Quote:
Originally Posted by saden1
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. |
I understand how corporations work I just find it funny no one can show me his plan and how it will really works. If my business brings in $280,000 then its has made $280,000 and by Obama saying he will only tax business that make over 250,000 then I'm assuming that the business making the $280,000 will see a tax increase. No where have I seen or heard Obama say businesses with a net income over 250,000 will see a tax increase. I would think he would insert the word net income if thats what his plan really does but all I ever hear is businesses making over 250,000.