Discussion: Taxes and Taxation

[Handsome Rob]

Way to help out small business! Thanks Obama, Bush, and Congress!!

Stealth IRS changes mean millions of new tax forms

http://money.cnn.com/2010/05/21/smal...n_bin&hpt=Sbin

All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties . . .

"Just with business travel it would include hotels, rental cars," Henschke says. "Phone service: 1099. Computer service: 1099. Whoever does your postage meter: 1099. You do a little advertising, Yellow Pages: 1099. Your landlord: 1099. You might as well just keep them in your pocket and hand them out as you go around every day."

. . . SMC's survey found that extending 1099s just to services purchased from corporations would push that number to at least 200 filings per year [Handsome Rob: Up from 10] for a typical small business -- adding an estimated $6,000 to the cost of preparing the average tax return. And that's without even accounting for the requirement that 1099s be filed for purchases of goods, a provision that Henschke's group didn't see coming when it conducted its survey last year.

And as someone who has worked with 1099 compliance in the past, it takes up a good deal of time. But now, it will take up even more time. They're going to make everyone pay for those who evade taxes. But hey, small businesses always have extra cash to spare!!

[Paradoxium]

Obama sez:

With respect to the tax rates, I just want to emphasize: I am open to new ideas. If the Republican counterparts or some Democrats have a great idea for us to raise revenue, maintain progressivity, make sure the middle class isn't getting hit, reduces our deficit, encourages growth, I'm not going to just slam the door in their face

And goes off saying his election vindicates lets tax tax tax.

So I propose closing off:

Carried Interest
State Tax Deductions
Charity Deductions

Anymore suggestions for Obama?

[Marvolo]

Yeah, make sure the lower class isnt getting hit. Last i checked, tho i make $20000 a year Im still a part of this country and society. My taxes go up and im gonna be hurting more than i am.

[Paradoxium]

You're taxes is going up. Unintentionally or indirectly

[Marvolo]

Originally Posted by Paradoxium

You're taxes is going up. Unintentionally or indirectly most likely.

Yeah because the House wont raise taxes on the rich. see his is the crap thats hurting so many. Lets not tax the rich, help the middle class, but **** the lower class. They forget us "peasants" buy their ****.

[SV Fan]

Maybe they should change Capital gains from 15 to 20-25%

[Paradoxium]

Originally Posted by SV Fan

Maybe they should change Capital gains from 15 to 20-25%

You might want to lookup the "Carried Interest loophole"

[Marx]

*bump*

[Paradoxium]

Krugman wants to increase taxes to 91%. I support this. I also support closing almost all tax loopholes so everyone feels the pain. See, the rates were high in the past, but was easily circumvented with loopholes. By taxing 91% with little or no loopholes, you would definitely suck out a lot of wealth destroy any chance of capital formation.

I am for this.

[Hotwire]

Originally Posted by Paradoxium

You might want to lookup the "Carried Interest loophole"

Yeah, that needs to vanish.

[Handsome Rob]

High U.S. Income Tax Rate Has Boxing Superstar Manny Pacquiao on the Ropes

Read more: http://atr.org/high-tax-rate-former-...#ixzz2L0g5YHkC

Can you blame him?

Of course, I feel sorry for the local economy that is going to miss out the infusion of tourist dollars that comes with these bouts, but they can thank Federal greed for that.

Awesome.

[Paradoxium]

Originally Posted by Handsome Rob

High U.S. Income Tax Rate Has Boxing Superstar Manny Pacquiao on the Ropes

Read more: http://atr.org/high-tax-rate-former-...#ixzz2L0g5YHkC

Can you blame him?

Of course, I feel sorry for the local economy that is going to miss out the infusion of tourist dollars that comes with these bouts, but they can thank Federal greed for that.

Awesome.

We call it Capital Flight.

Yet the same brain donors keeps using these assine static tax analysis for "tax revenue" projections.

Capital Flight, a feature of Obama's Tax Plan. The 2012 election platform America voted for, and is responsible for.

In other news, Obama's is working on "exporting" jobs, small businesses, entrepreneurs, and Drones.