Sassy

Grand Rapids, MI

#21 Dec 28, 2012
Yes, but you may carry any losses above $3,000 to the following years.

The business have demanded tax cuts, but where are the jobs? If they were to be taxed at a higher rate, they would take the profits and reinvest in the company which in turn would create more jobs, less bonus to the extreme that they are now.
Chip wrote:
<quoted text>
You can only write off $3,000 a year in losses. Also the lower capital gains rate is and always has been designed to encourage investment in businesses, because they create jobs. The democrats despise this because they think the government creates jobs.
Dividends are taxed at a lower rate due to double taxation.

Since: Mar 09

Grandville, MI

#22 Dec 28, 2012
Bob wrote:
<quoted text>
Have you noticed how little we hear about having a spending problem these days? Maybe it has something to do with the republican desire to keep the defense dept's bloated budget intact.
Maybe we don't have a taxing or spending problem now!
Are you serious?
Have you not been watching what's going on?
It's spending cuts that are holding up the agreement to avoid the so called fiscal cliff.
The GOP has pretty much caved in on the tax hikes, but want it raised to $400K, insteas of 250. It is the spending cuts that the GOP wants and the DNC Doesnt want that are holding everything up.

Since: Mar 09

Grandville, MI

#23 Dec 28, 2012
Sassy wrote:
The business have demanded tax cuts, but where are the jobs? If they were to be taxed at a higher rate, they would take the profits and reinvest in the company which in turn would create more jobs,
<quoted text>
"If they were to be taxed at a higher rate, they would take the profits and reinvest in the company"

WHAT?

If they were taxed at a higher rate, wouldnt that mean less profits to reinvest?
Ronald

United States

#24 Dec 28, 2012
Gville Jim wrote:
<quoted text>"If they were to be taxed at a higher rate, they would take the profits and reinvest in the company"

WHAT?

If they were taxed at a higher rate, wouldnt that mean less profits to reinvest?
That is just Jason blue's meds are wearing down. When he takes his meds he will go back to his normal wrong self. He tends to talk in circles when he needs his next dosage.
Chip

Hartland, WI

#25 Dec 28, 2012
Sassy wrote:
Yes, but you may carry any losses above $3,000 to the following years.
The business have demanded tax cuts, but where are the jobs? If they were to be taxed at a higher rate, they would take the profits and reinvest in the company which in turn would create more jobs, less bonus to the extreme that they are now.
<quoted text>
Yes you can carry forward, however $3,000 per year isn't a lot of money, hope people who lost a lot of money live for thousands or millions of years!

Corporate tax rates and capital gain rates are very different, only a fool would try and lump them together to try and formulate an argument. Capital gains is for individual investors to supply capital to business who needs it. Corporate taxes are what is paid on business profits, which are taxed again when passed to the individual investors.

Maybe you should ask Obama where the jobs are, clearly he hasn't lived up to his promise so only a complete moron would think he knows how jobs are created. Why are companies hoarding cash, simple they have no faith in the direction Obama is taking the country, indeed they also see the indisputable evidence that he is a moron and has no clue how to create jobs. It's a joke that what he said before he was elected in 08 was just a bunch of failed promises, only a brain dead moron would vote for him again based on his promises and his proven lack of any economic understanding.
SeenItBefore

Jenison, MI

#26 Dec 29, 2012
Steelie wrote:
Good Day,
Classic play out of the Marxist playbook...
http://www.bloomberg.com/news/2012-12-11/buff...
Steelie
Uh, better add William Gates Sr. to that list.
http://www.salon.com/2001/02/15/estate_tax_2/

http://www.tompaine.com/Archive/scontent/7082...
Wow, Bill Gates father a Marxist. Whoda thunk it.

Oh ya, and Adam Smith. Ya know, the "father" of capitalism.

Ya, and Thomas Jefferson. Boy this country has just been chocked full of them pesky little Marxist buggers.
Chip

Winnebago, IL

#27 Dec 29, 2012
SeenItBefore wrote:
<quoted text>
Uh, better add William Gates Sr. to that list.
http://www.salon.com/2001/02/15/estate_tax_2/
http://www.tompaine.com/Archive/scontent/7082...
Wow, Bill Gates father a Marxist. Whoda thunk it.
Oh ya, and Adam Smith. Ya know, the "father" of capitalism.
Ya, and Thomas Jefferson. Boy this country has just been chocked full of them pesky little Marxist buggers.
It's a good thing that someone that makes 250k is almost the same thing as being a multi billionaire don't you think moron!
SeenItBefore

Jenison, MI

#28 Dec 29, 2012
Chip wrote:
<quoted text>
It's a good thing that someone that makes 250k is almost the same thing as being a multi billionaire don't you think moron!
Oh, I see where you're confused. The person making $250K won't pay the reinstated tax rate until they hit $250,001. To that point they will still have the tax reduction as everyone else.

Oh, and another thing; someone making $250,001 isn't going to pay the same dollar amount in taxes as the billionaire.

Hope that clears it up for you. I know how confused you get over these kind of things.
Chip

Windsor, WI

#29 Dec 29, 2012
SeenItBefore wrote:
<quoted text>
Oh, I see where you're confused. The person making $250K won't pay the reinstated tax rate until they hit $250,001. To that point they will still have the tax reduction as everyone else.
Oh, and another thing; someone making $250,001 isn't going to pay the same dollar amount in taxes as the billionaire.
Hope that clears it up for you. I know how confused you get over these kind of things.
Your such a blow hard, when we were talking about Romney's taxes you and all your moron friends didn't care how much in dollar terms he paid thats all you cared about is the % paid. Now the common sense suits your argument so you decide it makes sense.

Also for an FYI business owners never get to take home the income they report on their tax return because they have to invest in inventory, working capital and pay principal payments on loans, all of which are not deductible for taxes. With more than 3/4 of the people in our country working for small businesses, it takes a special kind of stupid to tax these people more. That is unless you want more people dependent on the government so hitler or Obastard can have more power. You and the other progressives are the trash thats out to destroy our country with your complete lack of common sense and dismissal of indisputable facts.
Dead By Dawn

Byron Center, MI

#30 Dec 29, 2012
George Sorros is on the list Earth-wide!
SeenItBefore

Jenison, MI

#31 Dec 30, 2012
Chip wrote:
<quoted text>
Your such a blow hard, when we were talking about Romney's taxes you and all your moron friends didn't care how much in dollar terms he paid thats all you cared about is the % paid. Now the common sense suits your argument so you decide it makes sense.
Also for an FYI business owners never get to take home the income they report on their tax return because they have to invest in inventory, working capital and pay principal payments on loans, all of which are not deductible for taxes. With more than 3/4 of the people in our country working for small businesses, it takes a special kind of stupid to tax these people more. That is unless you want more people dependent on the government so hitler or Obastard can have more power. You and the other progressives are the trash thats out to destroy our country with your complete lack of common sense and dismissal of indisputable facts.
You're so flippen full of crap. There's no freaken way I'm reporting as "take home" income what I'm [re]investing in inventory, working capital and pay principal payments on loans. If that's what you're doing then you deserve your business to fail. That's exactly how it happens that the SBA reports 90% of all new (business) start ups fail in the first years and 95% fail within the first 5 years. Most people haven't figured it out that a business is supposed to be making your living not you making it's living.

Get someone that knows what they're doing to run your business because it's obvious you don't.

P.S. Smart people don't say running a business is easy. And if you're listening to those that do it's because they were selling you on making their business work...MLMs.
Chip

Winnebago, IL

#32 Dec 30, 2012
SeenItBefore wrote:
<quoted text>
You're so flippen full of crap. There's no freaken way I'm reporting as "take home" income what I'm [re]investing in inventory, working capital and pay principal payments on loans. If that's what you're doing then you deserve your business to fail. That's exactly how it happens that the SBA reports 90% of all new (business) start ups fail in the first years and 95% fail within the first 5 years. Most people haven't figured it out that a business is supposed to be making your living not you making it's living.
Get someone that knows what they're doing to run your business because it's obvious you don't.
P.S. Smart people don't say running a business is easy. And if you're listening to those that do it's because they were selling you on making their business work...MLMs.
Thanks for proving you are clueless.

Principal payments on loans are NOT deductible, only the interest portion of the payment is deductible as interest expense. If you don't believe me I would suggest you google it and do some reading.

Businesses that are on accrual basis can not deduct inventory purchased until it is sold and moves from inventory to cost of goods sold.

Working capital is only deductible to the extent that it is realized through the year as an expense for accrual basis taxpayers.
Batch 37 Pain Is Good

Southfield, MI

#33 Dec 30, 2012
Bob wrote:
<quoted text>
Have you noticed how little we hear about having a spending problem these days? Maybe it has something to do with the republican desire to keep the defense dept's bloated budget intact.
Maybe we don't have a taxing or spending problem now!
Do you even know how much is spent on Defense in comparison to social programs? You have been getting too much of my money..... The uninformed voter is going to kill this Country.....
Sassy

Grand Rapids, MI

#34 Dec 30, 2012
Not at all. Obviously you know nothing about cost accounting. They would invest in their company so that the profit would be less, therefore, tax rates are lower instead of taking all the profits out because taxes are so low.

I know what I am talking about. I work in accounting, and the only one that wants his income (that he normally wouldn't get until April 2013) want's it now so he doesn't have to pay taxes. He is also the only one that abuses his expense account because he can. You talk about Obama taking vacations. Many of these corporate individuals will take a vacation spend some time with an customer aka friend and write it off as a business expense. Free vacation on our dime.
Gville Jim wrote:
<quoted text>
"If they were to be taxed at a higher rate, they would take the profits and reinvest in the company"
WHAT?
If they were taxed at a higher rate, wouldnt that mean less profits to reinvest?

Since: Feb 10

Grand Rapids, MI

#35 Dec 30, 2012
Sassy wrote:
<quoted text>Not at all. Obviously you know nothing about cost accounting. They would invest in their company so that the profit would be less, therefore, tax rates are lower instead of taking all the profits out because taxes are so low.

I know what I am talking about. I work in accounting, and the only one that wants his income (that he normally wouldn't get until April 2013) want's it now so he doesn't have to pay taxes. He is also the only one that abuses his expense account because he can. You talk about Obama taking vacations. Many of these corporate individuals will take a vacation spend some time with an customer aka friend and write it off as a business expense. Free vacation on our dime.
Given your last statement I doubt you are in business much less an accountant. If Bill Gates takes someone out to dinner and writes it off, I don't pay for it. The government may not get that money, but given the government debt, I don't make it up. The just stupidly print more money.
SeenItBefore

Jenison, MI

#36 Dec 30, 2012
Chip wrote:
<quoted text>
Thanks for proving you are clueless.
Principal payments on loans are NOT deductible, only the interest portion of the payment is deductible as interest expense. If you don't believe me I would suggest you google it and do some reading.
Businesses that are on accrual basis can not deduct inventory purchased until it is sold and moves from inventory to cost of goods sold.
Working capital is only deductible to the extent that it is realized through the year as an expense for accrual basis taxpayers.
The mistake I made was taking it as I thought you meant it rather than a typo and not correcting it in my response. I'll surly not make that mistake again.
SeenItBefore

Jenison, MI

#37 Dec 30, 2012
Chip wrote:
<quoted text>
Your such a blow hard, when we were talking about Romney's taxes you and all your moron friends didn't care how much in dollar terms he paid thats all you cared about is the % paid. Now the common sense suits your argument so you decide it makes sense.
Also for an FYI business owners never get to take home the income they report on their tax return because they have to invest in inventory, working capital and pay principal payments on loans, all of which are not deductible for taxes. With more than 3/4 of the people in our country working for small businesses, it takes a special kind of stupid to tax these people more. That is unless you want more people dependent on the government so hitler or Obastard can have more power. You and the other progressives are the trash thats out to destroy our country with your complete lack of common sense and dismissal of indisputable facts.
So what you're telling me is business owners never get to make a personal income off their business to pay their personal expenses with.

What you are so adamantly refusing to grasp hold of is; all tax rates being equal, someone making a million dollars a year and paying 26% in taxes compared to someone making $20,000 per year and paying 28% in taxes who's going to have the most after tax income to be able to survive the economy with?

Now seeing as the person making a million a year and only has to pay 15% in taxes, because they have been able to slide their income through the capital gains tax rate, and the person making $20,000 per year still has to pay the 28% who's able to survive the economy better?

And you take great joy in including all businesses in with the mega-corporations and richest, to confuse the issue, to make it seem like those of us that would like to see some equity in the tax system are picking on the small business(es).

You are either clueless to what is actually being talked about or are devious. Your choice.
Chip

Hartland, WI

#38 Dec 30, 2012
SeenItBefore wrote:
<quoted text>
So what you're telling me is business owners never get to make a personal income off their business to pay their personal expenses with.
What you are so adamantly refusing to grasp hold of is; all tax rates being equal, someone making a million dollars a year and paying 26% in taxes compared to someone making $20,000 per year and paying 28% in taxes who's going to have the most after tax income to be able to survive the economy with?
Now seeing as the person making a million a year and only has to pay 15% in taxes, because they have been able to slide their income through the capital gains tax rate, and the person making $20,000 per year still has to pay the 28% who's able to survive the economy better?
And you take great joy in including all businesses in with the mega-corporations and richest, to confuse the issue, to make it seem like those of us that would like to see some equity in the tax system are picking on the small business(es).
You are either clueless to what is actually being talked about or are devious. Your choice.
What I'm saying is that business owners have higher tax income than what they are actually taking out of the business, therefore its a little misleading to assume that a small business owner making say 300K in taxable income has that cash in their pocket to pay more taxes. They are already paying more money next year in medicare surcharge taxes thanks to the socialist obamacare.

The person making 20k isn't paying any taxes, most likely they are getting an earned income credit and are getting a refundable tax credit for taxes they never paid. How about you pose an argument based in reality instead of one that is not.

Businesses that are on accrual basis accounting are not major corporations, most small business are on accrual basis accounting. Companies with gross sales over 5 million are required to be accrual basis. That is gross sales NOT income before you get your panties in a bunch.
Chip

Hartland, WI

#39 Dec 30, 2012
SeenItBefore wrote:
<quoted text>
The mistake I made was taking it as I thought you meant it rather than a typo and not correcting it in my response. I'll surly not make that mistake again.
That's complete BS you entire post was about reinforcing that you believed this as being deductible. What a pathetic way of trying to not admit you are clueless about taxes.

Since: Feb 10

Grand Rapids, MI

#40 Dec 30, 2012
SeenItBefore wrote:
<quoted text>So what you're telling me is business owners never get to make a personal income off their business to pay their personal expenses with.

What you are so adamantly refusing to grasp hold of is; all tax rates being equal, someone making a million dollars a year and paying 26% in taxes compared to someone making $20,000 per year and paying 28% in taxes who's going to have the most after tax income to be able to survive the economy with?

Now seeing as the person making a million a year and only has to pay 15% in taxes, because they have been able to slide their income through the capital gains tax rate, and the person making $20,000 per year still has to pay the 28% who's able to survive the economy better?

And you take great joy in including all businesses in with the mega-corporations and richest, to confuse the issue, to make it seem like those of us that would like to see some equity in the tax system are picking on the small business(es).

You are either clueless to what is actually being talked about or are devious. Your choice.
One of the many things you are ignoring is that, according to the IRS, those with incomes over $343,927 actually paid on average 24% while those with incomes under $32,396 paid 1.9% with most of them paying $0 in taxes. According to the IRS, no one actually pays more than 20% in taxes until they have income over $154,643

So your person making $20,000 per year and paying taxes of any amount, much less 28% doesn't exist.

Which would make you the clueless one.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Grand Rapids Discussions

Title Updated Last By Comments
Bengazi is back 54 min pipedream 124
Quote of the Day (Jun '08) 2 hr Times are a Changing 2,846
Back in Iraq. WMD's? oil? 6 hr Batch 37 Pain Is ... 61
College football roundup: Ohio State starts the... (Sep '13) 9 hr Go Blue Forever 1,375
Grand Rapids man robbed at Nunica Rest Stop (Jan '09) 12 hr Batch 37 Pain Is ... 7
'We Don't Have a Strategy' to Fight ISIS t 18 hr JustA_person 26
Local News Women (Apr '09) Thu intothegrv 2,306
•••
•••
•••

Grand Rapids Jobs

•••
•••
•••

Grand Rapids People Search

Addresses and phone numbers for FREE

•••

Grand Rapids News, Events & Info

Click for news, events and info in Grand Rapids
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••