Posted on 07/31/2022 7:26:14 AM PDT by RicocheT
According to the Republican senator from Kentucky, Small businesses organized as S-Corps or Partnerships could face a tax increase and hurt job creation. The NIIT is a 3.8% surtax on passive income (capital gains, interest, rental and royalty income, and dividends). However, the proposal suggests expanding the tax to apply to active income over $400,000 individually or $500,000 jointly. The proposed expansion of NIIT is expected to raise some $183.6 billion in tax revenues over the next decade, according to the Tax Foundation.
The bill proposes to expand the taxation to include all business income, whether or not the taxpayer materially participates in the business, as long as that income is not already subject to payroll taxes. This translates into S Corporation shareholders, limited partners, and other owners of a pass-through business who were previously exempt. Now they would be required to pay Net Investment Income Tax.
Additionally, the effect of the expansion could result in putting 64% of small businesses, which is millions of small businesses in danger of a tax hike. The affected small businesses employ 62% of small business workers or 76.25 million employees. And this would put more than 70% of small businesses in the professional, scientific, and technical services (74%); construction (70%); and accommodation and food services (70%) facing higher taxes.
(Excerpt) Read more at smallbiztrends.com ...
Small businessmen are the core of conservatism-the enemy to these people. Take them out and the fight is gone.
Glad I retired in 2012, sold my 20ac property, buildings, contents and equipment.
Let’s look at the facts.
Workforce participation (working age 18-65) in Argentina is 57%
43% people in Benefits
Workforce participation in the US is 58%
42% people on benefits.
Argentina is failing. We appear to be failing, except we have the world currency for a little while longer.
Democrats want to raise taxes so they can
Put more people on the ‘benefit’ side. Chasing Argentina economic choices is a guarantee of failure.
I have a great idea……how about we get rid of benefits in Argentina and the US except those that legitimately need it because of disability (real) and see if we can fix things..
Yes, this is the cabal of the huge companies and their government buddies to crush all the smaller businesses. Chains will replace small businesses. Think only a Home Depot, only an Olive Garden and only a Dick’s Sporting Goods.
The 10-year tax “savings” is a pittance on what we waste every year in Government. Along with a huge increase in IRS agents who will be targeting the same small businesses to crush them.
This is WEF-Dem-Union push for total control of elections, guns, food, business and no borders.
The first person who fights back, like J6 people did, peacefully, will be “Chauvin’d” and the Regeime will come down hard on them.
If the business shows no profit, there is no tax due
The government deficit and debt is so large that increasing tax revenue is irrelevant.
Any tax increases these days are just punishing of enemies.
Wreck all those lives for a measly $18.4 billion a year?
Business taxes and hikes are just another hidden tax on you and I, the individual consumer.
As the vile, rogue federal government goes up, our standard of living goes DOWN.
Republicans need to run ads explaining that employer taxes are just hidden sales taxes on us.
The entire Left Wing-WEF apparatus wants the Cloward-Piven Strategy to take place. Currency collapse via spending and entitlements, no food, no law and most people will clamor for Government to re-order things and provide stability.
They are at the ready with FEMA camps for dissenters and for WEF-planned green, beehive, car-less, meat-less slave lives for us who survive the forced vaccinations. Limited childbearing, no religious freedom.
Think 1984 hits Brave New World in rural GA like the Walking Dead.
“The proposed expansion of NIIT is expected to raise some $183.6 billion in tax revenues over the next decade, according to the Tax Foundation.”
So giving the government more billions to waste is a good thing because?
And actually if they were just burning it, it would be much better than what they actually do with it which is reward even more irresponsible behavior
Business taxes and hikes are just another hidden tax on you and I, the individual consumer.
As the vile, rogue federal government goes up, our standard of living goes DOWN.
One increases taxes on businesses when one wants to generate more money for the fed gov gorilla with a bad spending habit, because that is where the money is.
The businesses have been deputized as tax collectors from the people, because this way the vast reserves of money are tapped,and the politicians escape fault because it is not THEM increasing the cost of stuff, you see.
Any tax increases these days are just punishing of enemies.
This !!!
I believe that President Biden has established an S Corp. That S Corp receives all royalties from his book. The royalties then pass through to him as "income" and is taxed at his income rate. However, Social Security tax is not paid on that "income".
My understanding is that this bill would tax "income" where Social Security taxes have not been paid.
If there are any tax lawyers out there, please comment.
I have a great idea……how about we get rid of benefits
Stop the payments and...............................
I am being taxed at every turn either directly or indirectly.
Property taxes WAY up - income the same
Gas prices WAY up - income the same
Insurance WAY up - income the same
Groceries WAY up - income the same
Everything is more expensive, yet my income remains the same.
Inflation is insidious. It will destroy the nation even as the banksters rig the game to make money for themselves (on our backs). Sure, we have survived it before but we NEVER had anything close to this amount of debt across society from the top down.
The GOP should demand the resignations of the Fed chair and Treasury Secretary. Sure, it won’t change a thing but having told us for months that all of this deliberate chaos was “transitory” they are not fit for their positions.
Fedgov is a fascist government in the dictionary definition of the word. A few large corporations in Big Tech and Big Pharma run everything and dictate policy.
Bills written, with the help of mega corporations, are designed to destroy small businesses. It’s good for the big government favored businesses to wipe out potential competition and it’s good for FedGov because it is easier to control a few large corporations than thousands of small businesses.
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