0
Under obamas tax plan if you are a small business owener and grossover 250000 do you pay taxes that or your Owen income under 250000?
Wiki User
∙ 15y ago
I haven't seen details on Obama's tax plan. Increasing the maximum tax rate is actually historically a good thing, but only if the bracket is raised so that only the really wealthy pay that maximum rate.
Barack Obama has stated numerous times that only the taxes of those making over $250,000 a year will go up. Joe Biden has said $150,000. Either way, the taxes will be paid on whatever your INCOME is, not the gross of your business.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What was the approximate percentage of Americans living in poverty in the 1900's?
23%. Especially obamas family
What was the average income for small business owners in 2005?
Salary.com did a survey in 2006 of business owners and CEO's salaries. The survey shows that the average income is around $233,000. Note that this salary is in fact under the threshold that Obama would raise taxes on, so Obama will not raise taxes on the average small business owner. Also, this survey defined "small" as having 500 employees or less which is fairly liberal and certainly not what most Americans think of as a small business. I believe this is incorrect: I believe its $258,400. "According to the survey, the national average salary for the CEO/Partner/Owner job function is $258,400" I also believe Obama's thresdhold is $250k/$200k (Family/Single) An important note also is that 98.1% percent of small-business filers have income too low to be subject to either of the top two tax rates. Since the floor of these is below $250,000, then 98.1% of small business filers will not see any increase with Obamas plan. http://www.cbpp.org/8-29-08tax.htm ---Incorrect Definition of Small Business--- The definition of "small business" used for that survey is actually too narrow. The small business administration uses various factors, including revenues, for determining what a "small business" is and these factors vary by industry. A small business is an concern that is organized for profit, with a place of business in the United States, and which operates primarily within the United States or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor. Further, the concern cannot be dominant in its field, on a national basis. Finally, the concern must meet the numerical small business size standard for its industry. SBA has established a size standard for most industries in the U.S. economy. The most common size standards are as follow: 500 employees for most manufacturing and mining industries 100 employees for all wholesale trade industries $7.0 million for most retail and service industries $33.5 million for most general & heavy construction industries $14.0 million for all special trade contractors $0.75 million for most agricultural industries About one-fourth of industries have a size standard that is different from these levels. They vary from $0.75 million to $33.5 million for size standards based on average annual revenues and from 100 to 1500 employees for size standards based on number of employees. Several SBA programs have either alternative or unique size standards, such as the Small Business Investment Company Program.
What effect will the economic stimulus package have on President Obamas political career?
He is in a no-lose situation... If it fails it will be the fault of the previous administration. If it succeeds he will take credit. He has already taken credit for a million jobs that were not lost?
Should Obama give stimulus rebate checks in 2009?
Short answer: Yes. But most people are unaware that these checks are funded by taxpayers, and unfortunately, will be issued to taxpayers and non-taxpayers alike. In fact, an individual does not even need a Social Security number to receive a check under Obama's plan (?????). The Economic Recovery and Reinvestment Act of 2009 aka "The Stimulus Bill" needs a combination of measures geared towards recovery in both the short term, AND the long term. So while a "rebate" check would help for a week or two, it would be more of a stimulus to eliminate the federal income tax altogether. Obamas version of this legislation is really more or less a spending bill that guarantees long term debt as opposed to long term recovery. It is Robin Hood Economics at its worst. And it will all but decimate the middle class.
Why does Michelle Obama squander US taxpayer dollars on a sightseeing trip to London for fish and chips?
Mrs Obama, whose husband had flown home following his official visit to France to mark the 65th anniversary of D-Day, has been enjoying a two-day holiday in London with her daughters source: http://www.dailymail.co.uk/news/article-1191620/First-Lady-flamboyance-Michelle-Obamas-confident-duty-chic-London-city-break.html
How have the Obamas become so wealthy?
Actually compared to some former presidents and their families, the Obamas are not wealthy at all. In fact, it was not until about 2006 that Mr. Obama finally became a millionaire, largely due to royalties from his two best-selling books; the Obamas have also invested successfully in some stocks. By all accounts, the Obama family has never lived lavishly; their home in Chicago was not particularly opulent, and part of their income was Michelle Obama's salary as a hospital administrator and fundraiser. On their 2011 tax records, the Obamas' adjusted gross income was $789,674.
How much money has the Obamas used on personal business?
It is difficult to answer this question without knowing what you mean by "personal business." Every president receives a salary plus an allowance for expenses related to his job, as well as a budget for entertainment. I enclose a link to the Obamas' 2011 tax return, so you can see how they spent their money.
What are Michelle Obamas kids names?
The Obamas have two daughters: Malia and Sasha.
Where is Obamas Son?
He has no "Sons">
What is Obamas point of views?
On what?
What religion was obamas grandparents?
catholic
Who old is obamas wife?
she is 45
What is obamas fist name?
Barack
Obamas middle name?
Hussein
What is obamas father name?
Derek
Is obamas wife having a baby?
No
What is obamas daughters allowance?
100.50
