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Thread: Obama and Small Business

  1. #1

    Obama and Small Business

    Senator Obama has stated 90% of small businesses will get a tax break because they earn less then $250.000. Here is a site describing small businesses.

    [url]http://www.business.gov/faqs/[/url]

  2. #2
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    [QUOTE=MnJetFan;2803558]Senator Obama has stated 90% of small businesses will get a tax break because they earn less then $250.000. Here is a site describing small businesses.

    [url]http://www.business.gov/faqs/[/url][/QUOTE]

    But small businesses that are setup as sole proprietorships easily eclipse that $250K number AND they are the ones who employ the most people, create the most jobs. Those are the ones I'm worried about.

    It's like saying that 9 out of 10 soft drink companies earn less than $250K because they are lemonade stands....but Coca-Cola gets hammered. Where would a job cut of 10% hurt most? The lemonade stands or 10% of Coke's employees?

  3. #3
    My father owns a small IT recruiting company and is particularly worried about this.

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    He's talking about the business owner netting over 250k, no? Taxes owner profits over that level could lead to business reinvestment.

    Also the vast majority of small businesses in that area of income don't claim anywhere near what they actually earn. I think he'd be auditing them all to recover the billions in lost revenue.. :D

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    [QUOTE=CTM;2803602]He's talking about the business owner netting over 250k, no? Taxes owner profits over that level could lead to business reinvestment.

    Also the vast majority of small businesses in that area of income don't claim anywhere near what they actually earn. I think he'd be auditing them all to recover the billions in lost revenue.. :D[/QUOTE]

    Exactly...Bottom line, not top line.

    And most small businesses open as LLC's nowadays, not sole proprietors.

  6. #6
    Nice post here. What I see from here is that scrutiny from the gov't will be harder under Obama. It's all good though

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    [QUOTE=TerryBadway;2803618]Exactly...Bottom line, not top line.

    [B]And most small businesses open as LLC's nowadays, not sole proprietors[/B].[/QUOTE]

    True that. I remember when I formed my LLC there really was no good reason for a sole proprietorship

  8. #8
    [QUOTE=Jetdawgg;2803633]Nice post here. What I see from here is that scrutiny from the gov't will be harder under Obama. It's all good though[/QUOTE]

    Like the oversight on Freddie and Fannie. The Democrats have lead the oversight committees for 8 years now and have done nothing. Obama will change that! PLZ!

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    Anyone who has a business that makes over 250k and still has it set up as a sole proprietorship is an _________.

    Fill in the blank.

  10. #10
    [QUOTE=MnJetFan;2803891]Like the oversight on Freddie and Fannie. The Democrats have lead the oversight committees for 8 years now and have done nothing. Obama will change that! PLZ![/QUOTE]

    With all the activity going on these days with Washington and Wall Street, you can bet that gov't will only get bigger. I did not say that it would work. only that there will be more of it (scrutiny and gov't)

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