Ok. . . This is terrifying.

[nathanm]

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%.

[guido911]

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%.

Marcus was talking about his perceived negative attacks in Washington (and you incidentally) against small business owners and those that create wealth/jobs. If you ever created a freakin job Nate, you would understand.

[nathanm]

Marcus was talking about his perceived negative attacks in Washington (and you incidentally) against small business owners and those that create wealth/jobs. If you ever created a freakin job Nate, you would understand.

Nobody is attacking small business owners (aside perhaps from some banks) except in the fantasy land inhabited by the right wingers and their hangers-on. Why don't you join us in the real world where they've gotten repeated tax breaks and we're staring a large loan program in the face to help offset the ongoing stinginess of most of our banks?

[guido911]

Nobody is attacking small business owners (aside perhaps from some banks) except in the fantasy land inhabited by the right wingers and their hangers-on. Why don't you join us in the real world where they've gotten repeated tax breaks and we're staring a large loan program in the face to help offset the ongoing stinginess of most of our banks?

Really, how in the he11 do you know that? Are you a small business owner who files his/her taxes as an individual and thus one of those evil $250k folks? Will you be having to 1099 all purchases in excess of $600? My guess is your answer is a big fat "NO"!

[we vs us]

Guido=

[nathanm]

Really, how in the he11 do you know that? Are you a small business owner who files his/her taxes as an individual and thus one of those evil $250k folks? Will you be having to 1099 all purchases in excess of $600? My guess is your answer is a big fat "NO"!

You seem to be operating under the mistaken assumption that one pays income tax on gross receipts.

[Gaspar]

For some reason they included Non-profits in this requirement.

Non-profits are not used to collecting tax ID numbers from the companies they do business with.  This will require a whole new accounting structure for such organizations and make the process much more expensive.

They also increased the penalty for failing to report a vendor/supplier from $50 to $250 per incident, with the maximum penalty increased from $250,000 to $1.5 million.

I guess they have to fund this healthcare thing somehow.

[Conan71]

You seem to be operating under the mistaken assumption that one pays income tax on gross receipts.

Where did you glean that from his post?  I sure didn't catch that.  Out of clever come backs?

[nathanm]

Where did you glean that from his post?  I sure didn't catch that.  Out of clever come backs?

He seemed to be saying that businesses small enough that the owner uses an S Corp or pass-through LLC will be significantly impacted by the expiration of the Bush tax cuts. The only way I can see him being so worked up about it is if he thinks that having receipts of $250,000 a year would be enough to fall into that tax bracket. More realistically, very few small businesses with under a $1,000,000 a year in receipts will be impacted by this. Even then depreciation, prior losses, and so on will further reduce net income for most companies.

This isn't screwing the little guy. Moreover, the little guy has already gotten a lot of help and will be receiving more. Guido's entire premise is that single owner small businesses are getting screwed, when that's demonstrably not the case.

They're more likely to get screwed by AMT than anything else.

[Cats Cats Cats]

Yeah, if you make $300,000 you pay about $1500 more.  The 1099 is way worse than the tax increase for actual small businesses.

[SXSW]

What if people are finally learning a lesson about a binge and purge economy and everyone (individuals and corporations) is simply starting to learn to live a more austere lifestyle?  What would happen in a scenario like that where unemployment remains in the 10% range (or 16% if you want to count those no longer looking for work).

Sounds like socialism...

[we vs us]

Sounds like socialism...

You know, it's funny that we should be so scared of socialism when the bottom 80% of earners controls 15% of the capital in the country.  That's about as far from socialism (workers owning the means of production) as it can get. 

Maybe the correct word is oligarchy?

[Conan71]

Sounds like socialism...

I'm not sure what about austere lifestyles and permanent 10% U/E sounds like socialism, but I'll bite.  Care to explain?

[guido911]

Yeah, if you make $300,000 you pay about $1500 more.  The 1099 is way worse than the tax increase for actual small businesses.

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

[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.

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.