Skip to main content

View Diary: Do YOU understand how tax brackets work??? (124 comments)

Comment Preferences

  •  Me too! Me too! I had to vote for "No, I already (2+ / 0-)
    Recommended by:
    Brainwrap, Torta

    knew this", but I hesitated at the "No" part...because the diary was helpful, informative, and well-written.

    Now, we need a diary on how a small business that files Schedule C and has gross receipts of $500,000 but net profit after deducting all business expenses of $229,316 would pay no more taxes under President Obama's proposal.

    The rightwing propagandists fall all over themselves spreading the lie that small business gross revenues would be subject to increased taxation.

    In fact, I think I could make the argument that raising the tax rate for the over-$250,000 bracket might actually encourage job creation and investment in business infrastructure. More employees or more capital spending equals more business expenses equals a lower taxable profit. That concept would probably make the head of the average Fox "News" viewer explode.

    "Bernie Madoff's mistake was stealing from the rich. If he'd stolen from the poor he'd have a cabinet position." -OPOL

    by blue in NC on Tue Nov 20, 2012 at 04:29:46 AM PST

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site