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The Bad Tax Bill For Small Business Owners

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The Bad Tax Bill For Small Business Owners

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Old 11-15-2017, 04:15 AM
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Dominant Buck
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Default The Bad Tax Bill For Small Business Owners

So I heard Paul Ryan last night explain what this bill means for Small Business Owners. Conclusion, disaster for 80% of the businesses in America which creates the majority of the jobs.

How it works, the small business owner will be forced to pay the higher rates all the time or get penalized for not doing it. Income from the business will be taxed at the individual rate while business profits will get the lower business rate. So any money not taken from the business and tax at the higher rate will get double taxed if pulled out the following year, the lower business rate and then the individual rate the next.

The Republicans have screwed this up so bad now that they have accepted the Democrat's arguments. It's called the Democrats are running circles around the Republicans and kicking them in the jewels with the press as they go by.
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Old 11-15-2017, 05:01 AM
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You claim the sky is falling, but you don't cite your source?
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Old 11-15-2017, 05:03 AM
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At the same time, if it passes, it will always be referred to as "trickle down." You are right, and people will mistake it for conservatism.
I was hoping for a real supply side pour down.

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Old 11-15-2017, 05:07 AM
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The sad part is just like health care, it doesn't really matter what passes. Just as long as there is something to sign.

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Old 11-15-2017, 05:07 AM
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Originally Posted by sachiko View Post
You claim the sky is falling, but you don't cite your source?
Perhaps try reading, it's fundamental.
So I heard Paul Ryan....
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Old 11-15-2017, 05:39 AM
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Originally Posted by Fieldmouse View Post
Perhaps try reading, it's fundamental.
Then cite something we can read, other than your opinion.
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Old 11-15-2017, 05:56 AM
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Originally Posted by sachiko View Post
Then cite something we can read, other than your opinion.
What do you care? So far all we've got out of you is "It's a good bill so far. I like it." What a joke. You should try and act like you earned your PHD and do a little bit of learning on your own. It's not like you've been able to do anything but at like a typical Democrat would and goose step to anything that would be deemed a win for Trump.

I will go further regarding Ryan's lies last night. He said overall on average, the majority will get a tax cut under their plan. That's a lie on the face of it. We have half the people in the US no longer paying taxes. How do they get a tax cut? Answer, they don't. We the earners must fork over more of our wallets to give them more profits off the tax code.

This bill was supposed to simplify the tax code and provide tax cats for all. 3 tax brackets. Instead, they wiped out many of our deductions, capped the rest. This isn't what they ran on. It's called bait and switch just to give Trump a win.
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Old 11-15-2017, 06:37 AM
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I know--I know--its against my better judgement but sometimes I just cant help myself-----FM have you read the entire bill ? If not shut the )()*^ up ! we really do not care or need your rehashed thoughts from MSNBC about anything
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Old 11-15-2017, 07:38 AM
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Originally Posted by Fieldmouse View Post
So I heard Paul Ryan last night explain what this bill means for Small Business Owners. Conclusion, disaster for 80% of the businesses in America which creates the majority of the jobs.

How it works, the small business owner will be forced to pay the higher rates all the time or get penalized for not doing it. Income from the business will be taxed at the individual rate while business profits will get the lower business rate. So any money not taken from the business and tax at the higher rate will get double taxed if pulled out the following year, the lower business rate and then the individual rate the next.

The Republicans have screwed this up so bad now that they have accepted the Democrat's arguments. It's called the Democrats are running circles around the Republicans and kicking them in the jewels with the press as they go by.
i will have to see the actual bill but none of this makes sense. As someone who does taxes for a living I often hear nontax people trying to explain how something works and its usually wrong lol.

the only corporation that currently is subject to possible "double taxation" is the regular corporation, also known as the a "c-corp". All the other business types are whats known as pass thrus...these would be your s-corporations, partnerships, sole-proprietorships. etc/ Most of your small businesses (depending on your definition of small) these days are one of these....and in those the company doesnt actually pay any tax, the income ends up on the individual's personal tax return (hence the term pass-thru) where the taxes are paid at whatever the individuals personal tax rate is. There are weird little exceptions, etc to all i just said but thats how it works for the most part.
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Old 11-15-2017, 08:20 AM
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Originally Posted by scottycoyote View Post
i will have to see the actual bill but none of this makes sense. As someone who does taxes for a living I often hear nontax people trying to explain how something works and its usually wrong lol.

the only corporation that currently is subject to possible "double taxation" is the regular corporation, also known as the a "c-corp". All the other business types are whats known as pass thrus...these would be your s-corporations, partnerships, sole-proprietorships. etc/ Most of your small businesses (depending on your definition of small) these days are one of these....and in those the company doesnt actually pay any tax, the income ends up on the individual's personal tax return (hence the term pass-thru) where the taxes are paid at whatever the individuals personal tax rate is. There are weird little exceptions, etc to all i just said but thats how it works for the most part.
agreed, that's how it's done today. What they are talking about is trying to sell this corporate tax cut as also helping the small business owner while making sure the Arron Rogers of the world (Paul Ryan's words) can't set up an LLC Arron Rodgers and get this lower tax rate. So my point is that it's a gimmick. It's a wash because if you don't pull the money out the same year at the higher rate, you get nailed twice. Maybe they will have a two years and it becomes capital gains but even then you're getting nailed twice. This isn't going to help the little guy.
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