For those of you wanting to Make America Great Again

[Luvnit2]

(06-21-2024, 07:06 PM)Sociopathicsteelerfan Wrote: I get what you're driving at here, but it's odd that the 90's saw a huge budget surplus and a thriving economy.  At least it appears contradictory to the point you are trying to make.  To declare a position I don't think anyone should be paying more than 50% in taxes, regardless of how much they make.  But I'd absolutely be in favor of closing tax loopholes so the rich actually pay that percentage.

I learned in business a long time ago; you can't cash in percentages at the bank.

Would you rather have a business that does 1 million in sales and takes in 20% in profit. Or a business that does 1.5 million in sales and takes in 15% in profit? I will take the latter, even though the percent of profit is less.
Example 1 = 200K in profit
Example 2 = 225K in profit

I keep hearing liberals want the rich to pay a higher percent of their profit in taxes, but the reality is simple.

A couple with a net income of $100,000 and pays 20% in taxes pays $20K to the government in taxes.
A business with a net income of 1,000,000 and pays 20% in taxes pays $200K in taxes. Have the company 25% in taxes and now it is $250K they pay.

This does not include all of the other taxes they pay on top line sales

SUTA - State Unemployment Taxes - 2.5% (on average_
FUTA - Federal unemployment taxes - 1.7% on average
FICA - Social Security Match and Medicare match on each employee's income up to $108,000 (7.85%)
Worker's Compensation Taxes - 3.2%
There are others also, but do the math, a company paying 25% federal tax + just the ones mentioned is really paying an 15.25% in taxes or overall, 40.25% in taxes

In my example for the business of $1,000,000 they are paying over $400,000 of their profit in taxes. Keep in mind, most companies also have debt, yes the interest paid on debt is tax deductible, but the principle is not. My point being those not in business would be shocked to see this business due to debt could be losing money, they are not making the huge profits many believe they do. My example is for a smaller business. 

The problem is the smaller businesses are under the same tax structure as an Apple or other larger corporations.