What Sly Fox Won't Show you

Barrack Obama Explains Tax Cut Plan to Plumber

Category:

News & Politics

Tags:

• Barrack
• Obama
• Tax
• Cut
• Plan
• Plumber
• Business

[ourananastasia]

Oy, the less tax the better. just let the natural laws of supply and demand determine everything. But if you let just that you will demolish some people, while bringing the majority of society up. That's why a LITTLE government regulation is good.

[daniellecon]

Obama can say he is giving 15% break but in this video he even says that he adds a tax increase as well. Sounds like the run around!!!

[MattDuffy]

How come people aren't talking about the fact that plumbers don't actually make that much money?

[ebloggie]

Thanks for the breakdown.

[msalaam]

Only the amt over 250k is taxed at 39, so it's not 9000, but 1500.

[ebloggie]

Well Well if you are only talking about 300K only 50K would be taxed at 39% and that is not 9,000. That's why I answered you the way I did. Sorry!

[tosin19]

One last thing...let's say that the health care plan for employees cost $50,000...$72,000 + $50,000 is $122,000...still less than what a SB is currently paying without even providing health care for their employees. I don't know how much it would actually cost a SB to pay for health care, but the deal looks pretty damn good to me. And with the no capital gain tax, there is plenty of reason for a business to try to make the most profit they can and expand.

[tosin19]

So using the 300K example with a 100K in profit under the current tax plan:

36% tax turns to 108,000

+ 35% for short-term cap gain turns to $35,000

or for sake of simplicity) 15% for long term cap gain turns to $15,000.

You end up paying between $143,000 and $123,000.

Under Obama's proposed tax plan:

39% tax turns to 117,000 - No cap gain short or long - 15% tax break for health care turns to $45,000

So under Obama's plans if these numbers are correct then you pay $72,000 in taxes total.

[tosin19]

SB above 250K get 3% increase in tax, 15% tax break for SB offering health insurance and don't forget SB would be getting a capital gain tax break.

According to Turbo Tax:

Short-term profits are taxed up to 35%. Long-term gains are taxed at a flat 15% except for taxpayers in the 10% or 15% bracket.

[shamper7]

What would be the incentive for a person making 240,000 to expand business and create more jobs. If they make more money they will lose money, that is backwards.