Originally Posted by
sickboy
http:///forum/post/2802616
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.
In either one of those tax formulas ,taxes are to high for the 200k and up and also the 200k and down.Our current tax system sucks and we are paying to much to a congress who is financially irresponsible.
Its been over 200 years of this and it may be time for a second" Boston Tea Party" in a peaceful manner of course.
Unless we can get a full and complete change of personnel in out current federal government. Get rid of the all the politicians and replace them with people who want to do whats best for "We The People" and not "We the Congress" with the biggest check book in the world ,nothing will change.It makes me laugh to hear them scold the likes of AIG and yet they do the same. We need change all right ,not to socialism or any other form of government ,we need a change of personnel all the way down the board.We need people like "Joe the Plumber" or Ed the Carpenter ........And not Lawyers and professional Politicians.We need to find away to get rid of this failing 2 party system that is constantly at odds with themselves while "We the People" suffer, while the democrats and republicans fight a unending war for power and control of our check book to squander our money away.Maybe we need to do away with the Electoral College and go with the popular vote so then when you or i go to vote it really counts.