I won't bore you facts.
I won't bore you facts.
Bore me. Why would you want to tax revenue? Isnt income tax enough?
I was being sarcastic. If you remove ways to write of costs, you will end up taxing revenue.
Removing or allowing to expire those existing tax incentives to stimulate investment in business and an increase in production and hiring equates to a tax increase. This would be why the Democrats need to make it look like "cutting taxes"... it's not. It's simply keeping taxes the same as they have been for what, 12 years or something? the Democrats want to increase taxes... letting tax breaks expire is as good as anything else.
We need to reduce the deficit NOT by increasing taxation, we need to SERIOUSLY decrease spending.
We need to reduce the deficit NOT by increasing taxation, we need to SERIOUSLY decrease spending.
Section 179 deduction (bonus depreciation) was 500,000 last year. Currently that has been rolled back to 25,000. This means that instead of purchasing equipment/buildings/etc., small to medium sized businesses will have allocate those funds for a tax bill from which they will never see any benefit from. So instead of buying that extra dozer, tractor, semi truck and the job for your average Joe associated with that equipment, they will send that money into the black hole that is the US treasury. Not to mention the hit to JD or CAT from a lack of sales to business.
Honestly, big businesses can float these expenses more than a small or medium sized business can. So really not passing this bill is tremendous destruction of the middle class. Be it the small business owner or the workers that will not be hired or lose their job as a result.
Honestly, big businesses can float these expenses more than a small or medium sized business can. So really not passing this bill is tremendous destruction of the middle class. Be it the small business owner or the workers that will not be hired or lose their job as a result.
Slugger says it won't add to the debt to extend the BONUS depreciation.
You guys work that out and get back to us.
Again, pay attention this time, this accelerates depreciation. The actual amount being depreciated doesn't change. It changes the timing of it and extends the time it takes to recover costs on equipment.
BTW, the federal revenue was a record $323 billion in June, with a deficit of 253 billion. It will never be enough for the democrat spending.
You people act like this is the governments money. It's not, this is the businesses money the government is trying to confiscate.
You guys are trying to have it both ways.
You say that the total amount being depreciated is the same over time so it doesn't add to the debt.
In the next breath you say that not extending the bonus depreciation is a tax increase.
Without the bonus depreciation you lose the short term accelerated depreciation but gain the benefit of more long term depreciation (by your own logic)
If you depreciate $100,000 piece of equipment the total tax reduction is the same, just over a different number of years.
That doesn't sound like a tax increase to me.
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