Ok. . . This is terrifying.

[Cats Cats Cats]

I agree with that point (benefit of doubt as to the $1500), but these business are getting both the increase and the 1099.

I almost only do transactions over $600.  Think about going to Target and having to give the cashier or you give a 1099.  Or the thousands upon thousands of customers that have to send in a 1099 to be legal. 

[Gaspar]

Also, his claim that Obama is surrounded solely by academics is simply not true. Personally, I prefer there to be some balance between the corporate-types (like Geithner) and the academic-types (like Warren). The wall-streeters, for all their whining, have had his ear since day one. They're just pissed he doesn't agree with them 100%.

Sorry, but I just caught this. . .the only corporate job Geithner ever had was for 3 years back in the 80s working for Henry Kissenger.  Since that short and pitiful foray into the private sector, Geithner has always worked for government.  He's about as corporate as Lady Gaga!

.

[Conan71]

The resemblance is uncanny...

[Red Arrow]

33% to 36% on their income over $250k (assuming no other loss of deductions)  would be $50,000 * .03 = $1500.  Or as a Republican would say  .  $50,000 * .03 = 9,000 Jobs.

No wonder people think Keynsian Economics work.  When you use .03 for 33% instead of .33 for tax purposes it lowers taxes.  Heck, raise my tax to 90% as long as I can use .09 for a multiplier (instead of .90).

33% of $50,000 is more like $16,500 than $1500.

Pesky flyspot decimal points.

[nathanm]

Pesky flyspot decimal points.

He was calculating the increase in tax caused by raising marginal rate 3% on $50,000 of income.

[Red Arrow]

He was calculating the increase in tax caused by raising marginal rate 3% on $50,000 of income.

Pesky English language.

[Cats Cats Cats]

http://finance.yahoo.com/career-work/article/110775/time-to-stop-worshiping-small-businesses


"The Small Business Administration says any manufacturing company with fewer than 500 employees is "small." In other sectors, a company can have annual revenue as high as $35.5 million and still be considered "small."

By that definition, about half of U.S. workers are employed by "small" companies. If you define "small" as companies with fewer than 100 employees, small businesses employ about a third of U.S. workers."


So 35.5 million in sales and 499 employees is small.  So all of this, raising taxes on "small" businesses is starting to make sense. 

[guido911]

http://finance.yahoo.com/career-work/article/110775/time-to-stop-worshiping-small-businesses


"The Small Business Administration says any manufacturing company with fewer than 500 employees is "small." In other sectors, a company can have annual revenue as high as $35.5 million and still be considered "small."

By that definition, about half of U.S. workers are employed by "small" companies. If you define "small" as companies with fewer than 100 employees, small businesses employ about a third of U.S. workers."


So 35.5 million in sales and 499 employees is small.  So all of this, raising taxes on "small" businesses is starting to make sense. 

Manufacturing companies with fewer than 500 employees?

[Cats Cats Cats]

Manufacturing companies with fewer than 500 employees?

True, he did qualify his statement with manufacturing.  


Here is the definition list, some are 1000 employees.  
http://www.sba.gov/idc/groups/public/documents/sba_homepage/serv_sstd_tablepdf.pdf

Restaurants are 7 million a year in revenue until they stop being small  So all of blue dome combined is 1 small business

500 employees or 7 million in revenue seems to be avg small business threshold.

[guido911]

True, he did qualify his statement with manufacturing.  


Here is the definition list, some are 1000 employees.  
http://www.sba.gov/idc/groups/public/documents/sba_homepage/serv_sstd_tablepdf.pdf

Restaurants are 7 million a year in revenue until they stop being small  So all of blue dome combined is 1 small business

500 employees or 7 million in revenue seems to be avg small business threshold.

Funny. I saw in that chart that law offices are raking in $7M, as are dance companies

[Conan71]

True, he did qualify his statement with manufacturing.  


Here is the definition list, some are 1000 employees.  
http://www.sba.gov/idc/groups/public/documents/sba_homepage/serv_sstd_tablepdf.pdf

Restaurants are 7 million a year in revenue until they stop being small  So all of blue dome combined is 1 small business

500 employees or 7 million in revenue seems to be avg small business threshold.

Size standards as identified on the SBA site were largely adopted for preferential treatment on doing business with the government.  That's why they vary from industry to industry.