Kamala's $50k tax credit for Startups is a joke - most don't even make a profit for the first several years

Geeko Sportivo said:
A business is capable of making a large enough income to have to pay taxes, even though there was no profit. What? Are you Stupid?
Let’s consider a startup that has $2 million in revenue, $500,000 in non-R&D expenses, and $5 million in R&D expenses. Traditionally, the startup wouldn’t owe any taxes due to its negative net income of $3.5 million. But the TCJA changes this. In the first year, only $500,000 of the $5 million in R&D can be deducted. Consequently, the startup would report $1 million in taxable income and owe over $200,000 in federal taxes. That’s a sizeable amount, equivalent to the salary of a software engineer.
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of the tax code, signed into law by President Donald Trump on Jan. 1, 2018. The legislation included some of the biggest changes to the tax code in three decades. The reform impacted both taxpayers and business owners alike.
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Ridiculous scenario for a senior citizen trying to supplement their income. :palm:

Geeko said: "Kamala is just trying to stimulate startup businesses and give them a chance to get off the ground and be able to compete. Many Seniors need to startup small businesses to boost their incomes" :palm:


White libs think if you're a business person, you automatically make 1.5 million your first year. :palm:
 
Bigdog said:
Ridiculous scenario for a senior citizen trying to supplement their income. :palm:

Geeko said: "Kamala is just trying to stimulate startup businesses and give them a chance to get off the ground and be able to compete. Many Seniors need to startup small businesses to boost their incomes" :palm:


White libs think if you're a business person, you automatically make 1.5 million your first year. :palm:
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I'm 73 and I own 3 part-time businesses. They are what I call having fun and being able to generate income while having fun. I also have 6 different sources of income. It's not because I like money- it's because I enjoy what I am doing and the money comes in handy.

Why would you ever say that it is a bad idea for a senior to own a business? I don't get that!
 
Geeko Sportivo said:
I'm 73 and I own 3 part-time businesses. They are what I call having fun and being able to generate income while having fun. I also have 6 different sources of income. It's not because I like money- it's because I enjoy what I am doing and the money comes in handy.

Why would you ever say that it is a bad idea for a senior to own a business? I don't get that!
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That's great.

So when you turned 65, you borrowed 5 million because, as a senior, you needed the extra income, ... and made a profit of 2 million the first year.
 
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