General Question

andrew's avatar

Can anyone provide me non-partisan links regarding Senator Obama's proposed tax rates for small businesses?

Asked by andrew (16562points) October 15th, 2008

I’m specifically looking for tax rate breakdowns per tier, and whether it applies to gross or net profits.

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12 Answers

jvgr's avatar

This is a np site that looks at the candidates tax impacts. Don’t know if your specific question will be answered, but it’s a good place to start.

http://www.taxpolicycenter.org/

SoapChef's avatar

This is not non-partisan but straight from the horses mouth.
http://www.barackobama.com/pdf/SmallBusinessFINAL.pdf
I have not read it so I don’t know if will answer your questions, but hope it helps.

fireside's avatar

The Washington Post has a great chart that gives you exactly what you are looking for in after tax dollars.

oops, that’s not for small businesses, it’s for families

SoapChef's avatar

Andrew, I have waded through pages of results and can’t find what you need. I read my link above and I apologize. It is not what you asked for. (Thats what happens when you are listening to politics on TV and fiddling with your computer at the same time.)

La_chica_gomela's avatar

sorry this is pretty tangential, but:
fireside, i just looked at the chart, and it looks like Mccain wants to cut taxes for everybody. How can he do that? Has he said how he’s going to handle this? Are we supposed to just keep increasing the National Debt indefinitely or is it one of the “gov’t has to downsize” things?

fireside's avatar

No, of course not, my friend, what we need to do is cut taxes first, give the working class some relief. Then we initiate a spending freeze on everything except for the military and veterans affairs, and now my running mate would like to fund autistic children, but that’s all.

My friend, through the miracle of nuclear power, we will forge our way to new depths as we drill the ocean floor and rid our selves of the need to relate to the outside world. By doing this we will restore honor to the American people and by then I will be out of office so who cares what happens next.

funkdaddy's avatar

@fireside – Excellent work, will you be my spin doctor?

andrew's avatar

Actually, this came up due to a debate (during the debate) of a fellow watcher who owned an S corp. He contended that since his small business grossed over $250K, he’d be taxed at a much higher rate (despite the fact that his business has a lot of expenses and he takes home a modest salary or profit distribution).

However, that didn’t make a lot of sense for me… doing a little bit of research, S corporations themselves don’t pay taxes—the profit or loss is passed down to the shareholders on their individual returns, so unless he’s making over ~200K on his individual return, he won’t be seeing higher taxes.

Also, closest thing I can see to a specific percentage is a 36%-39% percent increase for “Joe the Plumber”.

Can anyone verify these two things?

jvgr's avatar

@fireside “My friend, through the miracle of nuclear power, we will forge our way to new depths as we drill the ocean floor”

And, golly, doncha know that this super patriot is just too darn shy to tell you about his newclear plan? Well, see, after, we pay the oil companies, to drill all those holes in the sea floor – and what a beautiful site, can you just imagine all those flags waving in the breeze passing by the 1000’s of off shore oil platforms. This is the truth, while those platforms are drillin, we’ll be gettin those newclear plants goin and here’s where that consorter of terrorists blew it. When that oil is sucked dry those holes will be filled with the spent uranium from all those newclear plants. Outta sight outta mind.

And golly gee.

La_chica_gomela's avatar

Don’t you mean “nukular”, jvr? That’s how all the cool soccer moms (you know, the ones that buy diapers at wal-mart in ohio) are pronouncing it these days…

girlofscience's avatar

Wow. I already knew this was the case, but seeing that Washington Post chart just makes me sick.

How could anyone think it’s logical to make the biggest tax cuts for the people who make the most and the smallest tax cuts for people who make the least?! How could that seem fair in anyone’s mind?

I only make 30K right now (grad student stipend), but even when I am making a substantial income when I am established, I will not think it is OK to do that…

fireside's avatar

This article contains four pages of comparison between the two plans as they will relate to small business owners. It covers Taxes, Health care, Energy and Labor.

It is as close as I have found to something that will answer your question.

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