Most Small Business Get Higher Taxes Under Obama Plan

On 7/28/2010 12:12 PM, jane wrote:
> On Jul 28, 2:53 am, Siobhan Medeiros wrote:
>> On Jul 27, 7:03 pm, “vict0r” wrote:
>>
>>
>>
>>> Beerman wrote:
>>>> On Tue, 27 Jul 2010 10:20:55 -0500, vict0r wrote:
>>
>>>>> July 26, 2010
>>
>>>>> There were 30 million tax returns reporting small business income in
>>>>> 2008. On net (profits reduced by losses), these owners reported
>>>>> business profits of $981 billion. A large chunk of this net
>>>>> profit–$488 billion-faced taxation in households making more than
>>>>> $200,000 per year. A majority of small business profits will face a
>>>>> tax rate hike under the Obama-Pelosi-Reid plan.
>>
>>>>> http://www.atr.org/smallbusiness.html?content=5247#ixzz0utbSRHvJ
>>
>>>>> —
>>
>>>>> October 24, 2008
>>
>>>>> “Let me be crystal clear,” Obama said. “If you make less than a
>>>>> quarter of a million dollars a year – which includes 98 percent of
>>>>> small business owners – you won’t see your taxes increase one single
>>>>> dime.”
>>
>>>>> http://www.boston.com/news/nation/articles/2008/10/24/
>>>>> obama_strikes_populist_chord/
>>
>>>> If I made $200k, I would not argue paying my fair share in taxes. It’s
>>>> the american way to do it.
>>
>>>> What is not American is not paying your fair share and having the poor
>>>> pay your way. Specially since the GOP spent it all killing people
>>>> instead of helping them.
>>
>>> Can you explain how the poor pay any income taxes?
>>
>> THe don’t pay much in income taxes, but they do pay consumption taxes.
>
> The only federal consumption tax we have in this country are excise
> taxes. About the only federal excise tax the poor pay in “this”
> country is a minimal excise tax on tires.
>
> Jane

Phones….

Alcohol

tobacco

Gasoline

Airplane tickets

Gambling

Fishing equipment….

vaccines….

There is a federal sales tax on firearms and ammunition (10%-11%
depending on the item),

[The first telephone excise tax was passed in 1898 to increase federal
revenue to assist in paying off the national debt incurred as a result
of the Spanish-American War. The long distance tax was reintroduced in
1914 to assist in raising funds for World War I and again in 1932 to
assist in collection for national relief programs. With America's
entrance into World War II, the amount of the tax was raised and, for
the first time, local telephone service was taxed. The federal excise
taxes on all types of telephone services and delivery systems have been
collected in increasing amounts since World War II.]

[Federal excise taxes are also levied on aviation companies. Private
operators pay a fuel tax, while commercial firms pay taxes based on the
amount of property transported. Passenger taxes are based on segments of
the flight, a head tax and/or a percentage of the fee collected for
travel. ]

Internal Excise Taxes Revenue Excise Taxes Not Covered . . . . . . 3
http://www.irs.gov/pub/irs-pdf/p510.pdf
Service
Part One. Fuel Taxes and Fuel Tax
(Including Fuel Tax Credits Credits and Refunds . . . . . . . . . . . .
4 Chapter 1. Fuel Taxes . . . . . . . . . . . . 4
and Refunds) Definitions . . . . . . . . . . . . . . . . . . 4
Information Returns . . . . . . . . . . . 5
Registration Requirements . . . . . . . 5
Gasoline and Aviation
Gasoline . . . . . . . . . . . . . . . 5
Diesel Fuel and Kerosene . . . . . . . 7
Diesel-Water Fuel Emulsion . . . . . 10
Kerosene for Use in Aviation . . . . 10
Other Fuels (Including
Alternative Fuels) . . . . . . . . . 11
Compressed Natural Gas
(CNG) . . . . . . . . . . . . . . . . 12
Fuels Used on Inland
Waterways . . . . . . . . . . . . . 12
Alcohol Sold as But Not Used
as Fuel . . . . . . . . . . . . . . . . 13
Cellulosic Biofuel Not Used
as Fuel . . . . . . . . . . . . . . . . 13
Biodiesel Sold as But Not
Used as Fuel . . . . . . . . . . . . 13
Chapter 2. Fuel Tax Credits and
Refunds . . . . . . . . . . . . . . . . . . 13
Fuels . . . . . . . . . . . . . . . . . . . . 13
Refunds of Second Tax . . . . . . . . 16
Definitions of Nontaxable
Uses . . . . . . . . . . . . . . . . . 17
Alcohol Fuel Mixture Credit . . . . . 20
Biodiesel Mixture Credit . . . . . . . . 20
Alcohol Fuel Credit . . . . . . . . . . . 20
Biodiesel Fuel Credit . . . . . . . . . . 21
Renewable Diesel Credits . . . . . . 22
Alternative Fuel Credits . . . . . . . . 22
Filing Claims . . . . . . . . . . . . . . . 23
Part Two. Excise Taxes Other Than Fuel
Taxes
Chapter 3. Environmental Taxes . . . . . 26
Oil Spill Liability Tax . . . . . . . . . . 26
ODCs . . . . . . . . . . . . . . . . . . . . 26
Chapter 4. Communications and
Air Transportation Taxes . . . . . . . 28
Uncollected Tax Report . . . . . . . . 28
Communications Tax . . . . . . . . . 28
Air Transportation Taxes . . . . . . . 29
Chapter 5. Manufacturers Taxes . . . . . 31
Taxable Event . . . . . . . . . . . . . . 32
Exemptions . . . . . . . . . . . . . . . . 32
Sport Fishing Equipment . . . . . . . 33
Bows, Quivers, Broadheads,
and Points . . . . . . . . . . . . . . 34
Arrow Shafts . . . . . . . . . . . . . . . 34
Coal . . . . . . . . . . . . . . . . . . . . . 34
Taxable Tires . . . . . . . . . . . . . . 35
Gas Guzzler Tax . . . . . . . . . . . . 35
Vaccines . . . . . . . . . . . . . . . . . . 36
Chapter 6. Retail Tax on Heavy
Get forms and other information Trucks, Trailers, and Tractors . . . . 36
faster and easier by: Chapter 7. Ship Passenger Tax . . . . . 39 Chapter
8. Foreign Insurance
Taxes . . . . . . . . . . . . . . . . . . . . 40 Internet www.irs.gov
Chapter 9. Obligations Not in
Registered Form . . . . . . . . . . . . 40
http://www.irs.gov/pub/irs-pdf/p510.pdf