Name two things we need to change with the next presidency

[heyheybooboo]

Originally posted by: Moonbeam
Change the focus from what is good for me and focus on what is best for the country.

Dammit, Moonie, don't hand me that "Ask not what your country can do for you" crap ...

 

[dmcowen674]

Switch to the Euro.

Declare Gasoline powered cars illegal.

 

[Vic]

Originally posted by: charrison

Originally posted by: Vic

Originally posted by: charrison
You do realize that reducing taxes on small business basically means dropping the top marginal income tax rate, as that is where more small business pay their taxes. Of course that is often is seen as a tax cut for the rich.

I can't see how this is true. IMO (in banking/lending) most successful small business owners will have write-offs for days. Either that or they'll be reinvesting for growth as opposed to taking profits. So the business will be doing well (strong cashflow), but the owner will have difficulty documenting it with tax returns. Much less be paying at the top rate.

There are a significant amount of people with family owned business that fall into the top tier personal income tax bracket.

Old money family businesses. Not the entrepreneurship the OP was talking about.

Originally posted by: Moonbeam
Change the focus from what is good for me and focus on what is best for the country.

Whatever is good for you would be best for the country. We've had this discussion before, Moonie. Individuals are parts of the whole, not outside observers.

 

[Fern]

Originally posted by: Vic

Originally posted by: charrison
You do realize that reducing taxes on small business basically means dropping the top marginal income tax rate, as that is where more small business pay their taxes. Of course that is often is seen as a tax cut for the rich.

I can't see how this is true. IMO (in banking/lending) most successful small business owners will have write-offs for days. Either that or they'll be reinvesting for growth as opposed to taking profits. So the business will be doing well (strong cashflow), but the owner will have difficulty documenting it with tax returns. Much less be paying at the top rate.

Vic,

The vast majority of small business owners utilize a flow-through entity to conduct business. The business itself doesn't pay income taxes; the net profit/loss is taxed on the owner(s) personal income tax returns(s).

An "S" corporation is the most common form.

Corporations that DO pay income tax are refered to as "C" corporations. Unless someone has a made tax planning blunder, you generally only see these when they're selling a lot stock (or trying to).

So, it's pretty fair to say that reducing income tax on enterprenuers requires a personal income tax rate cut. Otherwise you can get their taxes by raising things such as the limit of section 179 elections (immediate write-off for purchase/investment in equipment, instead of requiring depreciation that is written off over many years).

Fern

 

[Fern]

My two choices:

1. Control illegal immigration

2. Less gov spending (control budget)

Fern

 

[Moonbeam]

Originally posted by: Vic

Originally posted by: charrison

Originally posted by: Vic

Originally posted by: charrison
You do realize that reducing taxes on small business basically means dropping the top marginal income tax rate, as that is where more small business pay their taxes. Of course that is often is seen as a tax cut for the rich.

I can't see how this is true. IMO (in banking/lending) most successful small business owners will have write-offs for days. Either that or they'll be reinvesting for growth as opposed to taking profits. So the business will be doing well (strong cashflow), but the owner will have difficulty documenting it with tax returns. Much less be paying at the top rate.

There are a significant amount of people with family owned business that fall into the top tier personal income tax bracket.

Old money family businesses. Not the entrepreneurship the OP was talking about.

Originally posted by: Moonbeam
Change the focus from what is good for me and focus on what is best for the country.

Whatever is good for you would be best for the country. We've had this discussion before, Moonie. Individuals are parts of the whole, not outside observers.

1. What is good for me would indeed be good for the country.

2. What I think is good for me would be bad for the country.

3. A discussion, because it's been had does not mean it's been resolved.

4. Cancer cells are part of the whole but they kill you.

 

[StageLeft]

Trade deficit, but more important the beligerent foreign policy.

 

[piasabird]

Make it illegal for any municipality, county, state, or the federal government to give any business or corporation a tax abatement. This is because it is the average tax payer me and you that end up paying for it. I am tired of giving the private sector a free ride on my money. It should also be illegal or any business or corporation to threaten to move out if they do not get a reduction in their tax rates. That is what I call extortion. If you are going to relocate to cut costs that is fine, just come out and state that so everyone knows what is going on. If the city wants to lower taxes, they should have to lower everyone's taxes and just get by on less. Freedom and equality under the law is all I ask. If the Federal government prohibited this behaviour then no one would expect a free ride and it would not be a problem. It is the Federal government that is suppose to control interstate trade and I think this will help to control that and it is perfectly within their right to do so. In fact, it is the Federal government's responsibility to act on this.

Secure the borders and say No to amnesty for illegal immigrants. We did not force them to come here and we should not be forced to pay them one red cent.

 

[Atreus21]

Originally posted by: PC Surgeon
It is very simple for me. The next president (Obama seems to be the lesser of 3 evils) needs to change:

1) Economy - Make it profitable for smaller businesses to run again. Remove taxes and laws on corporations to encourage growth. Start getting and "industrial edge" like we used to. At the least balance our trade deficit and if possible rearrange trade agreements more in our favor. This nation is 70% import 30% export, try to balance it.

2) Mend foreign relations. Lead by example. Encourage trade, commerce and diplomacy over sanctions and war.

Excellent topic, and good post.

I'm glad to see people talking about specific solutions than moaning about broad problems.

I agree about the Economy, but I wonder if we'll ever regain the industrial edge we used to have. I think that while the United States is strong, other countries are starting to catch up. While it's something of a bitter pill, this is merely the result that capitalism is intended to bring about: Equilibrium. Friend or foe, China's ascension and that of other countries is good for the world economy and general well-being, and certainly the United States couldn't keep its superiority margin forever.

I think mending foreign relations is a good policy. However, I do ask that people realize that a good relationship is comprised of two sides. We can't single-handedly mend relations with countries that inherently dislike us. But certainly we can extend the hand of friendship.

 

[Robor]

1. Foreign policy/relations. The past 7+ years have ruined our reputation around the world. The next president/administration need to work to repair it.

2. Get out of Iraq. It's costing us lives, reputation (see #1), and billions of dollars with no good end in sight. There is no winning. There is no saving face. We need to find way out of that mess ASAP.

 

[Deeko]

1) BEAR PATROL! I for one am sick of constant bear attacks.
2) No bear patrol tax! Outrageous!