Quote:
Originally Posted by firstdown
I have and he is not sure how the plan will change things because of lack of details. I did ask Obama's camp when they called my house and they could not answer the question nor did they call me back with the answer like they said they would. Obama' says business making over $250,000 will see a tax increase but he does not define what that means in anything that I have read and even his own staffers don't know. I'm taking it as gross receipts until someone can show me something different.
|
There is detail but in order to really, I mean really, understand the plan you have to first
know the basics of accounting and taxation. I doubt Obama volunteers calling your home know this though I am surprised and find it troublesome that your accountant/tax guy doesn't know the details of his plan.
Basically, if you have 250K in revenue from your business and your expenses are 100K that means your take home is 150K (250K-100K=150K) and Obama isn't going to tax you more. In fact you're going to get a tax cut, not a big one but a cut nonetheless.
If on the other hand you have 280K in revenue and your expenses are 25K that means your take home is 255K (you're balling) then Obama is going to hit you for that extra 5K. He'll take
~39% of that 5K which is ~2K that's about it.