bengalrick Posted November 15, 2012 Report Share Posted November 15, 2012 [quote name='Montana Bengal' timestamp='1353014882' post='1180993'] I really don't have a comment on your post and I think you are reading too much into what I said. [/quote] Ditto. Sorry I come off as an ass sometimes. My apologies. Link to comment Share on other sites More sharing options...
bengalrick Posted November 15, 2012 Report Share Posted November 15, 2012 [quote name='Jamie_B' timestamp='1353012711' post='1180984'] [b]The tax code needs to be reformed so that these guys stop using small business to hide behind that 250K number.[/b] Let me ask you think if you guys were making 250K of personal income would you be happy? I'm pretty sure I know the answer to that. [/quote] BTW, we agree on this. When you take the lower level of the 'upper class' out of the equation, then raising taxes absolutely should be done. Link to comment Share on other sites More sharing options...
|kennethmw| Posted November 16, 2012 Report Share Posted November 16, 2012 [quote name='bengalrick' timestamp='1353014095' post='1180991'] Yes. Although if I had a business that had 250,000 profit a year I wouldn't feel great about it. [/quote] If you had a business that made $250k in net profits you would be happier than a pig in mud. There are SO MANY write offs available that if your net was 250, you are living a pretty damn good life. Why you guys act like it's different amazes me. Link to comment Share on other sites More sharing options...
bengalrick Posted November 16, 2012 Report Share Posted November 16, 2012 To the point where a 10% additional tax wouldn't hurt the business? You feel that a business profitting 250k should be in the same tax bracket as millionaire and billionaires? That is the real questions here right? Jamie made an excellent point. The ultra rich can shield theirselves from tax hikes because 10% tax hikes WILL hurt businesses in this income level where it won't if you make millions (at least not as much). Therefore you have people like you saying we have to tax the rich and people like me saying it will cut jobs and wages, etc... If we raised that amount, or created a higher bracket that fit people and businesses that really are rich, they wouldn't have a leg to stand on, right? I'm trying to look for fair ways to bridge the gap here Ken... I hope you see that. Link to comment Share on other sites More sharing options...
Orange 'n Black Posted November 16, 2012 Report Share Posted November 16, 2012 "Profit of 250k" is such a subjective scale. Are you a 10 man bakery that profited 250k? You are unreal. Are you a 100 man engineering firm that profited 250k? You're bordering on bankruptcy. "Profit" does not equal "money in pocket of owner". Profit is simply the money left over after you have finished paying your business expenses. A shrewd business owner reinvests his profits in his business - more storefronts, bigger ovens, wider avertising, etc. etc. Yes, there is money left over in profit to pay yourself. Look at Warren Buffett - his profits from Berkshire's investments are incredible. Yet he pays himself a reasonable upper class wage and leaves the rest to be reinvested in the business. Link to comment Share on other sites More sharing options...
|kennethmw| Posted November 17, 2012 Report Share Posted November 17, 2012 [quote name='bengalrick' timestamp='1353027612' post='1181013'] To the point where a 10% additional tax wouldn't hurt the business? You feel that a business profitting 250k should be in the same tax bracket as millionaire and billionaires? That is the real questions here right? Jamie made an excellent point. The ultra rich can shield theirselves from tax hikes because 10% tax hikes WILL hurt businesses in this income level where it won't if you make millions (at least not as much). Therefore you have people like you saying we have to tax the rich and people like me saying it will cut jobs and wages, etc... If we raised that amount, or created a higher bracket that fit people and businesses that really are rich, they wouldn't have a leg to stand on, right? I'm trying to look for fair ways to bridge the gap here Ken... I hope you see that. [/quote] Rick, he's not going to be taxed an additional 10% on that money. He's not going to see any change on that money, he simply going to be taxed more on dollars above that. The problem is with the way they are saying it. It's not 98% that are going to maintain a tax cut, all people that have earned income are going to have a tax cut, it's just going to be on the first 250k of income. It's not like when you get to 250k they are going to change the whole scale on you back to the Clinton years, you will still get the benefits of the lower rates on the income until you hit the 250k mark, then THAT INCOME will be taxed at a higher rate. Link to comment Share on other sites More sharing options...
bengalrick Posted November 18, 2012 Report Share Posted November 18, 2012 I understand what you are saying. But hear what I am saying, you are still cloaking the ultra rich who NEED to be taxed more with small businesses. There needs to be a higher bracket, point blank. The reason there isn't is because as long as the thresholds are where they are, you have people like me defending billionaires to save jobs from small businesses. And frankly I don't want to be. Link to comment Share on other sites More sharing options...
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