Chandler on paying taxes

[RobinsontoDuncan]

Bless your heart, you have no idea what the you're talking about.

People I Personally Know Who Own or Have Owned Small Businesses in Which They Made Over $250,000 a Year

Person #1: energy trader. Had a stake in an commodity brokerage firm. Employees: less than 10, as in himself and his partners.
Person #2: an actuary by trade who left his firm and became a freelance commercial real estate appraiser. Does some development on the side. Employs 1 clerk.
Person #3: runs his own tax office. Employees: 6
Person #4: brokers surplus pipe in exotic alloys. By himself.

Doesn't sound like any of these examples are people that would a) cut jobs or b) cant afford to pay the taxes they were paying before the Bush tax cuts

[Shelly]

[Wild Cobra]

Yet, his intentions are to let the Bush tax cuts expire ... which would make the taxes of 100% of the people that actually pay taxes go up. So he wouldn't be lying, it's not going to be HIM raising taxes because those weren't his in the first place. Pretty sneaky, huh? I believe that particular catch-phrase is "No NEW taxes!!"

This is true. However, McCain has said he wants to keep the Bush Tax Cuts even though he was against them originally. He says they would effectively be a tax increase when congress lets them expire. What bothers me is that McCain did also use the term Tax Credit. I do think he meant to increase the exceptions, but I could be wrong.

Now Obama and the democrat controlled congress has no intention of reauthorizing the Bush Tax Cuts. We will all see our taxes go up unless congress somehow goes back to the republicans.

[Wild Cobra]

Doesn't sound like any of these examples are people that would a) cut jobs or b) cant afford to pay the taxes they were paying before the Bush tax cuts

Well, small businesses file taxes under the income tax system rather than corporate tax system. About 75% of the "Above $250,000" tax filers are small businesses, not individuals. When you increase their taxes, they have to make up the difference by either laying off people, not highering more, raising prices, or going out of business because they can no longer survive.

Raisin taxes on the "rich" will hurt our conomy without excluding these filers from the increase.

[Shelly]

Well, small businesses file taxes under the income tax system rather than corporate tax system. About 75% of the "Above $250,000" tax filers are small businesses, not individuals. When you increase their taxes, they have to make up the difference by either laying off people, not highering more, raising prices, or going out of business because they can no longer survive.

Raisin taxes on the "rich" will hurt our conomy without excluding these filers from the increase.

I'm glad you brought this up because this is true. My dad's business is a Corporation, but the company doesn't pay the tax due, he does.

My husband and I are a S Corp and our business tax ties in with our personal return.

[Supergirl]

Bless your heart, you have no idea what the you're talking about.

People I Personally Know Who Own or Have Owned Small Businesses in Which They Made Over $250,000 a Year

Person #1: energy trader. Had a stake in an commodity brokerage firm. Employees: less than 10, as in himself and his partners.
Person #2: an actuary by trade who left his firm and became a freelance commercial real estate appraiser. Does some development on the side. Employs 1 clerk.
Person #3: runs his own tax office. Employees: 6
Person #4: brokers surplus pipe in exotic alloys. By himself.

Raise your hand if these are the types of "small businesses" that come to mind when you picture a "Small business"...

I'm pretty sure most people picture store owners, restauranteurs, things of that ilk...

Again, if your business is making more than 250K a year - small or otherwise - it's reasonable to expect to pay more in taxes. Why should people making 40-50 K a year continue to shoulder the bill like they've done under Bush