What is in the Odrama Spending bill for small Business?

[Revmitchell]

Does anyone know?

 

[LeBuick]

Does anyone know?

Think of it this way, I learned today that only 2% of small businesses make over $250K. So for 98% of small businesses, they get a lot.

Found it...

http://money.cnn.com/2008/10/15/smallbusiness/small_biz_taxes_factcheck.smb/?postversion=2008101611)

The bottom line: McCain's claim only works by using an overly broad definition of what counts as a "small business" - and even with that definition, fewer than 2% of business owners would be hit by Obama's proposed rate increase. For those who are affected, the increase would be levied only on a part of their earnings, not all of them.

 

[targus]

Think of it this way, I learned today that only 2% of small businesses make over $250K. So for 98% of small businesses, they get a lot.

You mention the $250,000 income - the point at which taxes will be raised.

So I am assuming that the "a lot" that small businesses will get is that they won't get hit with the higher taxes?

Or does the "a lot" refer to the $13 a week?

Neither of these two items looks like " a lot" to me.

 

[donnA]

Think of it this way, I learned today that only 2% of small businesses make over $250K. So for 98% of small businesses, they get a lot.

Found it...

http://money.cnn.com/2008/10/15/smallbusiness/small_biz_taxes_factcheck.smb/?postversion=2008101611)

the small manufacturing business my husband works for isn't getting any help, and they are about to layoff one, and may close by the end of the year. wheres obamas help for the little guy, those who aren't rich.

 

[LeBuick]

the small manufacturing business my husband works for isn't getting any help, and they are about to layoff one, and may close by the end of the year. wheres obamas help for the little guy, those who aren't rich.

Hang in there, help is on the way. The bill was just signed into law and it will take time to crank up the government machine.

 

[LeBuick]

You mention the $250,000 income - the point at which taxes will be raised.

So I am assuming that the "a lot" that small businesses will get is that they won't get hit with the higher taxes?

Or does the "a lot" refer to the $13 a week?

Neither of these two items looks like " a lot" to me.

First of all he is freeing up money in the form of loan; This is in the financial stability plan.

Use of the Consumer &Business Lending Initiative to finance the purchase of AAA-rated SBA loans to unfreeze secondary markets for small business loans.
•
Increasing the Guarantee for SBA Loans to 90%: The Administration is seeking to pass in the American Recovery and Reinvestment Act an increase in the guarantee of SBA loans from as low as 75% to as high as 90%.
•
Reducing Fees for SBA 7(a) and 504 Lending and Provide Funds for Both Oversight and Speedier and Less Burdensome Processing of Loan Applications.

In the reinvestment act, in addition to the $13 dollars their capitol gains has been eliminated for 2 years, their fees have been reduced and a $2500 tax credit for each job created above their current number of employees.

There is also a 5-year carryback of operating losses of small businesses but I am not clear how that works. One economist says it is roughly the same as what was in the Republican plan, tax cuts and loan guarantee's.

 

[donnA]

My husbands boss wanted to know when this $13. thing kicks in because it isn't in her 2009 tax book, (whatever the actual name of it is), and until it is, theres no such things as an additional $13. a week. So when does this start? That way I can pass it on to her, and she'll stop worrying about it.

 

[targus]

In the reinvestment act, in addition to the $13 dollars their capitol gains has been eliminated for 2 years

Capital gains? On what?

You may have noticed the market is nothing but down.

Companies selling off excess equipment are lucky to get pennies on the dollar.

What capital gains?

No benefit there.

a $2500 tax credit for each job created above their current number of employees.

So companies that are shedding employees due to a lack of business can get a $2,500 tax credit for paying out, what $50,000 (or more) in wages and benefits?

Hardly sounds like a big deal.

There is also a 5-year carryback of operating losses of small businesses but I am not clear how that works. One economist says it is roughly the same as what was in the Republican plan, tax cuts and loan guarantee's.

Nice - all a company has to do to get a tax break is operate at a loss.


BTW - when Obama starts making demands that companies provide health insurance for all employees - whether their labor value justifies it or not - you will really see some big unemployment numbers.

 

[donnA]

the small manufacturing business my husband works for isn't getting any help, and they are about to layoff one, and may close by the end of the year. wheres obamas help for the little guy, those who aren't rich.

My husbands boss got a phone call today about how the 'stimulus' plan is going to help 'small' business. it isn't. She was told she had to have at least 100 employees to get help. Thats laughable. Around here thats not small business, thats large business. We have quite a few large factories, big names, but mostly we have small businesses, who may employ at best 10 or 12 people, my husbands factory employees 3. She is not happy she voted for obama now. Neither will the first guy who gets layoff in April. the next goes in May. My husband has a job as long as she decided to stay opperating. Which may be most of this year and not more. where the great savior obama at helping these businesses, who are going to have to put people on unemployment because of him.
The factory my son works at did employ 200, now they employ 30. Soon he may be unemployed, with a family of 3 toddlers.
Thansk a lot obama.