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Thread: Obama to introduce another business tax cut

  1. #61
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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by Wiseone View Post
    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.
    No doubt, there are businesses that will benefit from this tax credit. More than likely, all green businsses and no one else. However, this is being billed as some sorta savior for businesses, across the country, which it's not. If Obama was serious about helping businsses with taxes, he would inact an across the board tax cut for all businesses.

    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.
    Who said anything about, "useful life"? I'm talking depreciating the value of a piece of equipment for a maximum of 6 years and a minimum of 1. I own an oilfield winch truck that was built in 1985. I paid cash for it and wrote it off. Having done that, I can't depreciate the truck. Equipment depreciation offsets the money a business pays on equipment notes; notes that are tax deductable.
    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 introduce another business tax cut

    Quote Originally Posted by Deuce View Post
    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?
    Most industries are struggling, now. Why not try and help as many as possible, rather than just a chosen few? You idea makes zero sense.
    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 RightinNYC View Post
    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.
    I got audited, twice. I didn't, "git-n-trouble", I only took some deductions that that particular auditer--in his descression--didn't think were legit deductions. I had to write him a check for about $2,500. That doesn't equate to being in trouble.

    I understand the tax code, as it applies to my businesses.
    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
    No doubt, there are businesses that will benefit from this tax credit. More than likely, all green businsses and no one else. However, this is being billed as some sorta savior for businesses, across the country, which it's not. If Obama was serious about helping businsses with taxes, he would inact an across the board tax cut for all businesses.
    Well it is just a proposal and idea floating around right now, so there's all kind of time for change, but there's been nothing so far about it being just for 'green' businesses. And having listened to Obama's speech where he announced this plan, it wasn't all drumed up to a savior for the economy.

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

    Quote Originally Posted by apdst View Post
    Who said anything about, "useful life"? I'm talking depreciating the value of a piece of equipment for a maximum of 6 years and a minimum of 1. I own an oilfield winch truck that was built in 1985. I paid cash for it and wrote it off. Having done that, I can't depreciate the truck. Equipment depreciation offsets the money a business pays on equipment notes; notes that are tax deductable.
    How do you depreciate something without using an estimate of the assets useful life?

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

    Obama is desperate and is facing the fact that november is going to be ugly. he is trying to buy as many votes as possible with the public treasury.



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

    Quote Originally Posted by TurtleDude View Post
    Obama is desperate and is facing the fact that november is going to be ugly. he is trying to buy as many votes as possible with the public treasury.
    Tax cuts don't cost anything remember!

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

    Quote Originally Posted by TurtleDude View Post
    Obama is desperate and is facing the fact that november is going to be ugly. he is trying to buy as many votes as possible with the public treasury.
    We need to get back to Chicago politics. Where it only cost about $20 per vote. That is a lot more efficient than Obama throwing around billions to interest groups and union to get some votes.

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

    Quote Originally Posted by Wiseone View Post
    Well it is just a proposal and idea floating around right now, so there's all kind of time for change, but there's been nothing so far about it being just for 'green' businesses. And having listened to Obama's speech where he announced this plan, it wasn't all drumed up to a savior for the economy.
    Then, why do it?
    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.

  10. #70
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    Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut

    Quote Originally Posted by drz-400 View Post
    How do you depreciate something without using an estimate of the assets useful life?
    Because, you can only depreciate a piece of equipment for 6 years. I'm running equipment that is 25 years old. If you depreciated equipment, based on it's useful life, then trucking companies could depreciate trucks for decades. Value and useful life are two different animals.
    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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