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ObamaInterview on 60 Minutes

As usual 2&2 doesn't what he's talking about:

Small Business Stimulus Plan
Tax deduction under section 169
Under this deduction small businesses can in some occasions write off certain qualified plant and equipment purchases in a calendar realist year. Till last year this deduction was limited to only $ 128,000 and also could not be more than the income of the small business. Now the stimulus Bill will benefit the small businesses by increasing this deduction to $ 250,000 yearly beginning in 2008 tax year. However the type of equipments that a small business buys is important for receiving this deduction. It can not applicable for land, buildings and other improvements. It is only applicable for things like computers, vehicles, office equipments and like things.

Special Depreciation Deduction
Another provision included in the stimulus Bill for the benefit of small businesses is special depreciation deduction. Small businesses can apply for a special depreciation deduction for the year 2008.This will help you, for example, if you purchase a land or any property that you can not include under the section 179 deduction during 2008 then you can be able to depreciate 50% of it’s value during the financial year 2008 with the help of this provision. This will help you to utilize the remaining 50% of the value of that land or property for calculating your regular depreciation tax deduction.

Miscellaneous tax cuts
Small business owners can also enjoy certain tax cuts by showing miscellaneous expenses. The expenses for promotions directly related to a small business can be included in the miscellaneous expenditure. The small businesses can delay the payment of 3% withholding tax in goods and services to the government. Moreover, those share holders of publicly owned small businesses who are holding the shares for more than five years can receive a special capital gains tax cut.

Job creation
Those small businesses which employ workers who have been out of job for more than six months and also those students who left school six months back and are still unemployed, will receive special tax credits under this provision.

Small Business Administration Benefits
The Stimulus Package also clearly outlines the role of Small Business Administration (SBA). The SBA will ensure that the small businesses can more easily get loans and also will offer incentives to lenders who will give the loan for small businesses. This will ensure more capital flow in the market.
 
I thought it basically meant that a business owner could go ahead and write off the full depreciation they would have enjoyed over several years in one year, thus giving themselves a tax "break" that year. Am I wrong?
 
WakeandBake said:
I thought it basically meant that a business owner could go ahead and write off the full depreciation they would have enjoyed over several years in one year, thus giving themselves a tax "break" that year. Am I wrong?
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No you are correct as to the concept of bonus depreciation. But, the tax "break" existed before Obama took office. In his campaign speeches, he talked about repealing the Bush tax cuts and later obviously pushed for their expiration (before of course caving to unknown extraterrestrial pressures). In those same speeches he said that nobody under $250k would see their taxes increase. Those positions when stated were completely contrary and was out of either stupidity or deceit. Either one, in the case of the President when discussing taxation (especially one with a law degree from Harvard when discussing rudimentary taxation concepts), is completely unacceptable.
 
2&2 Slider To Leyritz said:
No you are correct as to the concept of bonus depreciation. But, the tax "break" existed before Obama took office. In his campaign speeches, he talked about repealing the Bush tax cuts and later obviously pushed for their expiration (before of course caving to unknown extraterrestrial pressures). In those same speeches he said that nobody under $250k would see their taxes increase. Those positions when stated were completely contrary and was out of either stupidity or deceit. Either one, in the case of the President when discussing taxation (especially one with a law degree from Harvard when discussing rudimentary taxation concepts), is completely unacceptable.
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I see what you are saying, but he said they wouldn't see their income tax rates rise, IIRC. just sayin'
 
No, he said dollars (dimes to be precise, and this one was the first google hit, he said it repeatedly while campaigning as well):

"In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2% of Americans. But let me perfectly clear, because I know you’ll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people: if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime. In fact, the recovery plan provides a tax cut – that’s right, a tax cut – for 95% of working families."

2/24/09 http://www.whitehouse.gov/the_press...k-Obama-Address-to-Joint-Session-of-Congress/
 
ok. But he didn't roll back the Bush tax cuts. So effectively, he never lied. that tax "break" is still on the books in some form, is it not?
 
He was clearly talking about income taxes...what am I doing? I might as well talk to a wall.
 
WakeandBake said:
ok. But he didn't roll back the Bush tax cuts. So effectively, he never lied. that tax "break" is still on the books in some form, is it not?
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But he was lying when he made the statement and gave his explanation, as he fully intended to roll back the cuts, as evidenced in that same paragraph of his speech and by his later public positions until he was talked out of it by folks clearly smarter than he. I don't care about the specific tax issue one way or the other, but my decision to take the man at his word and whether or not to respect his intelligence and opinion is shaped by what he says when he said it.
 
2&2 Slider To Leyritz said:
But he was lying when he made the statement and gave his explanation, as he fully intended to roll back the cuts, as evidenced in that same paragraph of his speech and by his later public positions until he was talked out of it by folks clearly smarter than he. I don't care about the specific tax issue one way or the other, but my decision to take the man at his word and whether or not to respect his intelligence and opinion is shaped by what he says when he said it.
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I see what you did.

You found a technicality in a politician's campaign speech wherein a small business owning taxpayer (not all taxpayers) could theoretically not see his income rate rise (while those who made more did) but see his taxable income rise as a result of the loss of the ability to write off the depreciation, and therefore pay (at least) 1 more dime in taxes - and then you found the speech where he said "one dime" and now, as a result of that detail, you cannot trust the politician one iota and cannot take anything he says seriously from here on out. Even though that campaign proposal would have to have been ratified by congress and surely that detail would have been ironed out or at the very least exposed.

How have you managed to follow politics your whole life? It must drive you absolutely crazy. Have you ever listened to a politician campaign before and make broad generalizations? ;)
 
Underrated said:
2&2

Watch the 20 second video I posted
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Solid video. My example was just on income taxes to try to keep it simple, but, yes, there are other examples of his BS with regard to other taxes. The guy is just full of shit across the board.
 
I just watched your "solid video" and as a consumer of political speeches I took that to mean that the rates on the books for those types he listed - income, capital gains, payroll, etc would not rise. But I think you could parse ANY speech by ANY politician and find a "gotcha" here and there, but if you guys feel like you have uncovered the secret liar then by all means go around patting yourselves on the back....
 
WakeandBake said:
I see what you did.

You found a technicality in a politician's campaign speech wherein a small business owning taxpayer (not all taxpayers) could theoretically not see his income rate rise (while those who made more did) but see his taxable income rise as a result of the loss of the ability to write off the depreciation, and therefore pay (at least) 1 more dime in taxes - and then you found the speech where he said "one dime" and now, as a result of that detail, you cannot trust the politician one iota and cannot take anything he says seriously from here on out. Even though that campaign proposal would have to have been ratified by congress and surely that detail would have been ironed out or at the very least exposed.

How have you managed to follow politics your whole life? It must drive you absolutely crazy. Have you ever listened to a politician campaign before and make broad generalizations? ;)
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But these were not broad sweeping statements, they were specific agenda items with specific supporting rationale. As I said originally, I made the initial post when he made the initial proclamation during his campaign, because the concept was so simple that any idiot with even a basic understanding of income taxes would see that the two positions were mutually exclusive. Up until that point, I probably would have voted for the guy. Obviously, he has just been digging himself deeper holes since then.
 
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