Originally Posted by
ironeagle2006
http:///forum/post/2799011
Look at things this way here were I live there is a small trucking company with 7 trucks . They employ 9 drivers 2 trucks have teams in them have 2 mechanics on full time and 2 dispatchers to keep the trucks running and 2 others in the office to keep the books and logsbooks and do the payrooll. I asked the owner I am good friends with him what his tax bill was for last year. He told me it was 360 thousand dollars for all the kinds of taxes he pays fuel road Highway usage income Social Sercurity and such. I then asked him what he would pay under Barack Obama he told me it would go UP to get this 650 thousand dollars a year. He last year made a profit of 30 grand HOW IN THE HELL IS HE SUPPOSED T PAY THAT EXTRA 260 thousand bucks under Obama. He more than likely will have to close his doors and put 15 hard working people OUT OF WORK. He got his figures from his CPA who used the figures form the Obama website.
Well, lets do some math.
$30,000 profit @ 35% corporate tax rate= $10,500 in taxes. Not quite the $360,000 stated above. If it is not incorporated, and your friend pays himself 220,000, then :
$250,000 @ 35% = $87,500, then under obama 250K @ 38%= $95,000.
Leads me to believe one of the numbers he gave you is incorrect, granted SS etc. is not included in this, but the pure numbers show that something is fishy.
So:
Assume 35% corporate rate:
$360,000/.35= $1,028,571 profit before taxes. If his company makes this much and he is incorporated, his taxes don't change under Obama.
Everyone keeps saying that Obama will kill business, but he hasn't talked about raising business tax now has he. He has talked about personal income tax for 5-6% of the population, and anyone who makes a significant business profit are incorporated, therefore business is the same. There can be an argument made about start-ups, but I find it to be null as those in the highest tax bracket have easy access to credit in our normal economy.
