4 Comments Add your own

• 1. When Wrong Is Wright  |  October 30th, 2008 at 4:59 pm

  Wrong For America
  He opposed the troop surge in Iraq and voted to cut funding to troops, which left those in Iraq at grave risk. Obama was the lone vote against a funding measure for US troops because the bill did not include a timetable for withdrawal of troops. Because he could not guarantee our defeat in Iraq he threatened to cut funding to our troops in harms way.
  Advocating sitting down with “the world’s worst dictators” without preconditions. Obama has said he would meet with the Iranian regime even though it has threatened Israel with destruction.
  He offered a weak response to Russia’s invasion of Georgia, which may encourage Russian Prime Minister Vladimir Putin to invade other former Russian territory. In August, when the two sides were fighting, Obama merely condemned Russia’s action but called for diplomacy and restraint by both countries, offering no real solution or consequences.
  He stated that ending the drilling ban would have no direct impact on Oil prices and Oil had fallen by over half since that bill has been passed. Apparently he skipped his economics courses at Harvard and doesn’t quite comprehend the issue of long term supplies impact on current and future demand.
  When was the last time he was right on any major issue?

• 2. Cronk  |  October 30th, 2008 at 4:59 pm

  Obama Needs To Define 95%
  Joe Biden claimed that 95% of all small businesses earn less than $250,000 and won’t be impacted by the Obama tax increase.
  While it is true that 95% of small business owners may earn less than $250,000 that is not how they are taxed. As they personally own their own business their businesses revenue is what is taxed at their personal income rate. Therefore an ice cream truck owner earning 50,000 a year on 260,000 of sales will be effected by the tax increase as will any business owner who’s total sales exceed 250,000.
  Most new job creation comes from small businesses. 52% of all workers in the US are employed by small businesses. The Obama tax increase will pull 800 billion dollars more in taxes from all business firms and will of course hit small businesses dramatically. If you put that level of cost on business, you can be sure they won’t want to pass the cost on so they will cut salaries, reduce raises and that impacts both you and me.

• 3. Max  |  October 31st, 2008 at 2:41 am

  I’ve showed a lot of people, leaning Obama a similar video and they were shocked to say the least.

• 4. Retired Spook  |  October 31st, 2008 at 4:47 am

  Cronk,

  I’m not trying to be an apologist for Senator Obama, because I think he would do great harm to this country as President, but your analysis of how small businesses are taxed is incorrect.

  I own a small business, incorporated in the state of Indiana as a Subchapter S Corporation. My taxable income from the corporation comes in 3 potential forms: regular salary, dividends and net profit.

  For the sake of example, let’s say I have annual sales (gross revenue) of $250,000, and I have a gross profit margin of 40%. that would result is a “gross” profit of $100,000. From that gross profit must be deducted such things as rent, vehicle expenses, freight, telephone, office supplies, postage, insurance, equipment repairs, bad debts, the company portion of payroll taxes as well as my salary. If there’s anything left after expenses, (sometimes there is, and sometimes there isn’t) I can pay myself a bonus (on which I have to withhold income and FICA taxes) or a dividend on which I do not have to withhold, but which is still taxable income.

  A typical business, as I’ve described it with $250,000 in sales, and depending on the number of employees wouldn’t yield anywhere close to $250,000 in taxable income for the owner. In my case, where I’m the only employee, I might get taxable income of $60,000 to $70,000 as the rest of the $100,000 in gross profit goes to the expenses that I outlined above.

  My concern with Obama’s tax plan is not so much how it will impact me directly as how it will impact me indirectly. All of my suppliers fall into the category where Obama would increase their taxes. This would potentially cause two things: they would raise prices to cover the additional taxes and/or they would lay off employees, making their service to me less efficient. This portion of your analysis is correct.

  I hope this clears up your misconception.

Leave a Comment

You must be logged in to post a comment.

Trackback this post  |  Subscribe to the comments via RSS Feed