Abc news: Obama tax increases will affect 900,000 small businesses

Sure, be happy too.

Year - Revenues - Rev:GDP - GDP
2000 2,025.2 20.4% 9,951.5

Revenues were 20.4% of GDP under Clinton. It has never achieved that level since.

Compare that to last year, with the Bush tax cuts, and stimulus tax cuts:

Year - Revenues - Rev:GDP - GDP
2011 2,302.0 6.5% 15.3% 15,094.0

You can see, alrgely because of the tax cuts, revenues as a percent of GDP are far lower.

Even with the weak recessionary GDP, if tax revenues were 20.4% of GDP in 2001, revenues would have been $3,079.2, almost $800 billion higher than what was achieved.

That is proportionately how much less we (well, most the 1% since they pay most of the income taxes that were slashed) pay less because of the tax cuts.

With another $800 billion in revenues, the deficit would have been in the more manageable $1/2 trillion range, instead of aroudn $1.3 trillion. And we wouldn't have had to borrow so much money from China.

You're welcome.

 

reagan Dropped them form 70%, while having a democrat congress.

 

That is true. He could do it thanks to the boll weevil conservative Dems.

 

Someone has to pay for that $Trillion worth of new fighter planes we bought. So get to work, pay your taxes, and stop whining.

 

Yeah. This will raise $30 B per year. While the deficits are 40 times that amount.

Yeah Obama. Yeah Obama supporters. Idiots.

 

You wouldn't be able to cut my pay because I only work union and you'd have to go by the contract you negotiated.

 

Who are Obama's advisers? Someone needs to pull him aside and explain to the ex-Harvard law visiting professor, that a large number of small businesses file as sole-proprietors; meaning they file on their individual tax returns. They are not corporations. So, he's hurting small business.....just as the OP says. Does he Not know this???? Or is it that he simply does NOT care???

 

He did it because he worked with people to better the country, not play class warfare and blame everyone and everything like Obama with blaming Bush, ATM's, Tsunami's, and hail storms.

 

And also the stimulus, complete with turtle tunnels, treadmills for shrimp and a study on pig sex.

I take the fighter jets over the treadmills for shrimp, turtle tunnels and cowboy poetry any day.

 

Obama's handlers are pretty smart tacticians! We're ruled by an alliance of old-money RINO corporations and Welfare State Socialists -- and essential to the goals of each faction is the elimination of the "bourgeois" Middle Class. What better way than to tax them to their knees? This also gets rid of the equally bourgeois Middle Class professionals and educated technical workers -- making them more and more dependent on the State for the existences, too.

Bottom line: Obama knows his fraud-balloon "recovery", funded by Bernanke's senseless, continued Keynesian money-"printing" extravagance is falling on its face. He needs to keep the whole thing from going into a death spiral before the election. If he's re-elected, may God help us! He'll have four years to further consolidate power and wealth into the hands of the RINO puppet masters who tell him every single thing to think and do, while achieving his overall "signature accomplishment": the permanent, all-encompassing Welfare State, to keep the Proles powerless, dependent, and manageable -- EXACTLY AS ORWELL DESCRIBED THEM IN "1984"! Obama IS Big Brother....

 

The Democratic Party and Barack Obama: The roots of modern Marxism in America

 

I know you meant this to be aimed with sarcasm toward the Bush Tax Cuts, and you know that we agree that it would have been FAR better if the Bush Tax Cuts had been terminated last year. Nevertheless, the question must be asked, Iriemon: if the Bush Tax Cuts were at best a very flawed, short-sighted, and somewhat stupid idea, why does Comrade Obama want to keep them so badly? Instead, shouldn't Obama (the most intelligent man to ever occupy the White House) be the first to stand heroically with a shaking fist, demanding the end of the Bush Tax Cuts? Why does Obama think he needs the Bush Tax Cuts now if his "recovery" has been such a success?

Oh, sure, Obama blew out this big PR smoke-screen about how only people making more than $250,000 per year would be hit with tax increases -- but, as Obamacare has shown us all only too clearly -- either Obama is so naively stupid that even HE didn't know whether his Obamacare was a tax or a penalty, or, Obama is a bald-faced liar of unprecedented proportions and should not be trusted by anyone when it comes to making promises about taxes, or which people will be taxed, or by how much. No matter which it is -- inept stupidity, or deliberate deceit -- this "president" needs to be sent back to Chicago just as soon as possible....

 

2 possibilities or a combination of both. 1) Tax cuts are popular, 2) the middle class has been hammered over the past 30 years and needs all the help it can get.

 

Yes. Because the couple that owns that Ace Hardware store down the street from you and can't afford to live in your neighborhood is buying (*)(*)(*)(*)ing yachts. Do liberals even think anymore?

 

They did until the morons with the jackass tattoos got in office in 2007.

 

We realize it has more subscribers than MSNBC or CNN, but yes.

 

You want to get your head out of the sand, your should try it. The tax increase would effect only those small businesses with owners declaring corporate profits on their personal return of over $200,000. So yes, these business owners ARE doing well, or they would not be effected.

And... like that last guy claiming this would cost him $120,000 in new taxes, he would have to be declaring over $1,000,000 in personal income for that additional tax to be that much. This only effects additional income over $200,000 so for it to be significant, the income has to be very significant. So no, not all small business owners are going to be effected. But Yes, the only small business owners who are going to be significantly effected would be wealthy ones with significant income.

Finally, the excuse that it will cost jobs is just plain idiotic. Employees make you money. You don't hire an employee unless you are going to make money from his labor. So laying off people is the way to lose money, because you lose an employee who is making you money. No business person who is sane is going to think, hell, I can hire someone who will make me $20,000 in profit, but I won't hire him because may taxes on that additional $20,0000 is going to be $2,400 instead of $2,300. Talk about getting your head out of the sand. If you think that people won't hire employees to make them money, you are delusional.

 

So the whole crash of the housing market that started in 2006 is due to the people elected in 2007.... riiiiiiiight.

 

about 1/3 of all making over 250K are S corporations so raising taxes on them like Obama wants to do will affect business.

 

And if the Republican Saint Ronald Reagan was here today, he would be called a Rino by republicans. And if republican policies were enacted today, the republicans would be calling it a massive socialist agenda. Back then, parties worked to achieve their common ground and get things done. Now, we have one party who figures that being an idealogical zealot and trying harm the other party by harming the country is a strategic plan and refuses to even compromise on a single item, even things they previously supported. Now the republicans are 100% loyal to party over country.

 

That is too simplistic. If all it took to make a profit was to hire someone, then all business would have to do is hire as many people as they could that were available. Most businesses have good years and bad years. Right now they are having bad years. If taxes reduced the amount of your margin that pays for overhead, there is little doubt that reducing manpower is the quickest way to bring this back into balance and that is what has happened a lot the last few years.

 

Don't ever let a progressive leftist get away with telling you they support equal rights and equal treatment under law.

 

That only applies to their chosen classes.

 

Obama and pals aint gonna be happy until everyone receives foodstamps, and welfare....

 

S Corps are taxed on personal returns, but again, we have the lowest rate on these returns in over 80 years.... raising taxes a small bit and having tax rates that are still far below historical averages is somehow a crime?

You cant have tax rates from the 1920's and support the modern government that does need regulatory agencies, provides some safety net, defends the country with an army larger than the one in the 20's, provides social security and medicare, etc.

so will it affect a few of the wealthiest small businesses, yup, and a few of the wealthiest non small business owners. And I would cry these people a river, except for one thing, the tax rates they are being asked to pay are those paid under President Clinton. I earned a lot of my money at those tax rates. Lot of people became very wealthy under those tax rates. Business grew and flourished under those tax rates. Something other than unprecidented low tax rates might be in order as the country dives deeper and deeper into debt. I think we should cut spending. But taxes need to be increased, not decreased if we are serious about balancing the budget.