I’m a not an economist nor a CPA. However, I do have quite a bit of a background in accounting, business management and operating a small business. So when I see some of the President’s tax and economic policies that may take place – it has me concerned.
Overall, I’m pretty sure quite a bit of us do not want to pay a huge amount in taxes. Whether it be monthly, quarterly or annually. I’ve been looking at past debates during the 2020 presidential election and I do not agree with taxes increasing overall. I honestly prefer more money in our pockets – doesn’t matter what spectrum we belong into under the Progressive Tax system that our Federal Government has in this country. Wouldn’t you agree, that you wish to have more cash “on hand” – in your pockets when you get your pay bi-weekly or monthly? I see it as common sense.
What sound person would not want to have more cash in their hands to do whatever with it, when they get paid? Use it to do whatever they’d like to: purchase clothes, travel to have that humbling experience around the country or abroad, support other business industries, donate to a charity they are interested in, or help out local businesses and communities in their areas, etc.
Here’s my take on some of the above mentioned. Some of it sounds similar to Biden’s proposal, but the underlying fact is INCREASE IN TAX. This goes back to my blog a few weeks ago about the “Laffer Curve“. Very informative video as well about the break down of the Laffer Curve.
So they want to eliminate former President Trump’s corporate tax decrease (was at 21%) and raise back up to 28% or 35% – who knows which one they’ll agree on. Here’s my thoughts on this increase in Corporate Tax… It affects ALL businesses – big or small – who is incorporated (C-Corporations).
Some of you who are not in the field of business or owning a business there are essentially 5 buckets of businesses. In the simplest way I can describe:
1 – Sole Proprietorship – you are the business and you are PERSONALLY liable for all of your business – from your money, to people you hire, to assets you buy to help operate this business.
2 – Limited Liability Company (LLC)
3 – S-Corporation – this entity will be personally liable for the assets, people you hire, money you’ve put it – but you are still the owner – but as a corporate officer.
4 – Partnership – you and your friends get together and form a business – But this partnership is an entity as it’s own and will be liable for anything – similar to S-Corporation. You nor your friends who are the partners are not personally liable – the partnership is.
5 – C-Corporation – this entity, similar to S-Corporation; however, C-Corporation is a taxable entity – under Federal Government. The liability is similar to S-Corporation, to where the C-Corporation entity will be personally liable for the assets, people you hire, money you’ve put it – but you are still the owner – but as a corporate officer.
Overall, small business – as some people may not understand – can EASILY BE ANY of the 5 above types of entities.
Anyone can be a small business – as indicated in the IRS’ website noted above and by the image noted.
Where am I getting at with this? Well, if you are a “small business” and also operating a corporation, a profitable one, then under the proposed tax plan with the new President – your corporate tax will increase. The adverse affect would be, for you as a business owner, you’ll be paying higher taxes and have less disposable income (free cash on hand) to use it towards your business. Should you decide to hire more people, expand or upgrade your technology? You may have to put a hold on it then if your corporate taxes increase as a small business owner.
You may not realize that your neighbor, for example, owns an auto repair shop and is the mechanic as well. He may operate his business as a corporation for all we know. He, too, can be affected by this corporate tax increase proposed. From my perspective – the devil is within the details – and not many people realize to look at it that way. Only see that increase in these taxes will ONLY impact the 1% or the “big business”. Not sorry – but no.
Granted the Wall Street Journal link above is an opinion piece – but how they worded the title of the article is hilarious.
In the above link, the Wall Street Journal has worded this article from the beginning “A Biden Tax-Hike Break for Small Business… Congress should raise the top corporate rate to 28%, but only for the most profitable companies…” Well no sh*t Sherlock. Only way you’ll pay taxes is if you have a net profit on your business (e.g. PROFITABLE)! You cannot pay taxes if your business incurs a loss. It’s like trying to divide a number by 0 – you cannot!
What kind of government need troops to protect them from the people who voted for them?
What kind of government whose videos barely have any views and 80% of the views disliked their policies?
Oh I forgot, dead people don’t use social media or reading news. Or maybe my dead grandpa and I ended up triple voted for them somehow somewhere that I didn’t know. Who know?
I’m wondering what will happen now. My honest opinion is that we are going to go backwards instead of forwards. While they mentioned, in the video, that some of the policies that President Trump has implemented during his term will possibly be over-ridden by President Biden’s executive orders – of course why am I not surprised? That’s just the icing on the cake.
I want to share my thoughts on how the Democratic party and various people on both sides of the aisle is now (for a couple months now – mind you) are preaching “unity”. We “must unite”. Blah, blah, blah. Why all of a sudden you want to preach “unity”? Just because Biden is now President as of today, January 20, 2021?
Why haven’t you preach for “unity” and support for President Trump, LONG BEFORE, when President Trump was President from 1/20/2017 through the end 1/19/2021? Or were all of you, the Democratic Party and quite a bit of people on the left, so FULL OF HATRED that you just wanted to bash President Trump because you couldn’t believe he was elected President of the U.S. in 2016? You wanted Trump, literally, out of the White House – not even before he was sworn in. Or did you forget that? For 4 long years, it was constant bashing here and there, on President Trump, throughout of ALL mainstream media and politicians on BOTH SIDES of the aisle – Left and Right. I got so much of a headache constantly seeing so much hatred towards one man just because he didn’t have choice words, not very articulate, and was blunt – basically just said it how it was. To me, it felt like a very annoying parrot repeating the hatred and disdain for one individual. That it spread like wildfire and everyone else repeated it and believe it because it was repeated over and over again.
Ever heard of the “Illusionary Truth Effect”? Basically the mass media has greatly accomplished this during the last 4 years of President Trump’s term… The illusionary truth effect is the tendency to believe FALSE information to be CORRECT after REPEATED exposure. How liars create the ‘illusion of truth’
One prime example was the “Muslim Ban” that the mass media has constantly repeated that term – as they mentioned briefly towards the end of this video. What was the real reason for this immigration policy? Well let’s take a look, shall we? It wasn’t a BAN specifically on Muslims it was an “Executive Order Protecting The Nation from Foreign Terrorist Entry Into The United States.” This exact executive order was strictly for National Security & Defense for the citizens here in United States – TO PROTECT U.S. Citizens, period. It was declared on March 6, 2017. It literally starts off,
“By the authority vested in me as President by the Constitution and the laws of the United States of America, including the Immigration and Nationality Act (INA), 8 U.S.C. 1101 et seq., and section 301 of title 3, United States Code, and to protect the Nation from terrorist activities by foreign nationals admitted to the United States, it is hereby ordered as follows…Section 1 – Policy and Purpose. (a) It is the policy of the United States to protect its citizens from terrorist attacks, including those committed by foreign nationals. The screening and vetting protocols and procedures associated with the visa-issuance process and the United States Refugee Admissions Program (USRAP) play a crucial role in detecting foreign nationals who may commit, aid, or support acts of terrorism and in preventing those individuals from entering the United States. It is therefore the policy of the United States to improve the screening and vetting protocols and procedures associated with the visa-issuance process and the USRAP.”
“(b) On January 27, 2017, to implement this policy, I issued Executive Order 13769 (Protecting the Nation from Foreign Terrorist Entry into the United States)…”
“…(i) Among other actions, Executive Order 13769 suspended for 90 days the entry of certain aliens from seven countries: Iran, Iraq, Libya, Somalia, Sudan, Syria, and Yemen. These are countries that had already been identified as presenting heightened concerns about terrorism and travel to the United States…” It continues on – you can read the executive order in its entirety in the link below.
So basically that executive order is for a heavy vetting process from these various countries with heightened concerns about terrorism 2017 and onward.
I want the United States of America to be protected from all enemies foreign and domestic, thank you very much. And if we have the ability to stop enemies from entering our beloved country, then yes, let us protect ourselves first! All LEGAL immigrants have to go through a heavy vetting process to become permanent residents and U.S. Citizens here in the United States. You don’t believe me? Look at the Naturalization process to become a U.S. Citizen and the actual application.
The media, Biden, the swamp and Xi Jinping should get a room for orgy party! They’re good at rimming each other. 😂