Okay...will one of the people that's making over $250K please adopt me?? Look at my avatar...I'm cute and cuddly :-D
It makes no difference. If it does to you, then all I can say is be careful of what you wish for because it could end up biting you in the backside. I would be just as much against it if his high dollar limit was $1M. You cannot tax the hell out of the people making money by producing goods and services forever -- they will eventually tire and move or just shut down operations. Bring on the consumption tax (ie the Fair Tax). Further, how can you reduce taxes on 90% of the people when less than 50% actually pay taxes -- you cant, what happens is many actually receive income redistribution checks (money from your or me to someone else). I don't know about you, but I like to have a say as to who I give my money to.
You might want to take another look at that infamous Santa Claus poll from a few years ago... I think it'll shed some light on how truthful people are when they answer 4042 polls.
I can only wish to make that much , I wouldn't be here in Johnston county if i did ...:lol: Not that there's anything wrong with it , Just could pick a better place to be ...8) Like maybe the Bahamas or monaco or hell even Vegas ..But then again if i was in Vegas i would be broke ... Been there and done that a few times
It is really a variable depending on industry classifications, but in general it is a company with 1-100 employees, not a part of any other corporation, generally privately owned, and with less than about $1,000,000.00 in gross revenues. The company would not be dominant in its field which is why the variable nature depending on the SIC code.
If I made 250K I can tell you this, I'd have better things to do with my time than come on here!!! No offense, but with that kind of money I'd be enjoying life to it's fullest. With my debt ratio I'd have $230k left over each year!!
You must also remember that taxable income is not always the same as available income when you own a business. You get to pay taxes on the money reinvested into the company even if you do not get it out of the company in that year. :mrgreen:
My thoughts the owner of my company has made over 250,000 each year the past three years, one would say he's very wealthy because he paid himself quite a bit during this time, BUT, he took all of the risk by putting his personal signature on all of the debt, so he's on the hook for everything if he goes down. for a fact, if his taxes go up, he will have less money and will be less willing to invest in his company and grow it (i.e. hire more employees). he currently has over 100 employees in his companies and it is dropping each and every week due to the economy. 250,000, is far from rich, especially for a small business owner, it can all be gone in an instant. there are so many small companies on the brink of bankruptcy, it's crazy, and that's in north carolina where the economy is much better than most places. so those that think Obama's tax the rich and cut taxes for the not so rich works, it does not necessarily have the consequences he desires. I can understand filthy rich having slightly higher taxes (making more than 2,000,000), but 250,000 is barely getting by when you run a business that has debt, equipment, vendors, employees, etc...taxing business (and owners that own them) will not help the economy at all. it will do the exact opposite.
The same applies to partnerships and sole proprietorships; C corps pay tax on all profits, whether withdrawn or not. IOW, what Wayne said applies to all businesses.
Correct, to a point. It is done as a Subchapter S corp, LLC, and the other corporation options which are privately owned. The taxes are paid on profit regardless of the use of that profit.
Possibly a misunderstanding of the intentions behind the word "earn". I easily "earn" more than $250,000 a year; sadly my salary does not reflect that.
You just cannot accept the remote possibility that some people really might actually believe in Santa Claus, can you? To you, if they say they do, they're either lying or mentally unstable. How sad for you.
