ST Alpha - "Obama wants to tax 250k of the gross business income or the gross income of the owner? -- nm" (Reading a Post)

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In response to "any small biz, especially one in construction and home contracting, will be incorp'd and not run as a sole prop if they are making more than 250k" by zeitgeist

Obama wants to tax 250k of the gross business income or the gross income of the owner? -- nm

Posted by lileve (aka lileve) Oct 16 '08, 11:58

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Responses:

Look! His site has a FAQ that answers this very question! -- (link) - TWuG Oct 16, 12:02 7
- Nice, thanks. -- nm - lileve Oct 16, 12:05
- but Obama is wrong. gross things should be taxed - I'd like to tax people who fart in elevators -- nm - crash davis Oct 16, 12:04 5
  - Tax fat cats so we can feed poor cats in humane shelters -- nm - zeitgeist Oct 16, 12:06
  - He views that as a matter for the courts, not the IRS. Elevator Farters would be subject to civil penalties on par with parking in a handicap space - TWuG Oct 16, 12:06 3
    - but taking it out of taxes and putting back into civil would make it a matter for states, and some states would let elevator farters get away with it -- nm - crash davis Oct 16, 12:08 2
      - wonders what the handicapped pass would look like, (the ones issued to gastrically challenged people) - zeitgeist Oct 16, 12:12
      - Not so. States refusing to regulate EFs would lose Federal Elevator Funds. -- nm - TWuG Oct 16, 12:11
taxes are paid on income after deductions which includes all your expenses like materials, overhead, advertising, employees pay/benes so yeah, its net - zeitgeist Oct 16, 12:01
I am sure it is always net income. -- nm - not2fast Oct 16, 12:01
You don't tax gross income. Obama hasn't proposed anything like that. -- nm - pmb Oct 16, 12:00 11
- What does we want to tax. Net profit then? Of the business or the owner? -- nm - lileve Oct 16, 12:02 10
  - It's always net income and whether it is the business or owner depends on how the business is formed. - pmb Oct 16, 12:05 8
    - How about incorporations? -- nm - lileve Oct 16, 12:06 7
      - There are S corporations and C corporations and I described them above. -- nm - pmb Oct 16, 12:07 6
        
        never heard them refered that way sorry. -- nm - lileve Oct 16, 12:09 5
        
        P.S.: Thanks for making it into place english. I'm going need to know this info when I start my own biz. But thats not for a while. -- nm - lileve Oct 16, 12:09 4
        
        what kind of business are you looking to start? if you'll indulge my curiosity... -- nm - znufrii Oct 16, 12:11 3
        
        Advertising and Graphic Design Firm. It will be years though. -- nm - lileve Oct 16, 12:16 2
        
        good luck to you if and when if finally happens! -- nm - znufrii Oct 16, 12:19 1
        
        Thanks! -- nm - lileve Oct 16, 12:20
  - that would depend on the type of bussiness - tRuMaN Oct 16, 12:05

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