Why Biden's tax plan hurts working American and Businesses and proves that democrats hate working people.

[ludin]

Biden defines $400,000 a year as 'wealthy': Here’s what that buys in a big city

By national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren't exactly living large.

www.cnbc.com

From Biden's own tax plan he is going to raise taxes on those evil people making 400k a year or more.
So lets just take a look at who is making that much money it might shock you.

Most of the people making that money are small/medium business owners.
Now why do you say that?

Well let us look at tax structures shall we?

If you are a business there are several different type of tax structures you can use.

Sole-propriety: Only 1 owner.
Partnership: meaning more than 1 owner.
LLC: which is a limited liability company.
their is a Corporation sub S or S corporation
Then there is your actual corporate status.

If you are a Sole proprietor up to a S corp then you claim all of the business income on your personal tax forms.
YOu are entitled to business deductions off of that but all of the money still goes on your personal taxes as income.

Fully incorporated businesses are different and you can switch to one later but LLC's and Sub S's are cheaper for people to get started.
They also help in shielding the persons personal asset's from the companies debt and other liabilities. Which is why a lot of people choose to
open them up.

Now let's go back to Biden's tax plan. If you are a small or medium size business operating as one of these types of business units. Biden is not your friend.
The average small business has a yearly income of 1m or more.

which means on your tax income you are going to declare 1m then you will have your write-offs and business expenses.
again all of this goes back to show that democrats do not like working people or business owners.

 

[jnug]

Thats right! Proves it beyond a shadow of a doubt. "Lock him up".

 

[Mr Person]

What happened to paying for what we spend? The GOP and Dems can't agree on what if anything to cut, which makes the answer simple: we pay for what we spend by raising taxes. We should start by going back to Clinton tax rates and see where that gets us.

GOP tax policy is a moronic lie. It never produces the promised growth. It always explodes the deficit. The reason should be obvious to anyone who has stood within 100 feet of an Econ 101 textbook.

Businesses meet existing or predicted demand no matter what the tax rate is. And nobody ever built widgets for which there is not demand simply because they got a tax cut. Hence, every time the GOP pushes its tax cuts through, companies just do stuff like a bunch of stock buybacks, shoveling the money back to their big investors.

 

[rickc]

Biden defines $400,000 a year as 'wealthy': Here’s what that buys in a big city

By national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren't exactly living large.

www.cnbc.com

From Biden's own tax plan he is going to raise taxes on those evil people making 400k a year or more.
So lets just take a look at who is making that much money it might shock you.

Most of the people making that money are small/medium business owners.
Now why do you say that?

Well let us look at tax structures shall we?

If you are a business there are several different type of tax structures you can use.

Sole-propriety: Only 1 owner.
Partnership: meaning more than 1 owner.
LLC: which is a limited liability company.
their is a Corporation sub S or S corporation
Then there is your actual corporate status.

If you are a Sole proprietor up to a S corp then you claim all of the business income on your personal tax forms.
YOu are entitled to business deductions off of that but all of the money still goes on your personal taxes as income.

Fully incorporated businesses are different and you can switch to one later but LLC's and Sub S's are cheaper for people to get started.
They also help in shielding the persons personal asset's from the companies debt and other liabilities. Which is why a lot of people choose to
open them up.

Now let's go back to Biden's tax plan. If you are a small or medium size business operating as one of these types of business units. Biden is not your friend.
The average small business has a yearly income of 1m or more.

which means on your tax income you are going to declare 1m then you will have your write-offs and business expenses.
again all of this goes back to show that democrats do not like working people or business owners.

What you might not realize is $400,000 a year puts you solidly in the 1% of Americans income wise.

That is about $8,000 a week which is easier to compare to your income.

About time they started paying their fair share

 

[ludin]

What you might not realize is $400,000 a year puts you solidly in the 1% of Americans income wise.

That is about $8,000 a week which is easier to compare to your income.

About time they started paying their fair share

Unlike you i do realize.

A small business owner might make 400K a year after deductions.
that money though goes back into his business. etc ...
he doesn't just keep that money.

Why do you guys hate small/medium business owners? i thought you guys championed the middle class?

PS they do pay more than their fair share. the top 1% pay 37% of the income tax i think it has gone up in recent years.

 

[Logical1]

Biden defines $400,000 a year as 'wealthy': Here’s what that buys in a big city

By national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren't exactly living large.

www.cnbc.com

From Biden's own tax plan he is going to raise taxes on those evil people making 400k a year or more.
So lets just take a look at who is making that much money it might shock you.

Most of the people making that money are small/medium business owners.
Now why do you say that?

Well let us look at tax structures shall we?

If you are a business there are several different type of tax structures you can use.

Sole-propriety: Only 1 owner.
Partnership: meaning more than 1 owner.
LLC: which is a limited liability company.
their is a Corporation sub S or S corporation
Then there is your actual corporate status.

If you are a Sole proprietor up to a S corp then you claim all of the business income on your personal tax forms.
YOu are entitled to business deductions off of that but all of the money still goes on your personal taxes as income.

Fully incorporated businesses are different and you can switch to one later but LLC's and Sub S's are cheaper for people to get started.
They also help in shielding the persons personal asset's from the companies debt and other liabilities. Which is why a lot of people choose to
open them up.

Now let's go back to Biden's tax plan. If you are a small or medium size business operating as one of these types of business units. Biden is not your friend.
The average small business has a yearly income of 1m or more.

which means on your tax income you are going to declare 1m then you will have your write-offs and business expenses.
again all of this goes back to show that democrats do not like working people or business owners.

That is exactly right. Biden's smoke screen lies of who he will hurt is also being hiden by the the corrupt MSM!!!

 

[ludin]

That is exactly right. Biden's smoke screen lies of who he will hurt is also being hiden by the the corrupt MSM!!!

It is the strawman argument that democrats and leftist make all the time.

The evil 1%. What the don't take into account is who is actually in that 1%.

many of those people are business owners etc that hire thousands of people and employee thousands of people.
They simply can't afford the corporation expenses of being a full corporations. So they are a personal business or an LLC or a sub S corp.

All of which means they claim all of the companies revenue on their personal tax returns and then write off the expenses in tax deductions.
the reason they do this is that LLC's and Sub S corps protect their private assets from the companies liability.

Which means is something would happen to their company that their home, cars etc are protected from liens or collections.