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View Diary: Joe The Plumber Admits He Wasn't Undecided After All (586 comments)

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  •  That doesn't answer the question the company's (1+ / 0-)
    Recommended by:
    xysea

    tax rates for its profits, just of Joe's personal income tax.  Corporate income is not as a rule "untaxed . . . for business expenses" unless I'm missing something here.

    •  The comment he made (3+ / 0-)
      Recommended by:
      PsychoSavannah, phonegery, chigh

      to Obama was about personal income - he complained that Obama's tax plan provides a dis-incentive to earn more money.

      It's bullshit - anyone that owns a business can pay themselves anything they want, and have the balance taxed under corporate guidelines, not personal income.

      If his wife doesn't work, he can file jointly and pay himself $500,000 less $1 and still not be subject to the personal tax increase Obama supports.

      Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. Thomas Jefferson 6/11/1807

      by Patriot4peace on Thu Oct 16, 2008 at 07:33:47 AM PDT

      [ Parent ]

    •  Mega corporations made $2.3T last year and most (2+ / 0-)
      Recommended by:
      zeke L, opinionated

      paid hardly a cent in corporate taxes. For the ones who did, a quick review of the various goodies they got from state and federal governments show that the taxes were chumpchange so the corps were ahead in the long run.

      Who leaves cash in a corporation from one tax year to the next and why if it will trigger taxation?  

    •  It all depends on the type (1+ / 0-)
      Recommended by:
      Mother of Zeus

      of "corporation". C corps are taxed as entities but S corps, LLC's and sole props have profits and losses flow through to the shareholders with no tax generally at the corporate level. A typical small business will usually not be a C-corp. However, owners who actually work for a flow through type of company can't just take zero income in wages and have the resulting profits in the form of a dividend flow through to their personal taxes - the IRS will claim that's a Social Security tax dodge.

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