Plymouth LLC-5% tax-public hearing

tis · 01-13-2010, 01:16 PM

Quote:

Originally Posted by Little Bear

Hey Less,

Why should a business owner be subjected to INCOME TAX, when a non-business owner's earned income is INCOME TAX FREE? A business owner also has to pay the 5% tax on savings, interest and dividends. Where is the incentive to work hard (harder) to get ahead?

And don't forget a business has to pay a business profits tax and also whatever the owner takes out for salary has to pay a business enterprise tax. Doctors, lawyers, accountants etc. have to pay the business enterprise tax also.

Little Bear · 01-13-2010, 02:06 PM

Quote:

Originally Posted by tis

And don't forget a business has to pay a business profits tax and also whatever the owner takes out for salary has to pay a business enterprise tax. Doctors, lawyers, accountants etc. have to pay the business enterprise tax also.

Correct. Businesses also pay property taxes directly (if they own their property) or pay indirectly to their landlord if they rent or lease. Nobody in business is getting a free ride in NH (sorry FLL). Tell Concord to control the spending and things wouldn't be so bad "on the Walmart side"...

Gearhead · 01-13-2010, 02:10 PM

Who is John Galt?

ITD · 01-13-2010, 04:53 PM

Quote:

Originally Posted by Gearhead

Who is John Galt?

Prophetic or what????!!!!!

fatlazyless · 01-14-2010, 11:49 AM

For all the anti-LLC-5% tax opinions here, today's NH House schedule has HB-642 scheduled for a house role call vote, today January 13. HB 642 would have some major effects on the NH tax structure. It will lower items like the business enterprise tax, business profits tax, the 5% dividends & interest tax and start up a state wide income tax to pay for education funding. At the same time it will give homeowners a $200,000 exemption if you really live in that house.

Suggest you go take 30-minutes to read through the entire HB 642 if you want to get a good headache.

TomC · 01-14-2010, 12:09 PM

Quote:

Originally Posted by fatlazyless

For all the anti-LLC-5% tax opinions here, today's NH House schedule has HB-642 scheduled for a house role call vote, today January 13.

was the vote yesterday?

Rattlesnake Guy · 01-14-2010, 08:25 PM

Les,
I did a bit of fact checking on you assertion that older folks are the owners of most of the savings. According to 2 year old numbers from the conservative organization "The Los Angles Times", it breaks down about like this. I guess it depends on what you consider older.

Folks 55 years and older account for about 38% of savings.
Folks 45 years and older account for about 70% of savings.

I consider your assertion "reasonable".

I could not find any good defense of your concept that taxing LLCs would be a good way to make the tax on the interest more fair.

Somehow I have a feeling that LLCs might be owned by the same people who get older and save money....

01-14-2010, 11:49 AM	#5
fatlazyless Senior Member Join Date: Apr 2004 Posts: 9,171 Blog Entries: 1 Thanks: 310 Thanked 1,103 Times in 812 Posts	For all the anti-LLC-5% tax opinions here, today's NH House schedule has HB-642 scheduled for a house role call vote, today January 13. HB 642 would have some major effects on the NH tax structure. It will lower items like the business enterprise tax, business profits tax, the 5% dividends & interest tax and start up a state wide income tax to pay for education funding. At the same time it will give homeowners a $200,000 exemption if you really live in that house. Suggest you go take 30-minutes to read through the entire HB 642 if you want to get a good headache. __________________ .... Banned for life from local thrift store!

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode

01-13-2010, 02:10 PM	#3
Gearhead Senior Member Join Date: Mar 2008 Location: Alton Posts: 166 Thanks: 13 Thanked 19 Times in 8 Posts	Who is John Galt?

01-14-2010, 08:25 PM	#7
Rattlesnake Guy Senior Member Join Date: Sep 2004 Posts: 1,254 Thanks: 423 Thanked 366 Times in 175 Posts	Les, I did a bit of fact checking on you assertion that older folks are the owners of most of the savings. According to 2 year old numbers from the conservative organization "The Los Angles Times", it breaks down about like this. I guess it depends on what you consider older. Folks 55 years and older account for about 38% of savings. Folks 45 years and older account for about 70% of savings. I consider your assertion "reasonable". I could not find any good defense of your concept that taxing LLCs would be a good way to make the tax on the interest more fair. Somehow I have a feeling that LLCs might be owned by the same people who get older and save money....