Obamacare

Page 34 of 57 [ 899 posts ] Go to page Previous 1 ... 31, 32, 33, 34, 35, 36, 37 ... 57 Next

Previous topic | Next topic

adb
Veteran
Veteran

Joined: 27 Aug 2012
Age: 53
Gender: Male
Posts: 532

04 Nov 2013, 3:49 pm

GoonSquad wrote:

Nobody is paying 40-50% tax on income.

40-50% of my work on an annual basis is consumed by direct and indirect taxation (including regulatory compliance). This is a number I track -- in FY 2012, it was 44.5%.

sonofghandi
Veteran
Veteran

Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)

04 Nov 2013, 4:17 pm

adb wrote:

GoonSquad wrote:

Nobody is paying 40-50% tax on income.

40-50% of my work on an annual basis is consumed by direct and indirect taxation (including regulatory compliance). This is a number I track -- in FY 2012, it was 44.5%.

Expenses due to federal regulation are fully tax deductible. Are you including expenses for employee health benefits?

I would also ask if your figure is before or after adjusting for tax refunds/rebates. If it is after, I would seriously look at finding a quality business consultant and a halfway decent business accounting consultant (preferably with a specialty in business and/or tax accounting).

_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche

adb
Veteran
Veteran

Joined: 27 Aug 2012
Age: 53
Gender: Male
Posts: 532

04 Nov 2013, 5:20 pm

sonofghandi wrote:

Expenses due to federal regulation are fully tax deductible.

Tax deductions reduce your the taxable income. It doesn't remove the expense -- it just makes it slightly less.

Quote:

Are you including expenses for employee health benefits?

For administrating it, yes.

Quote:

I would also ask if your figure is before or after adjusting for tax refunds/rebates.

I'm not sure what you're asking here. A tax refund/rebate is something you get when you overpay on your taxes.

Quote:

If it is after, I would seriously look at finding a quality business consultant and a halfway decent business accounting consultant (preferably with a specialty in business and/or tax accounting).

I have a CPA.

Have you run a company?

sonofghandi
Veteran
Veteran

Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)

04 Nov 2013, 5:36 pm

adb wrote:

Have you run a company?

I do quite a bit of consulting work in the business arena, especially with veterans, which is why I got my MBA in the first place. Does that count?

_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche

sonofghandi
Veteran
Veteran

Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)

04 Nov 2013, 5:41 pm

adb wrote:

Tax deductions reduce your the taxable income. It doesn't remove the expense -- it just makes it slightly less.

If your deductions to revenue are that high, it should reduce your tax liability by more than just "slightly less."

adb wrote:

Quote:

Are you including expenses for employee health benefits?

For administrating it, yes.

And you are counting that as a tax and not a business expenditure?

adb wrote:

Quote:

I would also ask if your figure is before or after adjusting for tax refunds/rebates.

I'm not sure what you're asking here. A tax refund/rebate is something you get when you overpay on your taxes.

You may want to have your CPA sit down with you and explain it to you. Once your tax liability is reduced, you get a refund. There are also many tax credits which businesses are eligible for. So does your taxes paid percentage include the revenues from tax refunds?

adb wrote:

I have a CPA.

It seems to me that you may want to find a better one.

_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche

adb
Veteran
Veteran

Joined: 27 Aug 2012
Age: 53
Gender: Male
Posts: 532

04 Nov 2013, 6:29 pm

sonofghandi wrote:

I do quite a bit of consulting work in the business arena, especially with veterans, which is why I got my MBA in the first place.

I like that. Veterans are in a tough spot right now on the employment front, so it's good to see them getting help with entrepreneurship.

Quote:

Does that count?

I wasn't looking for credentials. I was just curious about your background.

Kraichgauer
Veteran
Veteran

Joined: 12 Apr 2010
Gender: Male
Posts: 48,710
Location: Spokane area, Washington state.

04 Nov 2013, 6:34 pm

adb wrote:

Kraichgauer wrote:

The difference is, those people who are taxed 40-50% of their income can afford it. The rich never went broke from taxation (taxation on the rich was even higher under Eisenhower, a Republican). Who's supposed to carry the tax burden, those who can't bear the burden?

It's pretty selfish to think that you should have a claim on someone else's production. Just because they can afford it doesn't mean we should take it away.

Quote:

And as a matter of fact, I think one's compassion is gauged as wanting when one believes the needy shouldn't receive help, but should either pull themselves up by their bootstraps or die. And that describes the position of conservatives, not liberals.

I don't think it's intellectually honest to claim that beliefs are a better measure of compassion than charitable contributions, and there is no evidence to support that liberals are more charitable than conservatives.

Taxation is selfish? Taxes literally make the county run. And even if it is, it's unconscionable to demand taxation from the poor, as they would be financially devastated if the burden would be placed on them.

_________________
-Bill, otherwise known as Kraichgauer

auntblabby
Veteran
Veteran

Joined: 12 Feb 2010
Gender: Male
Posts: 114,603
Location: the island of defective toy santas

04 Nov 2013, 6:37 pm

"don't take me, don't tax thee, tax that man sitting under that tree."

sonofghandi
Veteran
Veteran

Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)

04 Nov 2013, 6:52 pm

adb wrote:

Quote:

Does that count?

I wasn't looking for credentials. I was just curious about your background.

It is only my weekend work. It isn't really running a business.

_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche

adb
Veteran
Veteran

Joined: 27 Aug 2012
Age: 53
Gender: Male
Posts: 532

04 Nov 2013, 6:58 pm

sonofghandi wrote:

If your deductions to revenue are that high, it should reduce your tax liability by more than just "slightly less."

I'm not talking about reducing my tax liability. I'm talking about how much of my potential profit is consumed by government.

Quote:

adb wrote:

Quote:

Are you including expenses for employee health benefits?

For administrating it, yes.

And you are counting that as a tax and not a business expenditure?

I count it as a business expense. I lose time and money to regulatory requirements in providing health care benefits, so I count it. I consider time and money that I spend doing stupid regulatory tasks to be an indirect tax. Also, as an S-corp, I also have to pay taxes on my own insurance.

Quote:

adb wrote:

Quote:

I would also ask if your figure is before or after adjusting for tax refunds/rebates.

I'm not sure what you're asking here. A tax refund/rebate is something you get when you overpay on your taxes.

No self-respecting small business owner gets a tax refund. Overpaying estimated is poor financial planning. And of course I don't count deductible expenses and credits.

Quote:

adb wrote:

I have a CPA.

It seems to me that you may want to find a better one.

You're making assumptions, getting a bit self-righteous, and taking this entirely off topic. Accept that I know what I'm doing when it comes to running my company and calculating what government costs me. I am the expert when it comes to starring in my own anecdotal evidence.

adb
Veteran
Veteran

Joined: 27 Aug 2012
Age: 53
Gender: Male
Posts: 532

04 Nov 2013, 7:03 pm

Kraichgauer wrote:

It's selfish to act entitled to the fruits of someone else's labor.

I'm not demanding taxation from the poor -- I don't think they should be forced to pay for other people any more than I should be. If I'd demand anything, it would be an end to the entitlement attitude.

AspE
Veteran
Veteran

Joined: 31 Dec 2007
Gender: Male
Posts: 4,114

04 Nov 2013, 7:14 pm

adb wrote:

Kraichgauer wrote:

It's selfish to think that the wealth of the planet is your own personal wealth.

Mamselle
Snowy Owl

Joined: 24 Oct 2013
Age: 60
Gender: Female
Posts: 131

04 Nov 2013, 7:15 pm

adb wrote:

Kraichgauer wrote:

Yeah, let's start with the "entitlement" of the military, which costs all of us way more money in taxes than everyone who gets welfare, food stamps, or Section 8 housing put together.

auntblabby
Veteran
Veteran

Joined: 12 Feb 2010
Gender: Male
Posts: 114,603
Location: the island of defective toy santas

04 Nov 2013, 7:18 pm

Mamselle wrote:

adb wrote:

Kraichgauer wrote:

Yeah, let's start with the "entitlement" of the military, which costs all of us way more money in taxes than everyone who gets welfare, food stamps, or Section 8 housing put together.

yes, that is an example of righties straining at gnats [social welfare programs benefiting their fellow citizens] but swallowing camels whole [buying into the whole military industrial/congressional complex corruption]. hypocrisy at its worst.

GoonSquad
Veteran
Veteran

Joined: 11 May 2007
Age: 55
Gender: Male
Posts: 5,748
Location: International House of Paincakes...

04 Nov 2013, 7:25 pm

adb wrote:

Kraichgauer wrote:

What about the I-don't-owe-anyone-a-damn-thing attitude that comes from the I-did-this-on-my-own fallacy?

[youtube]http://www.youtube.com/watch?v=i-P-CoSNYaI[/youtube]

_________________
No man is free who is not master of himself.~Epictetus

Kraichgauer
Veteran
Veteran

Joined: 12 Apr 2010
Gender: Male
Posts: 48,710
Location: Spokane area, Washington state.

04 Nov 2013, 8:57 pm

adb wrote:

Kraichgauer wrote:

Again - how the hell is government going to get anything done? How is national defense going to be paid for? How about the upkeep of the infrastructure? Let alone, who is going to pay for fire and police protection? And I seriously doubt anyone is going to donate money out of the goodness of their hearts for these and other things government provides. Taxation is a b***h, but it's something human beings have to live with in order to enjoy a productive government and society.

_________________
-Bill, otherwise known as Kraichgauer

Page 34 of 57 [ 899 posts ] Go to page Previous 1 ... 31, 32, 33, 34, 35, 36, 37 ... 57 Next

Jump to:

Obamacare Post Reply New Topic

Obamacare