<html><body bgcolor="#FFFFFF"><div>Furthermore . . .</div><div><br></div><div>It was under King George XLIII the first time EVER that tax cuts were introduced in the United States during a time of war. <br><br><div>Seeya round town, Moscow.</div><div><br></div><div>Tom Hansen</div><div>Moscow, Idaho</div><div><br></div><div>"If not us, who?</div><div>If not now, when?"</div><div><br></div><div>- Unknown</div><div><br></div><div><br></div></div><div><br>On Apr 15, 2012, at 17:28, Art Deco <<a href="mailto:art.deco.studios@gmail.com">art.deco.studios@gmail.com</a>> wrote:<br><br></div><div></div><blockquote type="cite"><div>In the 60s and early 70's tax cuts did produce hiring. Since then, not so much. One of the largest growths in hiring occurred after taxes were raised during the Clinton years.<br><br>w.<br><br><div class="gmail_quote">
On Sun, Apr 15, 2012 at 5:01 PM, Paul Rumelhart <span dir="ltr"><<a href="mailto:godshatter@yahoo.com"><a href="mailto:godshatter@yahoo.com">godshatter@yahoo.com</a></a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<u></u>
<div text="#000000" bgcolor="#ffffff"><div class="im">
On 04/15/2012 04:31 PM, Art Deco wrote:
<blockquote type="cite">Despite the Mom-and-Pop label, it is designed so that
nearly half of the tax cut would go to people with annual income
over $1 million, and more than four-fifths would go to those
making over $200,000, <a title="Tax Policy
Center" href="http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3342&DocTypeID=1" target="_blank">according
to the Tax Policy Center</a>. </blockquote>
<br></div>
That's a little disingenuous. The over $1M tax bracket goes all the
way up, whereas the lower tax brackets have a ceiling. That's like
complaining that the highest paid employees get a better deal out of
a straight percentage raise, on average. Of course they do.
According to the link to <a href="http://govtrack.us" target="_blank"><a href="http://govtrack.us">govtrack.us</a></a> that was in the original email
(<a href="http://www.govtrack.us/congress/bills/112/hr9" target="_blank"><a href="http://www.govtrack.us/congress/bills/112/hr9">http://www.govtrack.us/congress/bills/112/hr9</a></a>), here is what the
bill actually does:<br>
<br>
"Small Business Tax Cut Act - Amends the Internal Revenue Code to
allow domestic businesses a tax deduction for 20% of the lesser of
their qualified domestic business income (income effectively
connected with a trade or business in the United States) or their
taxable income for the taxable year. Limits the amount of such
deduction to 50% of the the greater of the W-2 wages (payroll) paid
to business non-owners or the sum of the W-2 wages paid to non-owner
family members of direct owners (i.e., stockholders), plus any W-2
wages paid to direct owners who have a 10% or less interest in a
business."<br>
<br>
It's a straight percentage, with a maximum amount cut (also a
percentage). So of course it will benefit the largest cash earners
the most, but it still benefits every small business. With the
economy the way it is, I can see why they want this. Reduce the tax
burden so that businesses of all sizes can increase profits. This
is a direct boost to the economy, at the expense of some tax
revenue. I don't know if the loss in revenue is worth the possible
increase in businesses bottom lines, but that's a math question,
really.<br>
<br>
Also, limiting the maximum amount to a percentage of wages paid is
one way to create an incentive for creating jobs. The larger the
payroll, the larger the possible tax break. Kind of clever,
actually.<span class="HOEnZb"><font color="#888888"><br>
<br>
Paul<br>
</font></span></div>
</blockquote></div><br><br clear="all"><br>-- <br>Art Deco (Wayne A. Fox)<br><a href="mailto:art.deco.studios@gmail.com" target="_blank"><a href="mailto:art.deco.studios@gmail.com">art.deco.studios@gmail.com</a></a><br>
</div></blockquote><blockquote type="cite"><div><span>=======================================================</span><br><span> List services made available by First Step Internet,</span><br><span> serving the communities of the Palouse since 1994.</span><br><span> <a href="http://www.fsr.net"><a href="http://www.fsr.net">http://www.fsr.net</a></a></span><br><span> <a href="mailto:Vision2020@moscow.com"><a href="mailto:Vision2020@moscow.com">mailto:Vision2020@moscow.com</a></a></span><br><span>=======================================================</span></div></blockquote></body></html>