[Rhodes22-list] Tax Question for Brad

[ben]

Ed,

The only businesses who pay an income tax (including capital gains) are
C-corps.  Very, very few "small businesses" are incorporated as C-corps.
Probably 95+% of us are LLCs, LLPs or S-Corps, which means a variety of
things, one of which is that we take the business's bottom line profit, and
add that number to our personal income tax.  That's a really simplified
explanation, but it's basically how it works.

So all that blather about small business taxes is political bunk.  It
affects almost no real small businesses.  If they were going to change
employment taxes or property taxes or sales taxes, they could make a
difference to the small business owner, but income -- doesn't really matter
too much.

Speaking of finance, I caught wind that there was a bit of a market rebound
today.  I might be able to retire some day after all.

Thanks,
Ben

-----Original Message-----
From: rhodes22-list-bounces at rhodes22.org
[mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Tootle
Sent: Monday, October 13, 2008 1:43 PM
To: rhodes22-list at rhodes22.org
Subject: [Rhodes22-list] Tax Question for Brad


Brad,

Obama is proposing reducing capital gains taxes on small businesses.  Is
there any capital gains involved in your construction company?  Inquiring
minds want to know about your capital gains.

Ed K
Greenville, SC, USA
Andrew please note no attachment nor addendum for you this time.
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