Does Obama make the future brighter for your business and the world?
Now that the new president elect is making himself comfortable in the White House, we would like to know how small business owners feel about the future under his leadership?
Will your business flourish under him or get hurt by new taxes? Will he end up making a positive impact on the nation and the world?
Replies to This Discussion
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Permalink Reply by Josephine Payge on -
I live in the UK and I can tell you this much, your new president elect makes the mighty USA look a whole lot more attractive in so many ways. I won't be affected by his tax plans but I will be affected by his foreign policies. I think it is absolutely wonderful that you have him as the leader of the free world! Many congratulations! His influence will most definitely be positive - it already is.
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Permalink Reply by Don Mahoney on -
Hey Chuck we need to talk so I can help you with business issues and your tax liabilities. Now to answer the question...This is the greatest country on earth! It may suck for some but you know what...I rather be here than anywhere else; especially when it comes to making money. I have been to other countries and even own property in other countries but OUR country affords us a priviledge that no other can compare to. It is very easy to make money here and there are more than enough tax loopholes in place for people to keep most if not all of what they earn. Would you rather be in Canada? 50% tax across the board. It is insane. I can see 10% but 50%. That is how they can afford to pay for socialized heathcare.
So the answer is YES to the fact that my businesses will flourish regardless of who is sitting in the White House and unless the IRC Code is going to undergo a complete overhaul which is highly unlikely, I am not worried about what the new tax plan means to me or the company I keep. It is just not a concern if you have the right tax shelters in place. So Chuck, let me help you buddy to keep Uncle Sam out of your wallet! Check me out at www.thetaxking.blogspot.com.
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Permalink Reply by Wattlebee on -
Hi, congrats on your new president. He is young, energetic, humble. I hope he has the sense to surround himself with the right people to get your country through the times ahead. As for yourselves, just get creative and constructive with your finances, consult with people you trust for advice on reducing your taxes. The fact that you're all at this discussion site indicates you're pretty open minded so I reckon you're all going to get through this . Let you're government worry about your illegal immigrants and you can pay attention to building your wealth.
Cheers everyone
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Permalink Reply by Abdol Rahim Mirza on -
I have no clear idea yet about Obama's plan. As an overseas resident, I will wait for a while to see what will happen.
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Permalink Reply by Nikki on
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Raising Taxes on "Top 5%" Would Punish Small Employers and Ordinary American Workers
Despite the slowing economy, President Barack Obama admits that he will raise taxes. But, he assures us, only on the top 5% of income earners in America.
There's one problem with that - most taxpayers filing as individuals in the top income brackets are actually small businesses, which create most new jobs in America.
At first glance, many ordinary Americans struggling to make ends meet and put food on their tables might set aside their traditional opposition to higher taxes, and welcome tax increases for those who can presumably afford it. This is especially true during an economic slowdown, and as news continues to arrive regarding irresponsible corporate executives driving companies such as Lehman Brothers or Bear Stearns into the ground.
When times are tighter, a "soak the rich" agenda has a certain superficial appeal to many voters. After all, why shouldn't fat cats pay an even greater share of the nation's taxes, since they continue to prosper while working families struggle? While working families strain to put food on their tables and gasoline in their automobiles, why shouldn't those in the top five percent bracket pay an even higher share of taxes?
This is an understandable sentiment.
As understandable as it may be among struggling families, however, here is the problem. Because most of those filing in the upper five percent are actually small businesses, which create most new jobs in America, many of those families will go from struggling to put food on their tables to not being able to put food on their tables at all. And they'll go from having difficulty filling their gas tanks to not being able to fill their tanks at all.
To explain, one must understand an important - but little-known and little-discussed - fact about individual income tax filers.
Namely, that most small business owners, otherwise known as "S corporations" or "S-corps," file taxes as individuals. This is not merely some sort of legal trickery or deceitful sleight-of-hand. Rather, this serves a very important purpose.
Small businesses file as individuals for the very good reason that it helps them avoid the double-taxation trap if they instead chose to file as corporations. Under our tax code, businesses organized and filing as conventional corporations, rather than as individuals, are considered separate legal entities from their shareholders. Accordingly, double-taxation occurs because corporations first pay taxes on their annual earnings, just as any individual filer would do. Then, however, the corporations' shareholders pay taxes a second time on the dividends that they receive. This occurs despite the fact that the very dividend income on which shareholders are paying taxes was already taxed a first time at the corporate level.
Therefore, in order to avoid this penalty of double-taxation, a majority of small businesses file as individuals, or S corporations. In exchange, they give up the advantage that conventional corporations enjoy of being able to pay dividends to their shareholders. And, in order to qualify as an individual S-corp, these businesses cannot have more than 100 shareholders. So there are advantages and disadvantages to filing under either status.
But here's where it matters to working Americans, and why they should resist the allure of "taxing the rich."
According to Internal Revenue Service (IRS) data, fully 75% of individual tax filers in the top bracket are actually small businesses. More importantly for purposes of working Americans, small businesses create 75% of new jobs in America.
We the people should therefore ask ourselves whether small businesses encountering softening economic conditions would be more willing, or less willing, to hire new workers after their taxes are raised. Are higher taxes more likely, or less likely, to make them invest in productive activities, innovation and putting people to work? Why do you think all these retailers are closing down, they know the facts.
Recent experience seems to answer these questions very clearly.
Prior to the 2003 tax cuts, the American economy lost 540,000 jobs in 2002, and 287,000 jobs in the first quarter of 2003. After the tax cuts, GDP growth went from 1.2% to 3.5%, and we added 311,000 new jobs in the fourth quarter of 2003 alone. By 2006, America was adding over 2.3 million new jobs. Considering the impact of the 2001 Clinton stock-bubble recession, the 9/11 attacks and Enron-type scandals, this recovery was nothing short of astounding.
History teaches again and again that lower taxes boost job growth and the economy, whereas tax increases weaken the economy and deter growth. Because tax increases on the "top 5%" will actually punish small businesses, all Americans must be very careful to consider the possible impact on their daily lives.
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Founded in 1998, the Center for Individual Freedom is a non-partisan, non-profit organization with the mission to protect and defend individual freedoms and individual rights guaranteed by the U.S. Constitution.
--------------------------Folks there is a much bigger agenda here and it's to position the USA to a one world order plan so we a are weaker to fight them when it happens.
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Permalink Reply by ReddWine on -
Nikki: What you say is frightening. BUT, I totally agree with you. I have a gut sinking feeling about my grandchildrens future with Obama as the president. This will not be a good thing.
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Permalink Reply by Ray Johnson on -
OBAMA IS A SOCIALIST
A shame that over 50% of the USA is now socialist !
Obama is a politician and WILL SAY anything to get elected ,
He is only a man and not a God ! This country does not have enough money to
fund his non sense policies !!!! The poor will suffer under his so called leadership !!!You should be scared !!!
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Permalink Reply by KCN/Mish on -
Very well said Anne Martin. Let's not all forget that interview with McCain when HE said he didn't know anything about Economics. That it wasn't his strength. McCain wasted time with pettiness and never outlined in his speeches what his economic policies were specifically. Obama was very clear on his economic plan.
Just imagine if McCain and the Republicans privatized Social Security. All of you who are complaining about your money and have a retirement fund (IRA) etc, you would be losing most if not ALL of your money on Social Security right now due to the markets collapsing.
Another point....as for McCain and Palin in office, if he were to drop dead, and he were the President, Palin would become President. She is not qualified in being Commander in Chief. She would drive our country into a deeper mess, a catastrophe is more like it, due to her lack of knowledge and experience. No wonder the Republicans didn't want her out there more. Hiding her from the media, reporters and everyone. They both were screwing up big time, thinking the fundamentals of the economy were strong, when everything was collapsing around us. The maximum age for politicians to run for president should not exceed over 65.
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Permalink Reply by Virginia Whipple on -
Although Obama is not yet in the White House, the gas prices dropped immediately dropped after his election...a good omen!
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Permalink Reply by ReddWine on
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Actually the price of gas started going down before the election in Texas. So Obama had nothing whatsoever to do with that one.
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Permalink Reply by Ray Johnson on
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REDDWINE IS SMART AND DOESN'T LISTEN TO ALL THE HYPE !
GO TEXAS !!!!
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Permalink Reply by Chuck Madere on -
Does Obama make the future brighter for your business and the world?
It does not matter who is in the White House for they that sit at the desk in the oval office are just cookie cutter presidents that the elite have decided to put there. OH!, did you actually think that your vote had something to do with who is president now?
The banks put the presidents into office. You see the picture of the Federal Reserve Note. Cost the Federal Reserve about 7 cent per bill. Do you know who pays the rest? Answer: You Do.
So my answer is "No"
Chuck Madere
Let's Get Growing
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