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Thread: Obama to introduce another business tax cut

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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by BCR View Post
    I think I'll take the Harvard economy professors word over yours apdst.
    I'd take the word of someone that pays the taxes and lives the life over a Professor whose never had to run a business. What makes sense in Acedemia generally doesn't translate to the real world.
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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by MrVicchio View Post
    I'd take the word of someone that pays the taxes and lives the life over a Professor whose never had to run a business. What makes sense in Acedemia generally doesn't translate to the real world.
    Every single source out there, including various econ professors, financial reporters, congressional staffers and tax experts, says that the proposal will work one way. On the other side we have apdst, who simply says "oh, this is how it works" and provides nothing to back it up.
    Last edited by RightinNYC; 09-08-10 at 05:00 AM.
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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Here's the facts guys, this tax break is NOT a new idea. Its been in affect one way or another since 2002, Obama is only making it bigger and faster, a trend that has been in affect since 2003. From the WSJ:
    History of the tax break:
    2002: Allowed 30% write-off for three years.
    2003: Rate rises to 50%
    2008: Small businesses allowed to write off value of investment up to $250,000. 50% allowed for larger companies.
    2009: Both extended a year
    2010: Both under consideration in Congress.
    Source: Tax Policy Center
    Obama to Push Tax Break for Business Investment - WSJ.com

    As for the Bush tax cuts, they aren't that big to begin with and compared to the entire economy of the US and the world in this recession it's a drop in the bucket. Here's the figures from the same WSJ article.
    Mr. Obama and many congressional Democrats want to eliminate the current 33% and 35% rates for higher earners, and return them to pre-Bush levels of 36% and 39.6%.
    3% and 4.6% are not game changers.

    And as for those evil doer Harvard economists, the kind that have been on economic advisery boards for the government and private think tanks, here's one that brings up a real concern with this idea. But another economist, N. Gregory Mankiw, of Harvard University, and another former CEA chairman under President Bush, questioned whether the Obama proposal would have a big impact. Businesses can already take out a bank loan at extremely low interest rates to pay for new investments in plants and equipment, but they are not doing so, he said. It's unclear why they would make those investments for a tax break.

    I guess as long as they agree with your opinion than academia isn't so bad? Also the proposals for the 50 Billion infastructure fund and this tax break will be in seperate bills, so Republicans or anyone else can vote for one and not for the other, without being forced into anything.

    Now that was all from ONE WSJ article, ain't reading, understanding and fact checking great? I mean it won't cut into your opinion sharing time that much.

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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by BCR View Post
    I think I'll take the Harvard economy professors word over yours apdst.
    Of course you would. For two reasons: 1) You don't like the facts that I'm presenting to you and 2) you probably live in the same fantasy world that he does.

    Why would you listen to an ecomomics professor when learning how to run a business? Think about it for a minute.
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    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 to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by RightinNYC View Post
    Every single source out there, including various econ professors, financial reporters, congressional staffers and tax experts, says that the proposal will work one way. On the other side we have apdst, who simply says "oh, this is how it works" and provides nothing to back it up.
    How many businesses do you own? I have four.

    So, excuse me when I don't get all pumped up over this brand new tax cut created by The Messiah.
    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 to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by apdst View Post
    How many businesses do you own? I have four.

    So, excuse me when I don't get all pumped up over this brand new tax cut created by The Messiah.
    If you are literally just arbitrarily assigning a useful life of one year to all of your depreciable equipment and expensing them you are intentionally lowering your income taxes and you had better hope you never get audited. The IRS has a table (I believe rightinNYC posted) you can use for the useful life of your equipment/assets and you can depreciate them using a number of methods (modified accelerated cost recovery/straightline). The tax cut changes this. This is for taxes. Your own personal books can look different, but this is how you report it to the IRS.
    Last edited by drz-400; 09-08-10 at 11:43 AM.

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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by RightinNYC View Post
    Every single source out there, including various econ professors, financial reporters, congressional staffers and tax experts, says that the proposal will work one way. On the other side we have apdst, who simply says "oh, this is how it works" and provides nothing to back it up.
    I was making a general statement Right, and as a General Rule, I trust the folks that live it, vs those that study it.

    Sorry if I cam across any other way, was not my intent.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by apdst View Post
    How many businesses do you own? I have four.

    So, excuse me when I don't get all pumped up over this brand new tax cut created by The Messiah.
    Believe it or not, just because you are a business owner, I mean if you are since you're tense suddenly turned from singular to plural outta nowhere but whatever, doesn't give you some magical insight into the economy. I'm pretty damn sure there exists in this world an individual who also owns a business and is probably stoked outta his mind about this idea from Obama.

    As a business owner you are just as prone to ignorance and error as any other person.

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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by apdst View Post
    How many businesses do you own? I have four.

    So, excuse me when I don't get all pumped up over this brand new tax cut created by The Messiah.
    And I coach a soccer team, so that means I know more about the rules than FIFA, sportswriters, and referees. LOGIC.

    You yourself have mentioned that you were audited multiple times and got in trouble with the IRS for various things. I don't understand why you think that helps your case, as it's evidence that you don't understand the tax code as well as you think you do.
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    Re: Obama to introduce another business tax cut

    Quote Originally Posted by apdst View Post
    A tax, "cut", applies to all businesses. A tax credit only applies to businesses that qualify for that particular tax credit. You're smarte than me, so you should already know this.
    So you're saying a $50billion tax cut is better for the economy than a $50 billion tax credit because it's spread out to more businesses? Why wouldn't a targeted credit be helpful to stimulate a particularly desirable industry or to help a particularly struggling industry?
    Last edited by Deuce; 09-08-10 at 03:40 PM.
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