George Bush did cut my taxes

[DoYouEverWonder]

I am a small business owner and I have just had the worst September in 24 years. Even worse than 2001.

So guess what, George? You did lower my taxes, but you also lowered my profits.

Corporations pay taxes on their profits. The more money you make, the more taxes you pay. You don't have to pay any tax when you don't make a profit.

Some how I liked it better when I was paying taxes. At least I was still making money.

[RoyalWickedness]

1. I got a 100% tax cut...

No job, no taxes!

[Warpy]

9. Same here

Just who do they expect to buy all this crap they make offshore?

No jobs = no pay. No pay = no purchases. No purchases = no demand. No demand = more jobs lost. More jobs lost = depression.

And that doesn't even count the unsecured debt bomb that's just about to explode...

[DarkPhenyx]

12. They still make you pay taxes on your unemployment benefits.

which sucks so severely it dosen't even bear mentioning.

[RoyalWickedness]

13. Well, since my unemployment ran out in December

I no longer have that to worry about, either.

[DarkPhenyx]

17. good point.

*grumble*

To quote Mike Malloy, "have I mentioned lately how much I hate these people?"

[Anarcho-Socialist]

2. Bush's* economic fuckup

[wolfgirl]

3. People hae got to start sharing

their stories...the truth is what will free us from Bush!

[kokomo]

4. For most Americans, out great tax rebate went for increased fuel costs

[DoYouEverWonder]

5. Providing health insurance for my employees

costs one full time job for my operation.

[SquireJons]

6. Mine Too!

I used to be a small business owner. Now I am unemployed. The unemployed don't pay income tax, and I plan to give a big 'thanks' to the pugs this year. Unfortunately, I live in Virginia, so they won't notice.

[Ravenseye]

7. What's your Tax Structure?

I"m a small business owner, but we're an S-Corp I think. I don't know the details because my partner takes care of all themoney because I"m hopeless with it, and he majored in Economics...

Anyway, I pay tons of taxes every year. We haven't made a 'profit' ever, but the way it works, all our money comes in, and then gets 'paid' to us. Our company has not yet paid taxes because honestly every penny gets doled out to us just to surivive. Ah....starting a new business.

So are you talking about the business not paying taxes, or you personally?

[DoYouEverWonder]

16. Money earned from a S Corp

is treated has personal income.

There are advantages and disadvantages to being an S Corp.

If you are self-employed and don't have very many employees, it is usually recommended to go the S Corp route.

In an S Corp, all of your income is taxed, whether or not you make a profit. However, if you do make a profit, it is taxed at the personal income tax rates, rather than the higher corporate rates.

A C Corp, the income goes to the corporation, rather than an individual, therefore personal income tax does not apply. In a C Corp, taxes are paid on your tangible property and your profits. C Corp profits are taxed at a much higher rate than personal income tax for the same amount of money.

[Ravenseye]

18. This is something I never got.

My partner, and our attourney recomended we go the s-corp route, and just have evertying, as you said, treated as personal income as we're a small company without many employees (3)

I'm not trying to avoid paying taxes at all, but when you make what we're making the taxes are a pretty hard hit.

I just don't understand what the disadvantage of a c-corp is, other than being taxed at a higher rate, because if we were a c-corp right now and we're not making a profit, we wouldnt be paying taxes at all. I just don't understand.

[DoYouEverWonder]

19. You would still pay taxes

Because you would be an employee of the C Corp and take home a regular paycheck. When you earn income as a employee, even though you 'own' the business, you still have to pay federal income tax, SS and FICA on your paycheck.

In an S Corp, whatever money that is in the bank is yours to do whatever your wish with. In a C Corp, you have to justify your expenses if those expenses are to be excluded from your personal income tax.

[Ravenseye]

20. Ah Gotcha, Thanks

Yeah S-Corp is better for us right now.

[life_long_dem]

8. I couldn't agree more.

If your not making money your not paying taxes.

New Kerry ad: "I dont want a tax cut, I want a JOB". LOL....

[Paradise]

10. What he did was a 'TAX SHIFT'!

Take a look at your real estate taxes, school taxes, sales taxes, and the list goes on affecting the cost of everything.

[GOPBasher]

11. I'm sorry to hear that.

Hang in there. The economy will be better next year, when John F. Kerry is President.

[MsMagnificent]

14. It's a sin

to load tax on the backbone of America -- the small business!

Meanwhile giant corporations pay no tax, they'd rather buy a loss leader like a German sewage plant and send their money offshore instead of paying a just tax like every other American has to pay.

They'd rather invest in German Shit than pay taxes to help America.

But they pay lobbyists to influence the House and Senate votes.
Any other place in the world would call it bribery.

[Enraged_Ape]

15. Georgie cut my taxes too, for real

But unfortunately our property tax, sales tax, heating bills, health insurance, car insurance, gas prices, and food prices all skyrocketed. By comparison, those "adjustments" make that little $300 tax cut I got sorta look weak and small, like Bush himiself.