Why are you voting for Obama?

[DIDI]

Re: Why are you voting for Obama?

People earning over 200.000 aren't paying more as a percentage than the McDonalds workers. Mainly because they can afford to pay financial people to make sure they don't.
I can't vote but if I could it would definitely be Obama . He has come out with policies , even though some do need fleshing out. On the other side we have a wobbly old man yelling, well trying to yell , can't quite do it these days, about how he is ready !! And some tart winking and touching every man in sight. No wonder the comedians are in seventh heaven.

It'd been a joy to watch Obama grow over the last few months. I personally was worried that he was a little too intellectual/academic, but he has shown that he is not only in contact but understands .

Some great posts here, Just in case I forget later, thanks for the education

[thesightless]

Re: Why are you voting for Obama?

one real big misconception here...

the 200K thing... im simple terms..

he is not measuring it off your adjusted gross income (i.e. income after deductions and credits) he is measuring it off gross receipts and groos income, including non taxable income. this is what has 90% of self employed business owners shitting thier pants and rich people preparing to fuck him right back by investing elsewhere.

ie if your company has 400K in income, and 250 in expenses, your gross is only 150, but you will be taxed at the 400K.

food for thought.

[Nigel Harkness]

Re: Why are you voting for Obama?

@ Miro & thesightless

Funny you guys say those kind of things because I was just talking to my financial adviser and he said pretty much the same things especially what miro said and that scares me considering the condition of the economy.

[sammwalk]

Re: Why are you voting for Obama?

one real big misconception here...

the 200K thing... im simple terms..

he is not measuring it off your adjusted gross income (i.e. income after deductions and credits) he is measuring it off gross receipts and groos income, including non taxable income. this is what has 90% of self employed business owners shitting thier pants and rich people preparing to fuck him right back by investing elsewhere.

ie if your company has 400K in income, and 250 in expenses, your gross is only 150, but you will be taxed at the 400K.

food for thought.

I'm interested in this. Source please?

[thesightless]

Re: Why are you voting for Obama?

@ Miro & thesightless

Funny you guys say those kind of things because I was just talking to my financial adviser and he said pretty much the same things especially what miro said and that scares me considering the condition of the economy.

in the end, its the bankers, accountants and financeerws that rule the world. and they about to bitch slap america in the coming months. ask miro, cuz personally, i am deathly afriad of what is about to happen to this country, starting witht he economy. they hold the power, cuase power is money. and frankly, a shitload of it about to taken away from america itself. miro hinted on a great topic, americas wealth is about to be deported out of america and into places that favor the top 20%. the upper tier will simply deny obama access to thier money through every legal way they can.

our economy has a 85% chance of going right down into the early 1900's within 6 months. then watch what happens when there is no money to -redistribute.

hey, we asked for it when we allowed obama to run against mccain.

[thesightless]

Re: Why are you voting for Obama?

I'm interested in this. Source please?

ask toasty, i deleted the specifics. its from his plan.

or you can visit a library at a college and look for publication by the AICPA and investment management series.

[neoee]

Re: Why are you voting for Obama?

ask toasty, i deleted the specifics. its from his plan.

or you can visit a library at a college and look for publication by the AICPA and investment management series.

I'd also like a source on this. I'm finding this contrary to things I'm reading and people I know who own small businesses which bring over 200K (some of them even brag about how little taxes they pay).

Excerpt of some text I came across while trying to understand the ramifications:

The IRS deductions page says that sole proprietorships can deduct the following things as business expenses:

• Employees’ Pay - You can generally deduct the pay you give your employees for the services they perform for your business.
• Retirement Plans - Retirement plans are savings plans that offer you tax advantages to set aside money for your own, and your employees’ retirement.
• Rent Expense - Rent is any amount you pay for the use of property you do not own. In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible.
• Interest - Business interest expense is an amount charged for the use of money you borrowed for business activities.
• Taxes - You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses.
• Insurance - Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.

In other words, in your own example, the sole proprietor can deduct all the pay except his/her own profit from their IRS taxes. And until the profit of that sole proprietorship (ie the owner’s individual personal income) exceeds $200,000, they’re unaffected unless they’re doing their taxes wrong. Remember, only 3% of all Americans in 2005 made more than $200,000, and only a fraction of those would be from sole proprietorships.

Sorry, I don't mean to question your expertise, I just want to understand. Thanks.

[88Mariner]

Re: Why are you voting for Obama?

^i've heard this several different places. a google search might help.

[neoee]

Re: Why are you voting for Obama?

^ I've tried that, the only thing I seem to find is similar to what is posted above, which is why I'm looking for what Sean explaining.

Another example:

Do Small Businesses pay taxes on their gross revenues or their net income?
As a small business owner who claims small business income on your individual tax return (whether through a sole proprietorship, partnership, or S-corp) you pay individual income taxes only on your net income — or profit — and not on your firm’s gross revenue. Accordingly, when Obama says that he would roll back the Bush tax cuts for all couples earning more than $250,000 a year, these income figures include only net income that a small business owner takes home. Because net income is usually far lower than gross revenue, even if your revenue is above $250,000 you are still likely to get a tax cut under Obama’s tax plan. If you are a small business owner using the tax calculator, you should select your income level based on the net income you claim — your revenues minus your costs — to see how you would fare under each candidate.

[thesightless]

Re: Why are you voting for Obama?

cuurently, according to the IRS code, as of this tax year, businesses that are not conducted a C or Sub-S corporatins are taxed on revenues. sub-S are taxed on EBIT (earning before interest and taxes).

what the proposed changes are going to try to implement is that a tax bracket will be assigned to revenues for all but C- corporations (multi head stock issuance companies, traded or private). a large misconception is that mom and pop shops are gonna get hit, they are not. but they account for nothing in the grand tax scheme. they usually escape most taxation anyways. the companies that are shitting are the ones that are small businesses. businesses with multiple employees, higher revenues, payroll tax expenses, labor expenses, insurance etc. think of small manufacturers, family owned chains, large offices, etc.

again, go check out some trade publications from the accounting and finance industry. and after today's shock, i am really afraid. today should have, historically speaking, been a day of calm, even with a ride upwards. this usually occurs, but the markets dropped a bunch again today.

like i said, the money rules the world, not the poor people's president, and the money is about to get ready for a counter punch that the USA will hate, but nations abroad will love.

without getting into specifics for liability reasons, there are money market and hedge fund accounts that are preparing a giant jump ship in the coming months. they simply will not tolerate what he has planned for them. they know what the goals are and they are leaving the race before it starts. this is akin to the olympic committee declaring pro basketball players cannot play any more. sure, it will be fair, and everyone will have a better shot, the game itself is going to be denied its best players.

the only thing that will 100% happen will be market uncertainty for the next 3-5 months as people digest what the tax and economic plans will be (no one knows).