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Thread: Obama seeks 28 percent corp. tax rate

  1. #81
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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by ksu_aviator View Post
    So, if the average corporation is paying between 18 and 25% and the new rate will be 28% with no breaks (loop holes as Obama calls them) then what is the net?
    NO breaks? Not even the right-wing articles say that.

    Quote Originally Posted by ksu_aviator View Post
    They even say so, claiming the new tax rates will raise revenue by $250 billion.
    Who is this nebulous "They" you are referencing?
    Last edited by MoSurveyor; 02-23-12 at 02:18 PM.
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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by Paschendale View Post
    Apdst, you do know that a lot of small business don't incorporate, right? Unincoroprated businesses would not be subject to corporate tax rates, and the profits they make, since they are completely privately owned, are just taxed as normal income. So no, this won't affect small businesses very much, because they usually don't incorporate. Most of the numbers you've posted in this thread are likely to be the dealings of an unincorporated small business, that will either be simply directly owned by a person or a partnership, or perhaps an LLC. Neither of those are corporations. Small businesses are almost totally unaffected by corporate taxes.

    Or, if they do incorporate, they incorporate as an LLC, which passes tax attributes directly on to the individual return(s). I have a small business that is an incorporated LLC. The reporting and resultant taxes are on 1040 and paid by me personally. As such, I and other LLC owners are unaffected by changes to the corporate tax rate.

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by AdamT View Post
    Again, only about 5% of small companies will be affected by this change IN ANY WAY. Of course small businesses aren't just C-Corps. or S-Corps. There are also partnerships, limited partnerships, LLCs, sole proprieterships, etc., etc.
    And...they file either as a chapter C, or a chapter S.

    As far as how C-Corps. will be affected, there is no way of knowing until we see the specific proposal and can determine which deductions would be eliminated.
    If you remove deductions, it will mean a larger tax bill.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  4. #84
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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by Paschendale View Post
    Apdst, you do know that a lot of small business don't incorporate, right? Unincoroprated businesses would not be subject to corporate tax rates, and the profits they make, since they are completely privately owned, are just taxed as normal income.
    Um, no, it don't work that way, either. Unincorporated businesses are doubled taxed with income taxes and self employment taxes.

    Some small businesses are unincorporated, but no where near, "alot". It doesn't take long for a business to find out how much the government is raping them, because they're not incorporated.

    So no, this won't affect small businesses very much, because they usually don't incorporate. [b]Most of the numbers you've posted in this thread are likely to be the dealings of an unincorporated small business,
    They're still deductions of the cost of doing business. If you remove some of those deductions, you will raise a businesses tax bill, incorporated, or not.

    that will either be simply directly owned by a person or a partnership, or perhaps an LLC. Neither of those are corporations.
    Do you have any clue what the "C" in "LLC" stands for?

    Small businesses are almost totally unaffected by corporate taxes.
    Obama supporters just don't have a clue. I guess that's why they're Obama supporters.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by upsideguy View Post
    Your getting your panties in a bunch because you fear what you do not understand. NO ONE is talking about changing the corporate income tax so that it is a sales tax (tax on revenue). Income, by definition, is revenue less expenses (deductions). Sorry, but to have an intelligent discussion, one has to have a basic understanding of the issues. If you don't, please step back.
    And you want to claim that I'm not having an intelligent discussion?

    Sales tax is a tax on revenue?

    That's rich!!!!
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by apdst View Post
    ...Obama supporters just don't have a clue. I guess that's why they're Obama supporters.
    I'll remind you of this in November.

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by apdst View Post
    And...they file either as a chapter C, or a chapter S.
    NO
    an LLC, general or limited partnership, nor a proprietorship will properly file as a C or subchapter S corporation. why, you ask? because they have elected one of those alternative organizational forms

    If you remove deductions, it will mean a larger tax bill.
    how do you know the deductions lost will exceed the savings resulting from the reduced tax rate?

    that's a rhetorical question. you don't know

    i do realize that does not prevent you from spreading bull ****
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by iliveonramen View Post
    S-corps generally pay a much lower effective tax rate the c-corps. The purpose is not to touch their rates.


    That's not true at all and is really the complete opposite. Most small businesses that pay corporate income tax already pay around 28%. Most large multi-national corporations pay closer to 18% due to loopholes. This plan would set the corporate tax rate to 28% for all C-Corps and eliminate loopholes that allows large corporations to pay lower due to those loopholes.

    So...it "hurts" corporations that buy loopholes via lobbyist. It helps small corporations that have to compete with those large corporations that have an advatage based on those loopholes.
    OMG, where do you people dig this crap up? All corporations have the same tax deductions. It's called, "the equal protection clause"
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by apdst View Post
    OMG, where do you people dig this crap up? All corporations have the same tax deductions. It's called, "the equal protection clause"
    what?????????????????

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    Re: Obama seeks 28 percent corp. tax rate

    Quote Originally Posted by Thunder View Post
    what?????????????????
    he could not be more wrong if he tried
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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