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Thread: How GOP Tax Plan Will Slam Small Businesses

  1. #11
    Southern Strategy Liberal OldGaffer's Avatar
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    No one but "in the bag" right wingers actually believes that tax cuts for corporations is going to raise wages for American workers. Hell, even the corporations admit it. Those increased profits are going directly into the pockets of the donor class, the architects and controllers of the GOP's so called "tax reform" plan.

  2. #12
    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by labrea View Post
    I guess small business owners aren't able to invest in politicians like the billionaire class does.
    Wanna hear some REAL irony and 'fishiness'. Many small business owners belong to the NFIB, National Federation of Independent Businesses. They gave a THUMBS DOWN to this tax plan! One week later they 'changed their minds'. WHAT HOUSE MEMBER PROMISED THEM WHAT?
    Thanks from labrea

  3. #13
    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by publius3 View Post
    Well, like what? Because the LLC still calculates its profits just like any other business, if the expense is a legitimate business expense, its deductible from the gross. Like I said, you could just as well pay yourself and 'zero' out the profit at the LLC level. It doesn't matter.
    Any small business owner who is deducting property taxes to get his/her total tax liability down, or pays state and local taxes, or is helping with his kid's GRADUATE tuition, or has or any family member has a chronic illness requiring out of pocket expenses, or belongs to a club or professional organization that they have to pay dues to, or has as spouse that is a TEACHER who buys supplies out of pocket--all those deductions are GONE!

    (Those are just the ones I know about. I wonder how many I don't know about or are going to be THROWN IN at the last minute so that the fiscal hawks get that DEFICIT INCREASE down below the $1,500,000,000,000 threshold to do the deal??)

    (Is that how you write a trillion??)
    Last edited by cpicturetaker12; 24th November 2017 at 06:52 AM.

  4. #14
    Southern Strategy Liberal OldGaffer's Avatar
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    Republicans, funneling the wealth of the nation to the 1% for 150 years.....

    According to The New York Times, the richest 1 percent in the United States now own more wealth than the bottom 90 percent.
    Now they are trying to move that number closer to 100%

  5. #15
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    Quote Originally Posted by cpicturetaker12 View Post
    Any small business owner who is deducting property taxes to get his/her total tax liability down
    Property taxes paid on a business property still deduct from the profit of the business.

    Quote Originally Posted by cpicturetaker12 View Post
    or pays state and local taxes, or is helping with his kid's GRADUATE tuition, or his or any family member has a chronic illness requiring out of pocket expenses, or belongs to a club or professional organization that they have to pay dues to, or has as spouse that is a TEACHER who buys supplies out of pocket--all those deductions are GONE!
    And now the standard deduction is $24k.

    70% of filers do not itemize. Of the 30% who do itemize, most itemize less than 24k, but even so, for those who do itemize more than 24k, surely you must realize their incomes tend to be much higher.

    What happens under current law?

    Individuals are not allowed certain deductions in computing AMT that are allowed for regular tax. No deduction is allowed for personal exemptions or for the standard deduction. The phase-out of itemized deductions does not apply. No deduction is allowed for state, local, or foreign income or property taxes.


    Quote Originally Posted by cpicturetaker12 View Post
    [/B](Those are just the ones I know about. I wonder how many I don't know about or are going to be THROWN IN at the last minute so that the fiscal hawks get that DEFICIT INCREASE down below the $1,500,000,000,000 threshold to do the deal??)

    (Is that how you write a trillion??)
    This has nothing to do with the issue of the thread which is whether the 25% tax on pass-thru income would hurt small businesses.
    Thanks from Libertine

  6. #16
    Southern Strategy Liberal OldGaffer's Avatar
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    Lloyd Doggett says 80 percent of Republican-sought tax cuts flow to wealthiest 1 percent
    S. Rep. Lloyd Doggett of Austin, whose district runs south into San Antonio, said in his Sept. 30, 2017, House floor remarks: "Eighty percent of the tax breaks in this proposal go to the top 1 percent--that is, people making more than $730,000 a year."
    Tell us again how great these "middle class and poor" tax cuts are going to be.


    http://www.politifact.com/texas/stat...can-sought-ta/

  7. #17
    Veteran Member TNVolunteer73's Avatar
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    Quote Originally Posted by labrea View Post
    NOV 8, 2017 @ 09:19 AM

    John Wasik

    Here's a pitch that's pure bamboozlement: The new GOP tax plan will create jobs because tax rates will be lower for businesses.

    Let's qualify that statement a bit: While global corporations and those specializing in pass-through income fare especially well, small businesses will get creamed with higher tax rates under the current plan.

    The reason why the GOP plan is so toxic for the smallest of firms and job growth is that these entities generate about two-thirds of new jobs, according to the Small Business Administration. If they have to fork out more to Uncle Sam, they certainly won't be hiring more workers.

    Since small firms are the bedrock of our local economies, raising taxes on small firms is not only wrong, it's un-American. We stay in our communities. More than half of us work at home. The GOP should go back to the drawing board. Their plan is going to hurt some 30 million businesses.

    https://webcache.googleusercontent.c...&ct=clnk&gl=us
    Small businesses gain the most.

    1. Most Small Businesses pay taxes based on the INDIVIDUAL RATE (of which will be lower)
    2. The minority of the small buisinesses pay taxes based on the Corporate rate (Which will be lower)
    3. Most small businesses need to invest in infrastructure which they can deduct in the first year 100%

    so please understand DEMOCRATS ARE LIARS...

  8. #18
    Dick with my Buzz...Try DebateDrone's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Tell us again how great these "middle class and poor" tax cuts are going to be.


    Lloyd Doggett says 80 percent of Republican-sought tax cuts flow to wealthiest 1 percent | PolitiFact Texas
    And to add a exclamation point to that...the GOP is making tax cuts to corporations and the most wealthy permanent.

    And tax cuts to the middle class and small business are not. Those tax cuts expire in 2025.


    It is like the GOP learned nothing from Bobby Jindal and other Red State governors that depeleted state coffers to give massive tax cuts to the wealthy and middle class. It put the states in the poor house.

    No new business investments were created...just massive debts and shrinking services to the people of the state.
    Last edited by DebateDrone; 24th November 2017 at 07:46 AM.

  9. #19
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by TNVolunteer73 View Post
    Small businesses gain the most.

    1. Most Small Businesses pay taxes based on the INDIVIDUAL RATE (of which will be lower)
    2. The minority of the small buisinesses pay taxes based on the Corporate rate (Which will be lower)
    3. Most small businesses need to invest in infrastructure which they can deduct in the first year 100%

    so please understand DEMOCRATS ARE LIARS...
    And Republicans are stupid. The middle class tax cuts expire, the ones for the 1% do not.

  10. #20
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    Quote Originally Posted by publius3 View Post
    Well, like what? Because the LLC still calculates its profits just like any other business, if the expense is a legitimate business expense, its deductible from the gross. Like I said, you could just as well pay yourself and 'zero' out the profit at the LLC level. It doesn't matter.
    Hmm - doesnt that destroy the argument that current tax levels on business profits prevent them from hiring?

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