How are the tax changes going to effect you?

Speckla
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I'm worried about the tax changes and the change in healthcare effecting my job. I worked for a small company that does take in 250+(barely breaking even each year) a year but we struggle to make payroll every two weeks. We do ambulance billing and rely on insurance payments to be able to stay afloat. My employer will have to 1)pay more taxes 2) do we stand to lose $ if the current system is revamp?

Medicare and Medicaid are paid for my payroll taxes and they are a separate department. I wonder about private healthcare like Blue Cross Blue Shield and companies like them.

Last edited by Speckla; 11-05-2008 at 05:03 AM.
The 250 would have to be net income/profit, not 250 in revenue for the tax plan to effect you, if I understand it correctly. If you are barely breaking even, then your net income wouldn't be much over 0, would it?
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Speckla
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Ok, thank you.

The numbers are above $250 k but I don't know the exact dollar that the company takes in but I know that there are some weeks my employer has had to get payroll loans because the profits just weren't there to meet payroll and all other expenses.

Bush's tax breaks for business do not expire until 2010. This is one of the things that time will tell.

Last edited by Speckla; 11-05-2008 at 10:16 AM.
Speckla
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I am finding sources that say you will pay more taxes if you make a profit of $250k or more and other places saying anyone bringing in a total income of $250k or more. This applies to business owners and individuals making that income or above.

Anyone else care to weigh in on this?

Or how will you benefit from this tax increase?

I'm interested in different points of view - peaceful on both sides - please share.
Obama doesn't want to put small business out-of-business. I really doubt you have much to worry about with tax increases. Before any taxes are raised, you'll hear a lot more about it as it goes through government proceedings. Obama can't just say it and make it so.

I know you've said you listen to Limbaugh regularly, so, honestly, if you turn the dial away occasionally, the world will look much less scary. That hate radio stuff is meant to scare you. That's how they wash your brain...with fear.
I'm a poor college prof so my taxes will probably down. I'm so far under $250K that I have little or nothing to worry about.
I'm a poor college prof so my taxes will probably down. I'm so far under $250K that I have little or nothing to worry about.
Originally Posted by Myradella3
Same here. I don't even make 40K, and let's not even do the math on how much of that is left after the bills. I'm not worried. But it is a proven fact that when money is distributed within the middle class, it works it's way up and makes for a more stable economy. Shaving a little off the top from the rich isn't all that bad. It's much better than distributing the money to the rich and expecting it to trickle down. We know that doesn't work....
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Jeez, people are going to start jumping out of windows soon, it seems.

Jeez, people are going to start jumping out of windows soon, it seems.
Originally Posted by CocoaCoily

errr uhhh yeah... let's give Bush an opportunity to get his ISH out the White house before we start worrying about what may or may not happen..sheesh
Website: www.truth2roots.com
This how Obama tax plan will affect you and me and every one. Read it and and weep!

The Obama Tax Plan: High Tax Rates Are Not Just for High-Income Taxpayers

http://www.taxfoundation.org/blog/show/23501.html

Obama's tax plan
Who's really rich, and why does it matter?

http://www.latimes.com/news/opinion/...,7090752.story

Barack Obama thinks higher taxes are a good thing

http://latimesblogs.latimes.com/wash...hetaxrais.html


Obama's Tax Plan 'Misleading

http://news.aol.com/political-machin...an-misleading/
I have heard 3 different figures from Obama/Biden.

250k
200k
150k

Which one are we to believe? I don't know. Time will tell whether or not the new administration will have any success passing their agenda.
Curious: are there a lot of posters here that make upwards of 150k? 200k? 250k?

If you do, I need to know what you do, so I can get some of that.

Sincerely,

Someone who makes WAY LESS than 150,000/annum

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Curious: are there a lot of posters here that make upwards of 150k? 200k? 250k?

If you do, I need to know what you do, so I can get some of that.

Sincerely,

Someone who makes WAY LESS than 150,000/annum
Originally Posted by curlyarca
lmao, I'm right there with ya.

And in all honesty, I would wait to see what ACTUALLY gets passed before starting to panic. How often to candidates promise one thing just to have it shot down in Congress later on? Or changed/varied from the original text.
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What's funny is that among high income earners, more of us voted for Obama than McCain.

My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Hmmm...Obama hasn't even been sworn in yet and it's HIS fault that your hubby is going to lose his job??
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Speckla
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Obama doesn't want to put small business out-of-business. I really doubt you have much to worry about with tax increases. Before any taxes are raised, you'll hear a lot more about it as it goes through government proceedings. Obama can't just say it and make it so.

I know you've said you listen to Limbaugh regularly, so, honestly, if you turn the dial away occasionally, the world will look much less scary. That hate radio stuff is meant to scare you. That's how they wash your brain...with fear.
Originally Posted by RedCatWaves
I'm concerned but not freaking out. I listen to Rush, watch CNN, Fox, NBC, and a lot of other people and stations. I don't take Rush's word as the final authority - his is just one person's opinion.

I admit my ignorance on a lot of subjects and I think I'm overloading my brain trying to plan catch up with several years worth of info.

I know the President doesn't have the authority to just do something, it has many legislative processes to go through. Pres. Obama isn't going to be able to keep all his promises and he's going to have to compromise on other issues.

I'm interesting in other people's opinion *and* I'm concerned how other/all people will be effected.

Last edited by Speckla; 11-05-2008 at 01:55 PM.
My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Does he work for a defense contractor?
My husband is going to end up loosing his job. Thanks Obama!
Originally Posted by southrncurls
Hmmm...Obama hasn't even been sworn in yet and it's HIS fault that your hubby is going to lose his job??
Originally Posted by ScrappyTam
My thoughts exactly. Fear: such a powerful tool.
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