Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (315012)	7/16/2009 4:33:02 AM
From: KLP	Respond to of 793883

Not sure which she means, but WA State has something called B&O Tax....It taxes your business on your GROSS, not your Net...at 1 1/2 to 2% (maybe more in the last 5 years) of your total receipts, and regardless of your expenses against that income. This is in addition to several other State Taxes...then of course, there are the Federal Taxes...and payroll taxes, etc etc etc. If I had known what that tax meant in 1983 when I started my small business, it would have terrified me, and probably would not have opened the doors....

To: Nadine Carroll who wrote (315012)	7/16/2009 5:24:24 AM
From: Neeka	2 Recommendations Read Replies (2) \| Respond to of 793883

They are calling it a "surcharge" rather than a tax, but in my mind they're all the same. The new bill that "Slaps (a) 5.4% Tax on Top Earners" includes us since we are a Subchapter S corp and are required by law to report profits as personal income. Even still, this surely applies to all small business's. The definition of "Top Earner" or "rich" or "wealthy" is pretty much anyone who earns a living running even a marginally successful business according the the "Ds." We'll just have to make sure our business doesn't earn (after deductions) more than $279,000 a yr. I don't doubt many folks are thinking the same thing. Kind of puts a damper on expansion. Message 25783633 P.S. "Top Earners" includes small corporations, not just individuals.