Taxes

 
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Extending the Bush tax-cuts beyond 1/1/2011 for those of us who make over $250,000… YES!

 

Alvin Estevez

I’ve never been politically involved, this is the first time I’ve ever joined a political web discussion , so go easy on me on this post.

For the last 10 years I kept my nose to the grind stone of my business. My partners and I founded our business in 1999. We were an upstart with no financing, no credit, and no loans. We literally created our business from a dirty basement in Flushing, Queens, NYC with the sweat of our brow and our meager savings.

We are the creators of a security software utility called “SpyHunter”. We employ 50 people from the US(10), Europe (30), and South Africa (10). We work long hours and sacrificed our free time and quality time with families to build our business.  Currently our product has been sold to over 1.5 Million people across the planet and growing.  Our profit margins are over 55%, so there lies the problem when the tax-cuts expire on January 1st, 2011.

Most of our prosperity came after the Bush tax cuts in 2003. Here is why, the extra money we obtained from the cuts were re-invested back to our business to hire more people, develop new applications & technologies , and position ourselves to compete with our foreign competitors.  So if on 1/1/2011, my partners, and I will pay 39.6% to the Feds + SS + Obama care + State Taxes (in my case 6%) + Misc Taxes, thus it seem that more than 50% of our earnings will go to the governments (Feds/State). Therefore, what is my incentive to hire people, to invest more in my business, to invest more in the United States economy? The answer, I will not be motivated to hire my fellow Americans, rather I will send more jobs abroad. I will horde my earnings, since what is the point of re-investing in my business?

My “beef” is where was the government when I was in that dirty basement in Flushing? We never asked for their assistance, we never asked for a dime from any institution, and yet they see fit to over tax us and stunt our growth. Then you see the cable news commentators and on TV wondering why are people unemployed? What can we do for those who hire people to hire more people?  Well I will ask, when did they ask us what we wanted, what we really need?

I can’t speak for the people of this threat, but I can speak for partners and myself:
1.    Extend the Bush tax cuts beyond 1/1/2009 (Do not rock the boat!)
2.    Rather than an economic stimulus bill, give all employers a full tax credit for the entire salary of each US employee yearly (for a term of 3 years, until the economy recovers)
3.    There should be more people from small business in the President’s cabinet, and more people from business advising these politicians, so they can set the proper policies that will allow us to do what we do best, make money and employ people.

For the record, I do not know where these politicians live, but in my region of the country.  Two working professionals combined household income is over $250,000! Most small businessmen I know make over $250,000 a year, so who are they kidding? This is full blown taxation without representation!

If they revoke the Bush tax cuts, this will be the next blow to the economy….

 
 

Economists Want Policy Makers to Back Off Now

 

U.S. Chamber SBN

According to its survey of 53 economists (not all of whom answered every question), the economy will continue to grow tepidly amid high unemployment, with the jobless rate remaining above 9% until at least June 2011. While 30 of 48 economists opposed additional stimulus measures, 32 supported extending all Bush-era tax cuts, and 11 backed extending them for those making under $250,000 a year. Twenty-three of the economists, however, advocated offsetting the extensions with spending cuts. http://bit.ly/aUKmVX


Do you think the tax cuts should be extended?

Alvin Estevez

 

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Extending the Bush tax-cuts beyond 1/1/2011 for those of us who make over $250,000… YES!


I’ve never been politically involved, this is the first time I’ve ever joined a political web discussion , so go easy on me on this post.


For the last 10 years I kept my nose to the grind stone of my business. My partners and I founded our business in 1999. We were an upstart with no financing, no credit, and no loans. We literally created our business from a dirty basement in Flushing, Queens, NYC with the sweat of our brow and our meager savings.


We are the creators of a security software utility called “SpyHunter”. We employ 50 people from the US(10), Europe (30), and South Africa (10). We work long hours and sacrificed our free time and quality time with families to build our business.  Currently our product has been sold to over 1.5 Million people across the planet and growing.  Our profit margins are over 55%, so there lies the problem when the tax-cuts expire on January 1st, 2011.


Most of our prosperity came after the Bush tax cuts in 2003. Here is why, the extra money we obtained from the cuts were re-invested back to our business to hire more people, develop new applications & technologies , and position ourselves to compete with our foreign competitors.  So if on 1/1/2011, my partners, and I will pay 39.6% to the Feds + SS + Obama care + State Taxes (in my case 6%) + Misc Taxes, thus it seem that more than 50% of our earnings will go to the governments (Feds/State). Therefore, what is my incentive to hire people, to invest more in my business, to invest more in the United States economy? The answer, I will not be motivated to hire my fellow Americans, rather I will send more jobs abroad. I will horde my earnings, since what is the point of re-investing in my business?


My “beef” is where was the government when I was in that dirty basement in Flushing? We never asked for their assistance, we never asked for a dime from any institution, and yet they see fit to over tax us and stunt our growth. Then you see the cable news commentators and on TV wondering why are people unemployed? What can we do for those who hire people to hire more people?  Well I ask, when did they ask us what we wanted, what we really need?


I can’t speak for the people of this threat, but I can speak for partners and myself:


1.       Extend the Bush tax cuts beyond 1/1/2009 (Do not rock the boat!)


2.       Rather than an economic stimulus bill, give all employers a full tax credit for the entire salary of each US employee yearly (for a term of 3 years, until the economy recovers)


3.       There should be more people from small business in the President’s cabinet, and more people from business advising these politicians, so they can set the proper policies that will allow us to do what we do best, make money and employ people.


For the record, I do not know where these politicians live, but in my region of the country.  Two working professionals combined household income is over $250,000! Most small businessmen I know make over $250,000 a year, so who are they kidding? This is full blown taxation without representation!


If they revoke the Bush tax cuts, this will be the next blow to the economy….


August 28th at 12:41pm
 
 
 

Vote For Business

 

U.S. Chamber SBN

No doubt increasing taxes hurts jobs. Save our economy by voting for candidates in November that support pro-business policies. Find out which candidates are pro-business in your district @http://bit.ly/aafcxx

 
 

2011 Fiscal Year Budget

 

U.S. Chamber SBN

What are your thoughts on the FY11 Budget? If you're interested in taking action on the issue click here http://bit.ly/btIYYF.

 
 

The Taxpayer Advocacy Panel is recruiting New Panel members

 

nancy.ferree@irs.gov

Provide direct input to IRS on how to improve customer service and satisfaction--  www.improveirs.org   become a volunteer.   call for more information 1-888-912-1227 


3yr volunteer terms -- from all walks of life,, from all states and P.R. & Wash.DC.   call now or sign on to website.    Nancy Ferree 954-423-7973

thomas seery

 

Outright, you are correct that the form is long and time consuming.  But, I followed the instructions on the form and saved my info as a draft.  When I opened it the next day I picked up from where I stopped.  Like most online forms, it is not easy to edit info on the form.  So I used Word to compose, edit and spell check my responses to questions before copying them to the app.

April 29th at 9:48pm
 

Outright.com

 

There has to be an easier way to apply.  I just filled out the form, a laborious proces, and after returning from lunch to finish and submit, found that the site had logged me out - destroying all the work I put into applying. 


Good luck filling the panel and I hope you take to heart some basic online user experience considerations to make it much more friendly for others to apply.

April 27th at 2:42pm
 
 
 

Taxes

 

I.G. Romov

It is interesting that these figures come at the same time as a study showing that virtually HALF (ok, 47% if you want to be a stickler) of the people -shouting coming - pay NO, NADA, ZILCH income tax. If the government were't h33l bent on becoming socicommifacisto, it could get creative and have a minimum tax payment of $50 for anyone above the poverty line. I don't have handy what that revenue would amount to, but it would be an interesting calculation. And, in case you haven't noticed, this administration and Congress is quite DEAF (and dumb too).

 
 

TAX DAY

 

U.S. Chamber SBN

Rasmussen polls report this week that "66% believe that America is overtaxed." http://bit.ly/bIMECW


Do you feel that you're being over taxed by the federal government?

Raymond Parsons

 

When is SOME-ONE going to wake up and and realize that budgets can be balanced by cutting spending, rather than raising taxes for programs WE DON'T NEED!!!! Stop taxing us!!!

June 25th at 8:26am
 

Michael Welch

 

I certainly do feel we're being over-taxed.  Not only will we absorb new taxes, but the health care extra costs will be factored into every businesses products and services, so we'll also see consumer and business costs go up that way.  Also, states are rushing to fill their voids, so here we go again.  The the value of the dollar is plummeting, so costs of fuel and imports have been raising as an effect on the inflated cost per barrel of fuel.  Ultimately everything will be passed on to the user, so the poorer will get poorer and the rich will get poorer.

April 15th at 4:09pm
 

Wiley Sloan

 

Definitely we are being overtaxed.  Fed gov't is spending recklessly.  With over 40% of Americans NOT paying any taxes at all, there is a real problem here.


 

April 15th at 3:11pm
 

Lakeman29

 

What?! 14% say NO.  Who are these morons?  Oh I see, Little Obama socialists.  And by the way, you 14% can choose to pay more, just send it in, but don't try to tell the rest of us we need to pay more...

April 15th at 1:52pm
 
 
 

FY11 Budget Unsustainable

 

U.S. Chamber SBN

CBO Cheif said yesterday that the nation's fiscal course "is 'unsustainable...'" Elmendorf "noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama's fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53% to 90%. http://bit.ly/93SLms

 
 

Taxes and Competitiveness

 

from ChamberPost Blog

by Brad Peck Last week Oregon raised its top income rate to 11% and its corporate rate to 7.9%, while doubling many small business tax charges and fees -- which is good news for...Chicago. Mayor Richard Daley explains (sub req): We'll be out in Oregon enticing corporations to relocate to Chicago...They believe that anybody who makes $125,000 or more [annually] or business or anyone who makes $250,000--they're gonna start taxing them. They call them 'rich people.' I've always thought America stands for [rewarding success]...I never knew it's a class war--that those who succeed in life are the ones that have to bear all the burden...It will be a whole change in America that those who succeed and work hard, we're gonna tax'em more than anyone else. [Businesses can] go to Wisconsin. They can go to Indiana. They can go to India. They can go to China. So if you want to beat up businesses, go beat them up and when they leave, just wave to them, and they're going to wave back to you.

 
 

Economic Mixed Metaphor for Small Business

 

from ChamberPost Blog

by Brad Peck Andrew Busch writes on CNBC.com: The Obama budget is doing something now that will incent people to hire workers that in the long run is going to cost them their jobs. It's ironic that the plans are to provide a tax cut to hire workers (Small Business Jobs and Wages) and then a tax hike (2001-2003 Bush cut roll off) to discourage it. Remember, many small businesses are subchapter S and the profits roll straight through to individual tax returns. So when you tax earners over $250k, you hurt small business. Cheap loans (any loans) will help, but incenting people by letting them keep them own money is better for the economy and for job creation. Tom Donohue on jobs and taxes:

 
 

Taxing Recovery

 

from ChamberPost Blog

by Tom Quaadman Over the past several weeks we have seen several proposals mover forward to raise the taxes on capital. The House last month passed a bill that will assess fees for bailouts, stock transaction taxes were proposed in the House and the Senate, bonus taxes were proposed last week, as the Obama administration proposed a tax on banks. What these proposals all have in common is that they will raise the cost of capital, in other words, it will be harder for individuals and businesses to raise money. Decades ago, increased capital costs forced money into other uses that may have been economically inefficient or produced lower returns. Today, in the global economy, capital can leave the country with the click of a button. Higher costs means less capital, less capital means less available for loans, less loans means less opportunity for business expansion and job creation. These proposals seem to be going in the opposite direction, unless job creation has become less of a priority. Fanning the flames of populist anger might satisfy some, but the long-term...

 
 

File taxes fast and easy - no paper!

 

Kyle Janssens

Check out his really easy site for filing W-2s and 1099s to federal government.  It also automatically mails copies to recipients.  Really easy!


http://www.speedefiler.com

Outright.com

 

If I can also recommend our own, we don't deal with W-2s but we automatically manage and fill out W9s and 1099s for your contractors.  It takes about 30 seconds to take care of your tax requirements from hiring contract labor.  Check it out at <a href="http://outright.com">Outright.com</a>

April 27th at 2:44pm
 
 
 

HI

 

Greg white

Hi we provide all support serives and taxe preprtation to all kind compnay so any one looking for the services can send me a mail at greg@globalintegra.com. we well come any small business people who are looking for phine support and bookkeeping other services too.

Dolores Ewing

 

I hope you don't mess up spelling forms (1099's etc) like you do in this online message!

June 13th at 1:20pm
 
 
 

The Battle of Oregon

 

from ChamberPost Blog

by Brad Peck The public sector versus the people of Oregon, via the Wall Street Journal: ...the nation owes some gratitude to Oregon for testing whether it is possible for a state to tax its way from deep recession to prosperity. Oregon's unemployment rate is 11.1%, among the nation's highest. But Oregonians are now voting by mail whether to endorse a pair of tax increases passed by the legislature last year: one to raise the state's top personal income tax, to 11% from 9%, and another to raise the business income tax, to 7.9% from 6.6%. ...The public unions are the primary drivers behind the Oregon tax hike campaign. In recent weeks, national powerhouses AFSCME and the SEIU have poured close to $1 million into the state campaign to secure passage. Oregon's public employees have one of the sweetest deals in America. Their average pay is about one-third higher than that of private Oregon workers, and Oregon public employees don't have to pay anything toward their health-care benefits. In the last budget, the Democratic controlled state legislature doled out a...

 
 

On CNBC - Taxes, Jobs, and More

 

from ChamberPost Blog

by Bryan Goettel Tom Donohue covers a variety of issues on CNBC:

 
 

Hidden Health Care Taxes

 

from ChamberPost Blog

by Blair Latoff At the doctor. In the drugstore. In the hospital and in your paycheck. They're hidden. But you'll pay. New hidden taxes that Congress wants on your health care. Hidden health care taxes on medicines, medical devices and health insurance. Hidden health care taxes in the middle of a deep recession. Call Congress. Tell them, no hidden health care taxes in a recession.

 
 

Reading List - 6 Jan 2010

 

from ChamberPost Blog

by Brad Peck Government Funding Increases Healthcare Costs - "a guaranteed prescription" The Visa fees article - I would note that IKEA (and others?) do offer debit incentives Read a book you think you'll hate in 2010 - Suggestions? Congress Tinkers with Withholding Tax Tables for 2010 - a "cash-flow trick" A Manufacturing Round-Up: Looking Better - any good news in a storm and Megan McArdle: ...the objection that I have to paternalism is not that it prevents companies from more effectively ripping off their customers. The presumption that a majority of American adults are essentially children puts the state in loco parentis, which hands too much power to people who are not nearly as clever and wise as they believe themselves. It is morally wrong for companies to attempt to capitalize on dementia, just as I believe it is morally wrong for casinos to attempt to identify, and monetize, their customers with serious gambling problems. But giving that moral belief force of law is not necessarily a good idea, particularly if it involves eroding the presumption that we are...

 
 

Taxes and Trading

 

from ChamberPost Blog

by Brad Peck Donald Luskin and Chris Hynes in the Wall Street Journal: Are you just an ordinary American who trades stocks? You probably don't think of yourself as having much to do with "Wall Street," or of your trading as a vice that ought to be singled out for a special tax. And you surely don't think of yourself as someone who caused the recent financial crisis, which was, as Rep. DeFazio says, "brought on by reckless speculation in the financial markets." ...Setting aside the critical issue of why certain types of securities are singled out for tax, and others are not, the tax as currently proposed does not even succeed in fairly targeting speculators as opposed to investors. In fact, like most tax schemes, it is riddled with arbitrariness and capriciousness. ...Beyond the tax, everyone—investor and speculator, great and small—who buys or sells stocks will pay more to transact in markets that are less liquid. And they will transact at prices that are not set as efficiently. In such a world, markets would necessarily be more risky, and...

 
 

What do you think about Section 511 of the Tax Reconciliation Act?

 

Small Business Nation

The U.S. Chamber, in union with 40 other business groups, is calling for the repeal of a new requirement mandating that federal, state, and local governments withhold 3 percent from payments for goods and services. This unprecedented withholding mandate will affect all government contracts as well as other payments, such as Medicare and grants, starting in 2011. Section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 (P.L. 109-222) enacted this requirement into law.

 
 

Death Tax and Job Loss

 

Small Business Owner

If we’re concerned with job losses, why are politicians talking about ratcheting up the death tax? Won’t this have negative consequences on growth of our economy? At this point, we should be doing all we can to encourage wealth creation and growth of capital in our country not scaring it away…

Dolores Ewing

 

I AGREE with Wanda in so many other words. Reduce taxes & find another way - like tax the Politicians who are getting out of wack.

June 13th at 1:25pm
 

wanda schmidt

 

our government is way out of control! stop all these taxs ! they waste the money vote themself raises & tons of perks while ruining our country , not protecting us , we need to export more than we import & take care of America first ! deal with all illegals now if they are not here legal they are criminals. we need all the jobs we can get  for legal Americans right now. Also the only FLAG on our soil should be the American Flag ! You feel the need to wave another flag around get the H**L out of the USA and take your flag with you ! We need people here to stand with us that will make us a better, bigger , stronger America not tear us down or try to divide us.

February 15th at 9:58pm
 

Reggie Cobb

 

Yea, seriously. Certains in life now include death, taxes, and DEATH TAXES!

October 29th at 1:24pm
 
 
 
 
 

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