Do you owe taxes If Obama taxes your employer out of Business and you lose your job ?
Or is this how his plan works when he says 95% of Americans will not pay "one dime more" under his plan? No income, no tax?
2008-10-08T20:18:37Z
Kate M, Hillary has little to be ashamed of. but can I ask how many employers have you worked for that gross less than 250k per year?
2008-10-08T20:26:53Z
S&P s, I see that you have been around the block on how things tend to work. like the mimimun wage, any increase just about doubles the comsumers goods cost, which inpacks the ones that got the wage increase the hardest. In effect they lose. That was a great point.
2008-10-08T20:41:53Z
American voter, Maybe you don't understand that exxon paid an Income Tax Expense 29,864,000,000 in '07 and some 20 billion in the 1st two quarters of this year. makes that 4 billion look kinda small to my way of thinking.
Beatle Band Aid2008-10-08T20:13:02Z
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Yes, you will have to pay taxes on your unemployment benefits. No change there.
Then you're not a smart business man/woman. I too am a small business owner, I own a restuarant employing 30 employees. I will fall into the category of upper class. Yes, if he is elected I will pay higher taxes and may have to raise the cost of my products to balance my budget, but I save some of my money just to cover these unexpected expenses. I also may just cut down on advertisement, MY SALARY or other expenses. Sometimes its not all about making a buck, but giving those who have less than you a chance, and cutting job would be my last resort.
Obama says you won't pay one dime more in income taxes if your income stays the same. In other words, he won't increase your tax rate. If your employer goes out of business, you will pay income taxes on what you earn before you lose your job. But don't count on losing your job. Count on keeping it by doing it. If what you do provides value, do it better than the guy down the street. Even during the Great Depression, the vast majority of people didn't lose their jobs.
If Obama is allowed to implement all his new spending plans, you will pay more taxes. We have all but run out of room to borrow. But for now, don't worry. Just work hard. Do the best job you can. The luckiest people in the world are the ones who will pay more taxes because they are the ones who will have more income. Wouldn't you LOVE to have a $1 million tax bill? There's only one way to get it: Make more than $2 million next year!
Don't worry. Congress makes our tax laws, not the president. Obama can't tax your employer out of business or you into the poor house. Only Congress can do that. And Congress is not about to do that unless you sit back and quietly accept whatever comes your way.
As it stands, only 60% actually PAY income tax. So... if BHO says 95% won't pay more (excluding the Bush tax break which will be canceled but that doesn't count as a tax INCREASE according to OBAMA) and 35% of that 95% doesn't pay anyway then how can any business be expected to stay in the US when they can move somewhere else where they won't be robbed?
ADDITIONAL INFO ------------------------------------------ HockeyFan530 - I believed you've stumbled on the true method BHO will reduce taxes: You lose your job, your taxes drop! No income = no taxes. I would prefer to have a $4 million income and keep $3 million after taxes like BHO. Maybe if I was a politician or ambulance chasing lawyer I could do that. But I am just an average business man trying to make ends meet while providing for my family and my community... producing more than I consume for the betterment of mankind.
Another question. Do these people actually believe a company will just pay these higher taxes that will eat into their profit margins. If they do they are naive. The business will add that tax into the cost of goods and increase the price you pay for these goods. The business owner really never pays a tax increase. It is passed onto the consumer ALWAYS!