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progressivecitizen

Republicans and small business

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So, many conservatives own businesses. They are deluded into thinking that supporting Republicans is good for business. I guess they think they are CEOs at Apple or Amazon. Anyway, as you can tell I know it's b.s., but how specifically can we argue that Trump and the R's have not helped or have hurt all businesses except for the corporate giants?

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A lot of people think GOP is a lifestyle, a caricature, that they sign up for.  They think they're the Marlboro Man.  They think that being a no-nonsense, salt-of-the-earth, hard-workin old school fella is what being "a conservative" means.  They think they are showing their approval of a certain kind of person with their GOP votes, not supporting policies.  The policies are rationalized afterwards, by whatever pretzel logic is required.

 

That's why Trump won the GOP by talking sh!t about Rosie O'Donnell.  "Yeah, that b!tch is annoying!  Go Trump!"

 

Wait, what?  You're voting for him for President because you like the character he plays on TV????

 

Yes!  That's exactly what they're doing.

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Small Business does not Flourish under a Reaganomic Society 

 

Below are examples from this article: https://www.thebalancesmb.com/can-small-business-benefit-from-trump-tax-cuts-4178336

 

I know people that have been doing books for smaller size businesses for nearly 50 years, when Republicans come into power they give massive tax breaks and the only people that benefit according to my sources are the owners not the blue collar workers but the white collar owner. Republicans like to play off that they are for the little guy but it is built into the DNA of the GOP, they always have and always will be the party of big business.

 

Corporations now pay 14% less under Trump while parts of the middle class are seeing tax increases. People need to realize that Tax Cuts for the Rich does not help the little guy, it is packaged up Corporate Socialism. But I thought Socialism is Communism. Yes People the Republicans are Marxists in nature for Corporations and Rich people, but not the little guy

 

But when you even mention Democratic Socialism to A conservative they gawk at the idea of having a Economy that works for the Middle Class and try to spin the narrative to make it sound like Democrats want Communism. People need to really do there own Research, I promise it opens up a world of facts. 

Drawbacks of the Trump Tax Act for Small Businesses

The Trump Tax Act also cut some deductions and tax credits and imposed limits on others. Some of these are a trade-off for the lower tax rate for corporations and the pass-through tax deduction for other businesses and a way to "simplify" taxes.

 

Lower Interest Rate Deduction

Before 2018, there was no limit on the amount of interest expense tax deduction a small business could take.

 

Getting an interest deduction is important because it helps businesses pay for loans and get a tax deduction doing it.

Starting in 2018, the interest rate deduction for larger businesses is limited to 30% of the company's EBITDA (earnings before interest, taxes, depreciation, and amortization). But smaller companies with annual average gross receipts of $25 million or less for the past three years are exempt from this restriction, meaning they can take all interest expense deductions with no limit.

 

Tax Loss Carry Backs Eliminated

If your business has a tax loss, you may be able to carry it forward to future years, but you can no longer carry a net operating loss back to past years. The tax loss carryforward provision is also limited to 80% of taxable income, but the 20-year limit has been removed, so you can carry tax losses forward indefinitely.

 

This provision is only available to pass-through businesses that include business taxes on their personal tax returns. Tax loss carryforwards are complicated, so get the help of a tax professional if you want to use this tax saving device.

 

End of the Domestic Products Activities Deduction

Businesses that make and sell products were formerly able to get a tax deduction of 3% of their net income, under Section 199 of the IRS Code. The idea was to give an incentive to engage in "qualified production activities" (basically selling, leasing, or licensing things made in the U.S.). But some companies were working the system, so this benefit was eliminated (until 2025, when the TCJA expires).

 

Meal and Entertainment Expense Deductions Limited

Previously, a business could deduct 50% of meals and entertainment for business purposes. The new law has made some cuts in this deduction. At first, the law appeared to state that no deduction would be allowed for business entertainment, but some business meals might still be deductible at 50%. So, if you entertain a client at an event, and also buy food, the cost of the entertainment would not be deductible, but the cost of the food might be (at 50%) if you can properly document the expense.

 

Meals provided to employees on your work site were previously 100 % deductible, but now they are deductible at 50% and by 2025 they won't be deductible at all. Meals provided to employees as part of an activity, like a holiday party or annual picnic, are still 100% deductible.

 

This portion of the law has been revised and may be again. The IRS has not yet issued final regulations on this subject.

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Stonewalling on a proper 1st world healthcare system is I think the most destructive and important effort the Republicans push that hurts small businesses, and the middle class in general.

 

If people were not yoked to their jobs by the threat of losing their healthcare, the workforce would be more mobile, freer to ply their wares on the open market, putting upward pressure on their wages and benefits.  Even if you are fairly skilled, and can find other work that will maybe give you a raise, you have to be extremely careful you don't get caught up in some byzantine healthcare snafu that means that your coverage has changed in ways you didn't expect.  Maybe now you can't see your same doctor, for example.  Figuring that all out ahead of time is a job for some kind of health insurance specialist consultant.  Good luck for your average citizen considering switching jobs.

 

And if you think of starting your own business, it's even more complicated.  

 

The net stifling effect on the labor market is harmful to the entire economy, and most directly to small businesses and individuals.

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On 2/25/2020 at 11:27 AM, splunch said:

Stonewalling on a proper 1st world healthcare system is I think the most destructive and important effort the Republicans push that hurts small businesses, and the middle class in general.

 

If people were not yoked to their jobs by the threat of losing their healthcare, the workforce would be more mobile, freer to ply their wares on the open market, putting upward pressure on their wages and benefits.  Even if you are fairly skilled, and can find other work that will maybe give you a raise, you have to be extremely careful you don't get caught up in some byzantine healthcare snafu that means that your coverage has changed in ways you didn't expect.  Maybe now you can't see your same doctor, for example.  Figuring that all out ahead of time is a job for some kind of health insurance specialist consultant.  Good luck for your average citizen considering switching jobs.

 

And if you think of starting your own business, it's even more complicated.  

 

The net stifling effect on the labor market is harmful to the entire economy, and most directly to small businesses and individuals.

 

Yes, I agree with all of your points that you made. 

 

If we have a more diverse and more publicly available Unions this would cure a lot of these problems. 

 

My home state of Michigan is a very fine example of how Unions do benefit Working people. 

 

The UAW which is one of the Biggest unions in the Nation give its members some of the best benefits available for example a co pay is something like 3 dollars for prescriptions. We need to have more of a Union presence in this country to show workers that we actually care about them.   

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first off, small business law isn't really controlled by the federal government. it's sort of a red herring. year after year, the small business tax filing or 1099 that has not really changed much.

first off, a lot of people who don't even own any business often receive a 1099 request, why, they don't know, and they then throw it into the trash.

you could have a small business, and pay people on the down low, who would care?

or, you could have a business, and move financial transactions, move financial transactions, move financial transactions, and here, I'm sounding like someone who performed bookkeeping for small businesses while working his way through college a long time ago, as though he was out of touch with the plight of small business needs, or regulations regarding taxation.

 

first, if you have a small business, do you understand the 1099 and do you understand what it does not mean? 

first, it seems like just to have a business, you got to do this or that, and oh pooh, like winnie the pooh, you got better things to do.

 

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