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aztek

America's small businesses are biggest losers

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aztek
Posted (edited)
Quote

The biggest losers of Tuesday night's Georgia Senate runoff elections are American small businesses, which now must contend with Democratic one-party rule in Washington, D.C.

As a result, Democrats have a governing trifecta that will allow them to implement their anti-business agenda of massive tax hikes, a health care public option, and energy, environmental, and labor regulations. Small businesses, which have been decimated by the pandemic yet were optimistic about 2021, will bear the brunt of the fallout.

With 50 Senate votes, Democrats can pass major tax increases under budget reconciliation. Diverting capital from productive uses to Washington, D.C. will slow the economic recovery and reduce ordinary Americans' employment opportunities.

https://www.foxbusiness.com/economy/small-business-losers-georgia-runoffs

Edited by Saru
Fixed broken link, reduced quote length
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godnodog

propaganda article

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aztek

from the same article, this part for some reason disappeared from op

Quote

According to the Tax Foundation, President-elect Joe Biden's plans to increase taxes by $3.3 trillion, including raising rates on businesses structured as corporations by 33 percent.

 

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godnodog
Posted (edited)
1 minute ago, aztek said:

from the same article, this part for some reason disappeared from op

 

how much is the us corporate tax?

Edited by godnodog

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Saru
6 minutes ago, aztek said:

from the same article, this part for some reason disappeared from op

The link you posted was broken and when I fixed it, I also reduced the amount of quoted text as you'd copied+pasted too much.

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aztek
10 minutes ago, godnodog said:

how much is the us corporate tax?

yea only 33% more

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godnodog

seems a conspiracy to me

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godnodog
Posted (edited)
5 minutes ago, aztek said:

yea only 33% more

it depends on the original value, 33%more on a 5%tax is not much, 33% on a 20%tax is a lot, so how much is the US tax?

Edited by godnodog
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aztek
Just now, godnodog said:

it depends of the original value, 33%more on a 5%tax is not much, 33% on a 20%tax is a lot, so how much is the US tax?

it does not matter 33% tax increase  for small business is enough to not  be worth running it,  so business close, people lose jobs,  about 20% of all tax revenue in usa are small businesses, 

but his tax hike isn't limited to small businesses, large corporations will be taxed more, so they will have to cut costs, and that ALWAYS means lay offs.

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godnodog
1 minute ago, aztek said:

it does not matter 33% tax increase  for small business is enough to not  be worth running it,  so business close, people lose jobs,  about 20% of all tax revenue in usa are small businesses, 

but his tax hike isn't limited to small businesses, large corporations will be taxed more, so they will have to cut costs, and that ALWAYS means lay offs.

european business have far more taxes than us business, we seem to survive. and yes the original value matters, because if its very low the 33% increase impact are sustainable, but if the value is of a considerable size it can be problematic

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aztek
Just now, godnodog said:

european business have far more taxes than us business, we seem to survive. and yes the original value matters, because if its very low the 33% increase impact are sustainable, but if the value is of a considerable size it can be problematic

please provide numbers

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godnodog

thanks for your link, I do agree that the 33% increase over the 15% tax  is indeed high for small business, still lower than the EU average (21.9%). the new tax goes from 15% to 19.95% on the first $50k

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aztek
12 minutes ago, godnodog said:

thanks for your link, I do agree that the 33% increase over the 15% tax  is indeed high for small business, still lower than the EU average (21.9%). the new tax goes from 15% to 19.95% on the first $50k

do not forget other things that us small businesses have to pay on top of tax,   workers comp, health insurance for workers,  and depending on a state even tax on manufacturing equipment that company owns,  so extra 33% on top of all that is deal breaker  

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godnodog
Posted (edited)
12 minutes ago, aztek said:

do not forget other things that us small businesses have to pay on top of tax,   workers comp, health insurance for workers,  and depending on a state even tax on manufacturing equipment that company owns,  so extra 33% on top of all that is deal breaker  

we too have that, health insurance/universal health contribution plus work related accident insurances, VAT, etc etc, and mandatory minimum wage. yeap govs ripp us off but we do get part of our money back.

at the end of the day taxes increase because politicians created "unintendedly"  loop holes in laws that allows big companies and big income eaners to pay little to no tax, thus forcing small fish to contribute more. 

this is why tax cuts (like the one Trump did, not bashing on Trump, just a recent example) are not that good.

Edited by godnodog

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aztek
24 minutes ago, godnodog said:

 

this is why tax cuts (like the one Trump did, not bashing on Trump, just a recent example) are not that good.

it is actually very good as experience showed, companies have extra revenue, they expanded, hired more people, due to that their stocks went up, so investors got more back, peoples 401k started earning more,   what was not good is Obama care, it made too expensive to keep permanent employees, so company cut hours,  so people would be ineligible for health insurance.,  this is what actually happened.

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OverSword
Posted (edited)
1 hour ago, godnodog said:

it depends on the original value, 33%more on a 5%tax is not much, 33% on a 20%tax is a lot, so how much is the US tax?

Here is the thing that most people don't get.  A tax on business is in reality a hidden tax on consumers.  The cost of the increased taxes results in higher prices so what this really is, is a reduction to American citizens savings and an increase in their spending budgets.  And for what?  So a bloated government that has put us unimaginably deep in debt can have an even larger budget and spend the peoples money in ways that they may not want done.  Hooray government! :gun:

Edited by OverSword
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OverSword
1 hour ago, godnodog said:

seems a conspiracy to me

It is.  It's a conspiracy to reduce my savings and increase the amount I have to spend to live all while making it more difficult for my employer to raise my pay.  

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godnodog
11 minutes ago, aztek said:

it is actually very good as experience showed, companies have extra revenue, they expanded, hired more people, due to that their stocks went up, so investors got more back, peoples 401k started earning more,   what was not good is Obama care, it made too expensive to keep permanent employees, so company cut hours,  so people would be ineligible for health insurance.,  this is what actually happened.

I respect your opinion but I disagree 

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godnodog
6 minutes ago, OverSword said:

Here is the thing that most people don't get.  A tax on business is in reality a hidden tax on consumers.  The cost of the increased taxes results in higher prices so what this really is, is a reduction to American citizens savings and an increase in their spending budgets.  And for what?  So a bloated government that has put us unimaginably deep in debt can have an even larger budget and spend the peoples money in ways that they may not want done.  Hooray government! :gun:

I don't disagree

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OverSword
15 minutes ago, godnodog said:

I respect your opinion but I disagree 

You shouldn't.  When trump cut corporate taxes I received the first pay raise I'd had in seven years and my company opened offices in new cities hiring more people.  The best way to get people what they need is to create an environment which enables them to get it for themselves.  Increasing taxes does the opposite of that.

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Setton
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America's small businesses are biggest losers

after Georgia runoffs

Pretty sure that was Trump...

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godnodog
Posted (edited)
26 minutes ago, OverSword said:

You shouldn't.  When trump cut corporate taxes I received the first pay raise I'd had in seven years and my company opened offices in new cities hiring more people.  The best way to get people what they need is to create an environment which enables them to get it for themselves.  Increasing taxes does the opposite of that.

true, but at what cost? and I am referring to national deficit as an example. for what I've read these tax cuts overall failed to delivered, and honestly I do not have enough experience on finances to know enough to have my own opinion. 

A couple of years ago our government had tax cuts, the amount was significant to the state but on a individual citizen it was near irrelevant.

https://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan

overall lower taxes are better for consumers as they can consume more, but there are always negative sides, lower taxation might mean, for example, lower budget for schools which means poor qualified workers in the future therefor lower wages lower consumption levels, or bad road maintenance due to lack of budget meaning logistical issues.

 

don't ask me if these sources are bias or not, I don't know.

Edited by godnodog
link doesn't work so it was removed

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OverSword
2 minutes ago, godnodog said:

true, but at what cost? and I am referring to national deficit as an example. for what I've read these tax cuts overall failed to delivered, and honestly I do not have enough experience on finances to know enough to have my own opinion. 

A couple of years ago our government had tax cuts, the amount was significant to the state but on a individual citizen it was near irrelevant.

https://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan

https://www.wsj.com/amp/articles/two-views-on-how-trumps-tax-cuts-have-worked-out-11578114001

 

don't ask me if these sources are bias or not, I don't know.

Well they didn't fail me.  What failed me was the Obama administration reigning over me getting no raise for seven years while the cost of everything went up.  a $30 dollar bag of groceries cost $50 by the time he left.  My rent went up an average of $1,600 per year during Obama.  Went up one time by $480 in Trumps first year and not since.  The government takes about $800 a month from my pay and you know what I get in return?  Yeah, either do I.  Do you have any idea how much better my life could be if I had that money instead of the most inefficient and expensive government in the history of the world?  I'm guessing a lot better.

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