Weird Posted February 27, 2009 Report Share Posted February 27, 2009 It's not that it won't happen' date=' it won't happen as often. Higher taxes means you have to take less risks since the rewards are less. That really shouldn't be hard to see.[/quote'] Total crap! So a person wanting to start a new business, wont do so because of a few percentage increases in tax? LOL Which planet are you from? You've really bought the GOP bullshit. Hook, line and sinker. I can see it now, all the budding entrepreneurs....putting their dreams on hold because of a minor tax increase...waiting until the next republican administration.... For real! You really believe the propaganda....hilarious! Learn to read. I didn't say it wouldn't happen. There's nothing really more to say to you since you haven't taken reading comprehension 101 yet. Link to comment Share on other sites More sharing options...
Steve Posted February 27, 2009 Report Share Posted February 27, 2009 Okay guys, lets debate in good spirit. I love to give my opinion (obviously by the number of posts I make)but I do learn more than I contribute. On that note, I'll add that Warren Buffet said he paid a vastly smaller percentage in taxes than his secretary. Again, if you have a great business idea I doubt you'll delay till the economy gets better. A business has so many ways to write off stuff. Depreciation of equipment you don't own. Over stating inventory. Any small business owners do that stuff. They will overstate the miles they travel for busines. There are sooooo many ways to do it. A friend was going to buy an existing business and his accountant said this about the guys past 5 years tax returns for his business 'Forget the revenue, they are always understated, look at the expenses and depreciation. EVERY business owner will milk that amount for all its worth'. The trick is to not get too greedy to trigger an audit. A good CPA can tell you the parameters that triggers audits. Even us working class and middle class folks don't pay at the rate we should. I tithe at my church...hehehe...well, according to the IRS I do. If you claim it every year for a while, they don't really question it. An IRA or 401(k) lowers your taxable income. Link to comment Share on other sites More sharing options...
Weird Posted February 27, 2009 Report Share Posted February 27, 2009 It's not that it won't happen' date=' it won't happen as often. Higher taxes means you have to take less risks since the rewards are less. That really shouldn't be hard to see.[/quote']A very academic argument that has no basis in reality. Just look at the 1950s. Amongst the most successful times in our country's history. But the top tax rate was 90%... Cheers, SD It was for 400k in the 1950's. Quite a big difference between 250k a year now now.\ Also -> http://www.economist.com/blogs/freeexchange/2007/04/are_the_rich_really_different.cfm Link to comment Share on other sites More sharing options...
Weird Posted February 27, 2009 Report Share Posted February 27, 2009 Okay guys, lets debate in good spirit. I love to give my opinion (obviously by the number of posts I make)but I do learn more than I contribute. On that note, I'll add that Warren Buffet said he paid a vastly smaller percentage in taxes than his secretary. Again, if you have a great business idea I doubt you'll delay till the economy gets better. A business has so many ways to write off stuff. Depreciation of equipment you don't own. Over stating inventory. Any small business owners do that stuff. They will overstate the miles they travel for busines. There are sooooo many ways to do it. A friend was going to buy an existing business and his accountant said this about the guys past 5 years tax returns for his business 'Forget the revenue, they are always understated, look at the expenses and depreciation. EVERY business owner will milk that amount for all its worth'. The trick is to not get too greedy to trigger an audit. A good CPA can tell you the parameters that triggers audits. Even us working class and middle class folks don't pay at the rate we should. I tithe at my church...hehehe...well, according to the IRS I do. If you claim it every year for a while, they don't really question it. An IRA or 401(k) lowers your taxable income. Last I heard they were cutting down on deductions too, such as charities. No source, sorry. Again, I'm not saying all business ideas will suddenly come to a halt. But less flowing capital means less money to invest into those ideas. It may not impact the super rich but it will impact small business owners. Link to comment Share on other sites More sharing options...
Steve Posted February 27, 2009 Report Share Posted February 27, 2009 The rich have foundations to hide things. Family trusts of all types (revocable, etc.) where they place their homes and other assets. There are a lot of people who make a good living advising the rich on how to shield their income from taxes or lawsuits. As for as small business owners. I think the point is it won't hurt them nearly as much as advertised. Just my guess, but I think small business owners fear regulation more than tax rates. Specifically 'brick and mortar' businesses. Depending on the business you may have to address soem concern of politicians. More handicap parking and/or access which costs money. You fear lawsuits from patrons. Trash removal rates are astronomical in some areas. The owner of the pub I watch games in Santa Monica has seen those fees sky rocket. Stuff like that. The tax they have to pay on profit is one of their least concerns. Cash revenue can be hidden quite easily. If you your revenue is stagnant you make it up in depreciation and other write offs and less workers. Less workers is a function of a bad economy not tax rates. If you want an example of how tax rates can sometimes mean nothing, all you need to do is look at Hollywood. Some of the biggest grossing movies have some how been recorded on the books as a loss when all is said and done. Weird, don't get me wrong brother, I HATE taxes. I wouldn't mind seeing them lowered, but that's on principle (and a bit of selfishness). Link to comment Share on other sites More sharing options...
Flashermac Posted February 27, 2009 Report Share Posted February 27, 2009 Itâ??s Obama spreading panic By Dick Morris Ultimately, all recessions and depressions resolve themselves into crises of confidence. The instant, global, 24/7 communications of today make them ever more so. President Obama, in his pursuit of liberal big-government spending, has totally neglected the role of the president of the United States in reversing global panic. To the contrary, his every remark and the constant preoccupation of his Cabinet is to heighten the sense of crisis and to escalate the predictions of doom if we do not do as they tell us and raise spending now and taxes later. Instead of being a firewall, reassuring Main Street even as Wall Street crashed, he has become a conduit of panic, spreading the mood of desperation from the stock exchange floor to kitchen tables across the world. There are bad loans, which became bad assets, that lie at the root of the crisis. Through deregulation by the government and the greed of financial institutions, they spread to every portfolio in the world. But these basic facts have metastasized out of all proportion to their real harm into job and financial insecurity for every family on Earth. It is President Obama, not the markets themselves, who has spread this fear. A global Paul Revere, he has not only aroused us, but incited fear and trepidation in his wake. Previous panics have been global in impact, but local in focus. The world panicked because of developments in Mexico or Argentina or Thailand or South Korea. Now, with Collateralized Debt Obligations spreading the poison of a bunch of bad loans all over the world, infecting every portfolio, the panic is not only global in impact but in focus as well. Modern communications have hastened the spread of the virus of panic throughout the global bloodstream. In addressing this panic, the president of the United States must truly be the leader of the world â?? showing the way back to confidence. Instead, Obama has been instrumental in purveying fear and spreading doubt. It is his pronouncements, reinforced by the developments they kindle and catalyze, that are destroying good businesses, bankrupting responsible people and wiping out even conservative financial institutions. Every time he speaks, he sends the markets down and stocks crashing. He doesnâ??t seem to realize that the rest of the world takes its cue from him. He forgets that he stands at the epicenter of power, not on the fringes campaigning for office. This ainâ??t Iowa. Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring. And then there is the matter of blame. The deeper the mess goes â?? and the further down his rhetoric drives it â?? the more imperative it becomes to lay off the blame on Bush. He must perpetually â??discoverâ? â?? to his shock â?? how deep the crisis that he inherited runs, stoking global fears in the process. So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles. But the jig will be up soon. The crash of the stock market in the days since he took power (indeed, from the moment he won the election) can increasingly be attributed to his own failure to lead us in the right direction, his failed policies in addressing the recession and his own spreading of panic and fear. The market collapse makes it evident that it is Obama who is the problem, where he should, instead, be the solution. The Hill Link to comment Share on other sites More sharing options...
devils reject Posted February 27, 2009 Report Share Posted February 27, 2009 Why would anyone take the words of a cock of the highest order seriously? Dick Morris is a fox news whore. Link to comment Share on other sites More sharing options...
Steve Posted February 27, 2009 Report Share Posted February 27, 2009 Biased opinion. Just as Obermann would be for Dems (as much as I like him...hehe) Speaking of which, I hate when these news shows bring on politicians or supporters of either party. They tow the party line. We learn nothing new other than what the talking points are. With regards to Obama, from what I understand he is trying to be honest and straightforward about the situation. Thin line between 'Instiling confidence' and lying to to the people if the economic climate isn't good...and it isn't. Maybe there is a happy medium in there somewhere. Be frank but also add that we are a resiliant people, yadda, yadda. Link to comment Share on other sites More sharing options...
mainsail Posted February 28, 2009 Report Share Posted February 28, 2009 Dick Morris has no credibility whatsoever. So I suppose GWB was instilling confidence in us? Gimme a break. I appreciate hearing the truth for a change, even if I don't like the message. Link to comment Share on other sites More sharing options...
Hugh_Hoy Posted February 28, 2009 Report Share Posted February 28, 2009 So, I guess you like hearing that the deficit will at least triple if Obama has his way...and that's only in his first year. (My GAWD, the furor here when GWB's deficit was "only" one-third of that.) I suppose you like hearing that your capital gains taxes will increase by at least one-third. But wait, there's more. Look for reinstatement of the Death Tax. It's sure to come. I suppose you like a socialistic society that rewards failure? That's Obama's plan. HH Link to comment Share on other sites More sharing options...
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