Does obama's tax increase apply to 250k PROFIT or Revenue?
it makes a HUGE difference I don't' know of very many small buisness' that have ANY employee's and make less then 250k revenue...
but when i was listening to the "Joe the plumber" vid he specifically says Revenue.... did he misspeak?
2008-10-18T21:00:27Z
for those saying it is profit.. please can you provide where it says that.. for those saying does it matter YES a great deal.. usually labor is only 20% of your costs.. so if only 1/5 of the revenue goes to the owner..that means he is taxing anyone running a business that makes 50 grand or more?!?
Joe may not have much of an issue but about 2/3 of all small businesses (that employ people... most small businesses do not actually employ people) would be effected by this due to personal income (which averages over $260k for small business) plus the profit of the business. These profits are what allow them to expand and hire more people and are what Obama will tax which could be close to 54% according to Obama's own website (35 percent to 39.6 percent and the Social Security/Medicare tax rate could climb from 2.9 percent to 15.3 percent). So essentially the 116M people that are employed by small business are at risk of layoff due to these taxes.
It is not a huge difference..it is Marxism. He did not say he wanted to tax you to build roads, or run the country, he said he wanted to take your hard earned money and 'Spread it around to those who have not made it. That's all I needed to hear. That violates the very core of our Constitution and shows the true beliefs of this man. He is just too much of a risk.
trouble is, Bush and friends have borrowed a huge amount of money, and now you have to pay it back. Much of it is owed to China. Unfortunately, President Obama will have to get increased revenue from somewhere, or the country will be in deep financial trouble (or, should I say, in DEEPER financial trouble.)