?

Answer: Great Idea.

Imagine Obama and his tax increase and suddenly hundreds of thousands if not millions of Americans refuse to file income taxes. What if come January 2009 they change their withholding to 10 exemptions so no money goes in for taxes? A tax payer revolt.

What will Obama do? Think he can lock up that many people? Or will the tax payer revolt get his attention?

Douglas: Roll back last year's tax increases

Associated Press - January 7, 2010 2:25 PM ET MONTPELIER, Vt. (AP) - Gov. Jim Douglas is urging Vermont lawmakers to roll back income, capital gains and estate tax increases passed last...

Dave Reichert Offers Amendment to Stop Small Business Tax Increases