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Topic: Finally Some Truth About "Small Business" Taxes, More Sophistry From the GOP Leadership< Next Oldest | Next Newest >
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PostIcon Posted on: Dec. 03 2012, 4:36 pm  Skip to the next post in this topic. Ignore posts   QUOTE

I am so glad that there is finally some national exposure of the grossly inaccurate and misleading information being broadcast by Republican talking heads about the effect Obama's tax increase on the rich would have on small businesses.

Everyone doing taxes for small businesses knows that the Republican talking points unrelated to reality in the business world, and maybe now there will be some serious media exposure of the truth in order to force them to compromise and get this economy moving ahead at a faster pace.

As of 2005, the JCT says, retail trade (such as mom-and-pop shops) accounted for about 11 percent of so-called S corporations, holding 12 percent of total assets, and 5 percent of partnerships, with less than 1 percent of total assets. Another 14 percent of S corporations were in construction but the largest category, at 15 percent, were “professional, scientific and technical services.”

The result, according to the Joint Committee on Taxation, is that only 3 percent of all “small businesses” paying taxes would be affected by Obama’s plan to lift marginal tax rates on families making more than $250,000 and individuals making more than $200,000. (See page 25 of the JCT report.)

That group — about 750,000 taxpayers — accounts for 50 percent of the estimated $1 trillion in business income reported in 2011, though it would seem the big money is being made by a relatively small group of companies, law firms and the like. The other 97 percent of “small businesses” shared the rest — and under Obama’s plan, they would get to keep their Bush-era tax cuts


http://www.washingtonpost.com/blogs....og.html


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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

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PostIcon Posted on: Dec. 03 2012, 11:14 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

It's not like we didn't know Boehner was lying every time he mouthed his line about "hurting small business".

But, OTOH, I guess you can't call it lying if a person isn't smart enough to know the truth.
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PostIcon Posted on: Dec. 04 2012, 1:11 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

But when he was corrected over a year ago and his staff covered his ass? As in this case?

THEN we get to call it lying.

"— House Speaker John A. Boehner (R-Ohio), Nov. 28, 2012
The speaker misspoke — again.
A reader asked us about this statement, and we noticed that it was similar to a claim he made last year. His spokesman at the time explained that Boehner had meant to say “half of small business income,” but he misspoke. We don’t try to play gotcha here, so we gave Boehner a pass.

But in the midst of the “fiscal cliff” debate, he said it again. Once again, his spokesman said it was a mistake. “He meant to say half of small business income would be hit by the president’s plan for higher tax rates,” said spokesman Brendan Buck."

"Mistake"?

No Brendan, not this time.  Better aim that fire extinguisher at that ass you're trying to cover because your boss's pants are on fire!
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PostIcon Posted on: Dec. 04 2012, 11:20 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Funny how the truth, backed up by math, has no legs, while rumors, smears and royal pregnancies dominate the air waves.

But, at least, some of the people are paying attention, and so far that has been enough.

I am looking for President Obama to stand solid on taxing the rich, never mind how far the Republicans fall down the fiscal bunny slope.


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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

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PostIcon Posted on: Dec. 05 2012, 2:53 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Further proof that Obama has been great for American business, in direct contrvention of the Republican talking points:

A constant conservative charge against President Obama is that he is inherently anti-business. However, businesses keep defying the storyline by making larger and larger profits, rebounding nicely out of the Great Recession.

In the third quarter of this year, “corporate earnings were $1.75 trillion, up 18.6% from a year ago.” Corporations are currently making more as a percentage of the economy than they ever have since such records were kept. But at the same time, wages as a percentage of the economy are at an all-time low, as this chart shows.  

Corporations made a record $824 billion in profits last year as well, while the stock market has had one of its best performances since 1900 while Obama has been in office.

Meanwhile, workers are getting the short end of the stick. As CNN Money explained, “a separate government reading shows that total wages have now fallen to a record low of 43.5% of GDP. Until 1975, wages almost always accounted for at least half of GDP, and had been as high as 49% as recently as early 2001.”


http://thinkprogress.org/economy....bile=nc

Check the article to see the chart of corporate profits as opposed to wages since 1950.


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- John Kenneth Galbraith
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PostIcon Posted on: Dec. 05 2012, 2:53 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Great post and great link! Thanks!

It is sad how many times you hear this inaccurate and misleading information being repeated by people who don't understand how the US tax system, and business works.

I will add that often the decision to incorporate is driven by the fact that incorporation shields you from lawsuits and allows failure (bankruptcy) without bankrupting you.
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PostIcon Posted on: Dec. 06 2012, 1:30 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Some clear backup to support DeMints decision to cut and run:

Voters support higher taxes on the wealthy by a margin of better than 2 to 1, according to a new poll Thursday.

Sixty-five percent of voters back increased taxes for Americans making more than $250,000 a year, while 31 percent oppose, according to a Quinnipiac University poll released. Democrats support that measure 84-14 percent, and independents are in favor of the tax hikes 66-31 percent. Republicans, on the other hand, oppose such tax increases 53-41 percent, the poll found.
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The poll also showed that voters overwhelmingly oppose cutting Medicaid spending, 70-25 percent. Voters surveyed also oppose gradually raising the Medicare eligibility age, 51-44 percent, and don’t support cuts to military spending by a margin of 55-41 percent. Those surveyed also said a “no-taxes” pledge isn’t a good idea, 85-10 percent.


http://www.politico.com/story....l?hp=l8


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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

- John Kenneth Galbraith
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PostIcon Posted on: Dec. 06 2012, 1:56 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

More proof regarding a positive business climate under the Obama administration, and an example of real job creation in a changing world.  I am guessing that more and more manufacturing will return to the US in future decades, partly due to the superior quality control and partly due to the increasing wage and transportation costs in India and China.


For the first time in years, Apple will manufacture computers in the United States, the chief executive of Apple, Timothy D. Cook, said in interviews with NBC and Bloomberg Businessweek.

Timothy D. Cook, Apple's chief executive, introduced new products in October, including a thinner iMac.

“Next year, we will do one of our existing Mac lines in the United States,” he said in an interview to be broadcast Thursday on “Rock Center With Brian Williams” on NBC.

Apple, the biggest company in the world by market value, moved most of its manufacturing to Asia in the late 1990s. As an icon of American technology success and innovation, the California-based company has been criticized in recent years for outsourcing jobs abroad.

“I don’t think we have a responsibility to create a certain kind of job,” Mr. Cook said in the Businessweek interview. “But I think we do have a responsibility to create jobs.”

The company plans to spend $100 million on the American manufacturing in 2013, according to the interviews, a small fraction of its overall factory investments and an even tinier portion of its available cash.


http://www.nytimes.com/2012....emc=rss


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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

- John Kenneth Galbraith
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