Who should give in? Topic

My parents bring home roughly $100k together per year.  They're taxed near half a million.  Those are radically different.
12/7/2012 4:25 PM
How's that?
12/7/2012 4:42 PM
Small LLC operation, a lot of business expenses wind up as personal taxes.  I should include that my aunt also earns about $40k in there, and the total taxable income actually gets spread onto her as well, so I guess my parents alone actually pay tax on something in the mid $300Ks.
12/7/2012 4:57 PM
Interesting. I run a small S Corp and it works completely different. Tax law is a mofo.
12/7/2012 5:06 PM
The way it's set up there are 300 total shares.  My parents each hold 100, my aunt holds 100.  So for tax purposes any gains for the corporation, including, for example, increased equity in the building as the debt is paid down, count as increases in the personal wealth of the shareholders.  But it's not as if they could just cash out the shares and actually bring in that money.  They don't ever see money used to pay into building equity, for example.  So increases in market share value are not necessarily commensurate with take-home income.
12/7/2012 5:08 PM
Now I'm confused. I thought it was an LLC, not a corp?

From what I understand, LLC's are treated as a SPs or partnerships for tax purposes and any income is taxable, even if the money is reinvested into the company and not distributed to the members.
12/7/2012 5:11 PM
LLC with shares?   That doesn't sound right(I'm an LLC).

Businesses have a lot of leeway on how profit is used. 
12/7/2012 5:52 PM
Sorry, I misspoke, it's a private LTD.
12/7/2012 6:16 PM
I think BOTH should give in a bit

Seems like Obama is saying "I won, so you need to give in now".

He wants the tax increase, and a no limit credit card. Not my words but ABC's.

That is the big problem. He simply has not shown a willingness to work across the aisle and the libtard media keeps shouting "Repubs are obstructionists and are going to force us over the cliff". At least ABC reported the truth tonight.

Tax increases AND more spending is just par for the course with this guy's platform and history. Can't say I'm surprised.

And to Mike:
No one is championing your idea because most want "other people" to pay their fair share. They don't want to pay it themselves. Increasing taxes is a great idea, as long as its the other guy paying more.
12/7/2012 6:42 PM
My biggest fear of an Obama 2nd term is he can go hog wild now, because he doesn't have to concern himself with getting re-elected. Often you will see the REAL agenda of a president during his 2nd term because of that fact.

I just hope he isn't as irresponsible as I fear he is.
12/7/2012 6:45 PM
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I am sure we have all seen the vicious Ed Asner narrated cartoon attacking prosperity in America and trying to sell the 1% myth.

The whole problem with the "Tax the rich" crowd is the math doesnt add up.

They tell you the problem is tax cuts.

For that to be true we would have to be spending the same amount adjusted for inflation and income would have had to have gone down in the last 40 years.

Of course taxing and spending have both went up at far greater rates than inflation.


We need to reduce spending and shrink government.
12/7/2012 11:25 PM
Yeah, taxation is way up from 40 years ago.


12/8/2012 3:22 AM
That is one part of the equation. The overall revenue genrated by the government has gone up.

How can it be a revenue issue if we are spending more each year?

This is a spending issue. We need to spend less.
12/8/2012 4:20 AM
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