Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: The True Adonis on October 31, 2008, 06:35:30 PM
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'Governator' Schwarzenegger mocks 'skinny' Obama
Schwarzenegger, the Hollywood action hero who is now the Republican governor of California, delighted a crowd of several thousand at a McCain campaign event in Ohio by ridiculing both Obama's policies and his slender physique.
The Austrian-born former Mr Universe has hosted a bodybuilding tournament in Columbus for several years, and opened his address by inviting Obama to participate in the next event.
"Every year in March I come here to organize the Arnold Classic, which is all about building the body and pumping," Schwarzenegger said.
"That's why I want to invite Senator Obama because he needs to do something about those skinny legs. I'm going to make him do some squats.
"And then we're going to make him do some biceps curls to beef up those scrawny little arms. But if he could only do something about putting some meat on his ideas.
"Senator McCain on the other hand is built like a rock. His character and his views are solid."
McCain and Schwarzenegger rolled into the Nationwide Arena Hockey Stadium together on the Republican candidate's "Straight Talk Express", the campaign bus that has ferried him on a two-day blitz of this battleground state.
While McCain received loud cheers, it was Schwarzenegger who provided some much-needed glamor and the biggest cheers with a searing attack on Obama's economic policies. He meanwhile painted former Vietnam War prisoner and navy pilot McCain as a "real-life American hero."
"John McCain's character has been tested as no other presidential candidate in the history of this nation," Schwarzenegger said. "He has spent five and a half years as a prisoner of war. He has been tested under torture, under temptation, under deprivation, under isolation.
"He has proven what kind of a man he is. We don't have to wonder if he's ready to lead. We don't have to wonder is he ready to be president of the United States. John McCain has served his country longer in a POW camp than his opponent has served in the United State Senate."
Ohio is a must-win state for McCain, 72, who is trailing Obama in a clutch of pivotal battlegrounds won by outgoing President George W. Bush in 2004.
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obama has genetics lol.... with a little training he could do some damage at the masters
as for Arnold no wonder Californians so fucked up... stupid idiot probably considers
physique as a means of leadership as opposed to intelligence
FYI Arnold graduated from University of Wisconsin with a BA
Obama went to Harvard Law School where he graduated magna cum laude
(http://www.danaroc.com/blog/wp-content/themes/danaroc/uploads/arnoldjpg.jpg)
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;D
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who would want to be endorsed by the governor of the state who's going threw the worse of the economic crisis and hasnt done much to solve their problems.... and yet he has time to promote his Roided Arnold classic
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you haveth to admiteth that Obama is pretty slim, thin, weak and skizzinny, too light to fight..............quite simply too thin to win.
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Arnold, you're my idol ...but this is getbig after all ;D
BOOOOOOOOOOOOOOOOOOOOOOM ;D
(http://www.popular-pics.com/ppimages/arnold-Schwarzenegger-before-after.jpg)
(http://www.popular-pics.com/PPImages/arnold_schwarzenegger_fat.jpg)
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you haveth to admiteth that Obama is pretty slim, thin, weak and skizzinny, too light to fight..............quite simply too thin to win.
Did you also graduate from Wisconsin?
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Obama needs to put down the cigarettes and pick up a dumbell.
Putin would break that skinny halfrican american in half.
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::)
(http://www.horsesass.org/wp-content/uploads/mccain13.jpg)
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they both suck both big lairs
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at least arnold didn't mock Mccain for his poor range of motion on dumbbell side raises.
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at least arnold didn't mock Mccain for his poor range of motion on dumbbell side raises.
LOL that was harsh... ;D
Obama knows that the mass monster era is over, he's going more for the aesthetic look...
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Not sure how to embed but pretty funny
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i wonder who benches the most....obama or mccain?
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obama has genetics lol.... with a little training he could do some damage at the masters
as for Arnold no wonder Californians so fucked up... stupid idiot probably considers
physique as a means of leadership as opposed to intelligence
FYI Arnold graduated from University of Wisconsin with a BA
Obama went to Harvard Law School where he graduated magna cum laude
(http://www.danaroc.com/blog/wp-content/themes/danaroc/uploads/arnoldjpg.jpg)
BFD........."Joe the Plumber" PWNED Obama right to his face and he probably doesn't even have a college degree.
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BFD........."Joe the Plumber" PWNED Obama right to his face and he probably doesn't even have a college degree.
Um...
Joe the Plumber lied to Obama to his face.
He looked Obama in the eye and said he was about to buy the business from his boss.
Seeing as JTP was unlicensed, making 40k, had leins, and no means of purchasing this 250k business, other than maybe prayers and magic pixie dust....
he outright lied to obama. I guess if you lie to a man's face, you pwn him? Bravo.
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Um...
Joe the Plumber lied to Obama to his face.
He looked Obama in the eye and said he was about to buy the business from his boss.
Seeing as JTP was unlicensed, making 40k, had leins, and no means of purchasing this 250k business, other than maybe prayers and magic pixie dust....
he outright lied to obama. I guess if you lie to a man's face, you pwn him? Bravo.
Hahaaaa......Rob, deals are made everyday on trust. What this idiot Obama doesn't realize (because he has no clue of business) is that deals are made everyday on the trust (with somekind of written stip) business owners to loyal, trusted employees to take over their business if that person decides to retire, quit, sell or whatever. "Joe the Plumber" doesn't necessarely need a huge about of funds or any for that matter to take over the business. You have an MBA, you should know this. If you don't, I can teach you.
Obama lied to over 300 million people. In answer to you saying that "Joe the Plumber lied"? No he didn't. All he did was ask Obama a simple question. Obama came to him, he didn't come to Obama. The liberal press illegally did a background check and found he owed about $1200 in back taxes, and although didn't have a license, worked under his bosses license for something like 14 years. Just because he doesn't have a license does NOT mean he's not an experianced good plumber. Quit with the spin Rob. By all right's Obama isn't qualified to even be a plumber.
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Arnold making fun of the skinny smart guy? Is this jr high? :-\
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Hahaaaa......Rob, deals are made everyday on trust. What this idiot Obama doesn't realize (because he has no clue of business) is that deals are made everyday on the trust (with somekind of written stip) business owners to loyal, trusted employees to take over their business if that person decides to retire, quit, sell or whatever. "Joe the Plumber" doesn't necessarely need a huge about of funds or any for that matter to take over the business. You have an MBA, you should know this. If you don't, I can teach you.
Obama lied to over 300 million people. In answer to you saying that "Joe the Plumber lied"? No he didn't. All he did was ask Obama a simple question. Obama came to him, he didn't come to Obama. The liberal press illegally did a background check and found he owed about $1200 in back taxes, and although didn't have a license, worked under his bosses license for something like 14 years. Just because he doesn't have a license does NOT mean he's not an experianced good plumber. Quit with the spin Rob. By all right's Obama isn't qualified to even be a plumber.
both candidates have been telling a lot of lies - can we agree on that much, joe?
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"I'm getting ready to buy a company that makes 250 to 280 thousand dollars a year," Wurzelbacher said. "Your new tax plan is going to tax me more, isn't it?"
Joe IS NOT getting ready to buy such a company.
That was a lie. An outright lie.
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both candidates have been telling a lot of lies - can we agree on that much, joe?
Yes..of course I agree with that.
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Responded Wurzelbacher, "the reason I ask you about the American dream, I mean I've worked hard. I'm a plumber. I work 10-12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American dream."
But he's not. He never was. He lied to Obama.
JTP has no credibility now. Men don't look another man in the eye and LIE.
You can say "he was just...", but the fact is, he lied.
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"I'm getting ready to buy a company that makes 250 to 280 thousand dollars a year," Wurzelbacher said. "Your new tax plan is going to tax me more, isn't it?"
Joe IS NOT getting ready to buy such a company.
That was a lie. An outright lie.
Rob......a little FYI. $250,000 a year isn't alot of of money for a contracting business. As I have said before, the profit margin on that GROSS amount might be about 18% at best, that's about $45000. if the business is ran right, approximatly 25-30% should be re-invested back into the business for growth, he's taking home about $33,000. Rob, that's $250,000 in SALES not profit. Now he would be getting taxed on the $33k.
DO THE MATH. Rob, I know how the contracting business works backwards and forwards.
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Responded Wurzelbacher, "the reason I ask you about the American dream, I mean I've worked hard. I'm a plumber. I work 10-12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American dream."
But he's not. He never was. He lied to Obama.
JTP has no credibility now. Men don't look another man in the eye and LIE.
You can say "he was just...", but the fact is, he lied.
You have an MBA huh?
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how can he say such a thing ???
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You have an MBA huh?
I overlook a lot of your mistakes, and never call you out for asinine statements. I play very nice, and debate topics without ever making personal shots at intelligence or education.
You sure ya wanna go there?
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I overlook a lot of your mistakes, and never call you out for asinine statements. I play very nice, and debate topics without ever making personal shots at intelligence or education.
You sure ya wanna go there?
Meaning you should know the difference between gross sales and profit. Sorry if I offended you. For him to even make a $130,000k he would have to do a million in sales on which he gets taxed, then he gets taxed on personal income. Yes, he WILL get taxed up the ass. He would have to do almost $3mil in SALES to come close to $250,000 in profit.
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Currently, "rich" people are getting tax up the ass. Even double taxed.
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I lost all respect for Arnold, he's acting like a fuckin idiot. He never had too much tact and never cared about other people feelings to begin with..... :-X
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Obama will def win!
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McCain will def win!
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Stop it........it's too late for confusion >:(
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Obama will def win!
yep, yep
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Stop it........it's too late for confusion >:(
;D I just ate chocolate so I am not thinking straight.
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Janet in 2012!! :P
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;D I just ate chocolate so I am not thinking straight.
(http://i39.photobucket.com/albums/e196/Intenseone/shit.jpg)
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(http://i39.photobucket.com/albums/e196/Intenseone/shit.jpg)
I never really got into Tootsy Rolls. ;D
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I never really got into Tootsy Rolls. ;D
AHHAHAHHAHHAHAHHAHAHHAHAHHAHA
I'm eating a tootsy roll right now
AHHAHAHHAHHAHAHAHAHHAHHA HA
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Meaning you should know the difference between gross sales and profit. Sorry if I offended you. For him to even make a $130,000k he would have to do a million in sales on which he gets taxed, then he gets taxed on personal income. Yes, he WILL get taxed up the ass. He would have to do almost $3mil in SALES to come close to $250,000 in profit.
I thought Obama was about taxing people above that?
Sorry, I'm not from the US, just interested.
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Rob......a little FYI. $250,000 a year isn't alot of of money for a contracting business. As I have said before, the profit margin on that GROSS amount might be about 18% at best, that's about $45000. if the business is ran right, approximatly 25-30% should be re-invested back into the business for growth, he's taking home about $33,000. Rob, that's $250,000 in SALES not profit. Now he would be getting taxed on the $33k.
DO THE MATH. Rob, I know how the contracting business works backwards and forwards.
Meaning you should know the difference between gross sales and profit. Sorry if I offended you. For him to even make a $130,000k he would have to do a million in sales on which he gets taxed, then he gets taxed on personal income. Yes, he WILL get taxed up the ass. He would have to do almost $3mil in SALES to come close to $250,000 in profit.
WTF? Joe I'm not an MBA but I do contract. Tax is levied on gross profit, not gross sales (as I'm sure you know, but that last post was a little vague). Also, overhead, insurance costs, materials supplied, etc, varies vastly between industries and trades, and even within a single trade depending on how the guy wants to run it, so there's no way to say what percentage of gross sales is profit. Last, a director can choose his salary and tax liability, or engage a trust to take franked dividends from the company's net, but the money doesn't get double taxed - either the company claims the deduction as payroll and the individual pays the tax, or the company pays the tax and issues a franked dividend at the director's discrecion.. If you're paying tax twice on the same money, shoot your accountant.
I'm sure you know the fitness contracting business inside and out, but there are lots of kinds of contracting, from ditch digging to hyperspecialized expert consulting. No one can be an expert on all of these.
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oh man.. that's just so lame from Arnie.. :-\
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WTF? Joe I'm not an MBA but I do contract. Tax is levied on gross profit, not gross sales (as I'm sure you know, but that last post was a little vague). Also, overhead, insurance costs, materials supplied, etc, varies vastly between industries and trades, and even within a single trade depending on how the guy wants to run it, so there's no way to say what percentage of gross sales is profit. Last, a director can choose his salary and tax liability, or engage a trust to take franked dividends from the company's net.
I'm sure you know the fitness contracting business inside and out, but there are lots of kinds of contracting, from ditch digging to hyperspecialized expert consulting. No one can be an expert on all of these.
I don't know how it works in the US, but tax on turnover wouldn't make any sense.
In my country you must pay 25% tax on profit and from what's left, you must pay 25% again if you cash dividends.
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I don't know how it works in the US, but tax on turnover wouldn't make any sense.
In my country you must pay 25% tax on profit and from what's left, you must pay 25% again if you cash dividends.
To be honest, I don't know how it works in the US either, so maybe Joe is going to own me bad. :D
Are you saying that a company can't distribute it's profit as the director sees fit where you are, Wave? Anytime you move net $ out of the company's bank account, you lose 25% to tax?!
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Rob......a little FYI. $250,000 a year isn't alot of of money for a contracting business. As I have said before, the profit margin on that GROSS amount might be about 18% at best, that's about $45000. if the business is ran right, approximatly 25-30% should be re-invested back into the business for growth, he's taking home about $33,000. Rob, that's $250,000 in SALES not profit. Now he would be getting taxed on the $33k.
DO THE MATH. Rob, I know how the contracting business works backwards and forwards.
Do you even know what the definition of profit margin is? Obama's plan would increase taxes on small businesses earning greater than $250K in gross income, not revenue. You are a truly a dumbass. I guess you have no problem giving tax breaks to Exxon Mobil...lol. Joe, you are the biggest joke on this board!
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(http://www.youtube.com/watch?v=MxSW9nK3kI8)
FAIL ;D
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FAIL ;D
lol(http://www.getbig.com/boards/Smileys/default/cheesy.gif) i put the video between the img tags :-\
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its not showing up for me now still, ca any of you see it?
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its not showing up for me now still, ca any of you see it?
ya, thanks for posting it :D
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To be honest, I don't know how it works in the US either, so maybe Joe is going to own me bad. :D
Are you saying that a company can't distribute it's profit as the director sees fit where you are, Wave? Anytime you move net $ out of the company's bank account, you lose 25% to tax?!
First of all, I'm talking about joint-stock companies only.
Once a year you gotta pay corporate income tax on the companies profit (this is after all expenses). It's a flat tax of 25%. What's left is not taxed anymore as long as it's used for the company (it can stay within the company as long as seen necessary for liquidity). However, usually you will see to it that eventually you pay it out (that is, if you continue to make profit), since it has been taxed already with the 25%. That's the big problem with the model of corporate income tax IMO, it hinders re-investment into the company. At least it's better now, a few years back it was 34%.
As soon as you decide to pay out dividends from those profits of the current year or one of the former years, you must pay 25% again. That adds up to about 44% real tax on the dividends. When and how much of the profit of the current or former years is payed out, is a joint decision made by the share holders. The distribution of whatever is payed out is determined by company shares.
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I bet all these people voted George W Bush back in the white house 4 years ago LOL
I have lost respect for Arnie because of this :-\
but I admire the success he achieved by his own hand
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we have a guy, or a neo-con bush clone.
hooray for american 'democracy'. looks like this 'country' is in its dying days.
anyone who gets sucked into this false left/right paradigm and thinks that someone with extremely clear and strong support from the powers that be is a good candidate or going to bring real 'change' is a moron.
if you want real change support a candidate who the jew owned media is ignoring and/or demonizing.
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First of all, I'm talking about joint-stock companies only.
Once a year you gotta pay corporate income tax on the companies profit (this is after all expenses). It's a flat tax of 25%. What's left is not taxed anymore as long as it's used for the company (it can stay within the company as long as seen necessary for liquidity). However, usually you will see to it that eventually you pay it out (that is, if you continue to make profit), since it has been taxed already with the 25%. That's the big problem with the model of corporate income tax IMO, it hinders re-investment into the company. At least it's better now, a few years back it was 34%.
As soon as you decide to pay out dividends from those profits of the current year or one of the former years, you must pay 25% again. That adds up to about 44% real tax on the dividends. When and how much of the profit of the current or former years is payed out, is a joint decision made by the share holders. The distribution of whatever is payed out is determined by company shares.
It sounds as if they're actually trying to encourage reinvestment by slugging you with another tax if you choose to not do so.
44% is pretty steep. In Aus it's a 30% flat rate for corporate tax and individual tax varies depending on income. Sounds like you'd do well to take a salary up until the individual tax rate exceeded 44% on average (it's at about this point in the conversation with my bookkeeper that my eyes glaze over 8), because it gets a little more involved than just that simple proposal, with mandatory retirement payments, etc).
Honestly, as a business owner it's embarrassing how little I understand about tax. Hmmm, maybe I shouldn't have jumped into this discussion after all. :-[
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we have a guy, or a neo-con bush clone.
hooray for american 'democracy'. looks like this 'country' is in its dying days.
anyone who gets sucked into this false left/right paradigm and thinks that someone with extremely clear and strong support from the powers that be is a good candidate or going to bring real 'change' is a moron.
if you want real change support a candidate who the jew owned media is ignoring and/or demonizing.
Bill Clinton clone. Looks like America will see 8 years of prosperity.
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Bill Clinton clone. Looks like America will see 8 years of prosperity.
first:
we are in a much, MUCH different situation than we were in in the 90s, and not in a good way. you're delusional if you think we are not headed for some very bad times regardless of whatever puppet is elected, obongo chimpanzee hussein or neo-con mccain. don't get your hopes up champ.
clinton: gave china most favorable trading nation status,NAFTA, etc. he was not only a jew puppet but a chinese puppet ontop of that, ever hear of china-gate?
clinton was a traitor and not a good president at all. just because he presided over good times doesnt mean it was his doing, we are now suffering the consequences of many of his actions, compounded with traitor bush/cheneys policies over the past 8 years.
hope this helps!
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It sounds as if they're actually trying to encourage reinvestment by slugging you with another tax if you choose to not do so.
Well, yes it's better than if you e.g. would have to to pay everything up-front. But what would make more sense is to only pay tax on profits that are really payed out. With the corporate tax, you will always try to make your investments before financial statement, because then you don't have to pay any tax, obviously. It makes timely investment a lot harder.
44% is pretty steep. In Aus it's a 30% flat rate for corporate tax and individual tax varies depending on income. Sounds like you'd do well to take a salary up until the individual tax rate exceeded 44% on average (it's at about this point in the conversation with my bookkeeper that my eyes glaze over 8), because it gets a little more involved than just that simple proposal, with mandatory retirement payments, etc).
Maybe I didn't make myself clear: the 44% is total tax in this case. You do not have to pay any individual tax on those dividends anymore. Normal income tax is progressive and goes up to 50%. As you said, there is a point where paying out dividends beats raising wage for company owners (who are also employed at their own company). Not that easy though, since often times, the distribution of wages is different from those of the shares of the owners. Are you saying in Australia you only have to pay 30% total tax on dividends?
Honestly, as a business owner it's embarrassing how little I understand about tax. Hmmm, maybe I shouldn't have jumped into this discussion after all. :-[
Same here, luckily we have a CFO for boring stuff like that. :)
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Well, yes it's better than if you e.g. would have to to pay everything up-front. But what would make more sense is to only pay tax on profits that are really payed out. With the corporate tax, you will always try to make your investments before financial statement, because then you don't have to pay any tax, obviously. It makes timely investment a lot harder.
Maybe I didn't make myself clear: the 44% is total tax in this case. You do not have to pay any individual tax on those dividends anymore. Normal income tax is progressive and goes up to 50%. As you said, there is a point where paying out dividends beats raising wage for company owners (who are also employed at their own company). Not that easy though, since often times, the distribution of wages is different from those of the shares of the owners. Are you saying in Australia you only have to pay 30% total tax on dividends?
Same here, luckily we have a CFO for boring stuff like that. :)
Hmmm, ok here's the part where someone comes along and owns me because I don't know what I'm talking about. My understanding is that once the company pays its tax it can distribute its profits as the director chooses without any further tax liability of it's own. These are called "franked dividends" here. I think an individual could receive that money tax free up until that individual breached the 30% tax bracket, then they'd have to pay the difference. In my case, I plan on paying dividends into a trust which can receive them (tax free I believe), and hold the $, invest it, or distribute it to a beneficiary (who would again be liable for personal income in excess of the 30%). The reason I'm so hazy is that I've been basically living on director's loans for awhile and leaving the remainder (what little there is on it ;D) in the company because it's the only way around having to pay 9% of individual gross income into a retirement account as legislated by Aus law, but they've convinced me that my tax liability will be decreased if I just bite the damn bullet and take a salary up to that 30% level and pay out the 9% in 'superannuation.'
So in essence the tax burder falls upon the one who receives the money, rather than the entity that is paying it out.
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Hmmm, ok here's the part where someone comes along and owns me because I don't know what I'm talking about. My understanding is that once the company pays its tax it can distribute its profits as the director chooses without any further tax liability of it's own. These are called "franked dividends" here. I think an individual could receive that money tax free up until that individual breached the 30% tax bracket, then they'd have to pay the difference. In my case, I plan on paying dividends into a trust which can receive them (tax free I believe), and hold the $, invest it, or distribute it to a beneficiary (who would again be liable for personal income in excess of the 30%). The reason I'm so hazy is that I've been basically living on director's loans for awhile and leaving the remainder (what little there is on it ;D) in the company because it's the only way around having to pay 9% of individual gross income into a retirement account as legislated by Aus law, but they've convinced me that my tax liability will be decreased if I just bite the damn bullet and take a salary up to that 30% level and pay out the 9% in 'superannuation.'
So in essence the tax burder falls upon the one who receives the money, rather than the entity that is paying it out.
Ah I see. We don't have to pay income tax on the difference to the 44%. Bonus payments is another way of course, that's also done here, since it is taxed lower (if certain conditions apply). But as I said, leave the boring stuff to the accountants. :)
Unfortunally, laws are always made just complicated enough so that one needs financial advisory.
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Responded Wurzelbacher, "the reason I ask you about the American dream, I mean I've worked hard. I'm a plumber. I work 10-12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American dream."
But he's not. He never was. He lied to Obama.
JTP has no credibility now. Men don't look another man in the eye and LIE.
all politicians lie. Joe may have lied but there are a lot of "Joe's" out there who would get affected
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Ah I see. We don't have to pay income tax on the difference to the 44%. Bonus payments is another way of course, that's also done here, since it is taxed lower (if certain conditions apply). But as I said, leave the boring stuff to the accountants. :)
Unfortunally, laws are always made just complicated enough so that one needs financial advisory.
Haha, too true!
I should mention that the top personal tax rate in Aus is 48.5%, and that you could live on the money you'd make if you only paid 30%, but you wouldn't be having much fun. Anyway, one of my hairbrained schemes is to let the trust purchase the house I'd live in, then pay as low a rent as I can get away with to the trust, so that the major expense of housing is somewhat reduced since the mortgage and possibly all of my remaining expenses (which would make me pretty happy) could be paid by money that has only been taxed at 30%.
I primarily set up the trust to find some indemnity from lawsuit tho, not really for tax benefit.
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All this tax talk is why as boring as this island is [and boy it is boring] when I think of moving and see the tax I would have to pay, I swiftly reconsider and take boredom over taxation.
And the Arnold thing was cute, just saw it on the news.
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Haha, too true!
I should mention that the top personal tax rate in Aus is 48.5%, and that you could live on the money you'd make if you only paid 30%, but you wouldn't be having much fun. Anyway, one of my hairbrained schemes is to let the trust purchase the house I'd live in, then pay as low a rent as I can get away with to the trust, so that the major expense of housing is somewhat reduced since the mortgage and possibly all of my remaining expenses (which would make me pretty happy) could be paid by money that has only been taxed at 30%.
I primarily set up the trust to find some indemnity from lawsuit tho, not really for tax benefit.
Good thinking. Real estate should always be protected from lawsuit. As long as such protection is legally available, one would be stupid not to utilze such possibilities. I would always do it that way, owned by a second company (not vulnerable to lawsuit) or a fund and rented by the first. You got the right advises, smart man.
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All this tax talk is why as boring as this island is [and boy it is boring] when I think of moving and see the tax I would have to pay, I swiftly reconsider and take boredom over taxation.
And the Arnold thing was cute, just saw it on the news.
What is that island you are talking about?
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What is that island you are talking about?
don't expect an answer. CQ always talk about her country/island and how great it is etc. but refuses to name it. it's ridiculous. apparently she's afraid people will find out who she is ::) ::) ::)
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Rob......a little FYI. $250,000 a year isn't alot of of money for a contracting business. As I have said before, the profit margin on that GROSS amount might be about 18% at best, that's about $45000. if the business is ran right, approximatly 25-30% should be re-invested back into the business for growth, he's taking home about $33,000. Rob, that's $250,000 in SALES not profit. Now he would be getting taxed on the $33k.
DO THE MATH. Rob, I know how the contracting business works backwards and forwards.
Coach I am a retired acccountant and have experience as CFO of a group which included american subsidiaries so I am more than familiar with US GAP and I can honestly tell you I have never read such shite in my life.
When a company "makes" $250,000 that means PROFIT not SALES. Sales are totally irrelevant when it comes to tax. The amount a business then decides to reinvest (in other words undistributed dividends) is IRRELEVANT when it comes to corporation tax. The business owner is taxed personally on his salary from the business plus the dividends he receives. The business is then taxed on the profit it generates before dividends with retained cash being totally IRRELEVANT as it would merely credit reserves and debit cash balance in other words you get no P&L debit (and tax reduction) .
It pretty obvious you DON'T have an MBA.
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don't expect an answer. CQ always talk about her country/island and how great it is etc. but refuses to name it. it's ridiculous. apparently she's afraid people will find out who she is ::) ::) ::)
That I can understand.
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Coach I am a retired acccountant and have experience as CFO of a group which included american subsidiaries so I am more than familiar with US GAP and I can honestly tell you I have never read such shite in my life.
When a company "makes" $250,000 that means PROFIT not SALES. Sales are totally irrelevant when it comes to tax. The amount a business then decides to reinvest (in other words undistributed dividends) is IRRELEVANT when it comes to corporation tax. The business owner is taxed personally on his salary from the business plus the dividends he receives. The business is then taxed on the profit it generates before dividends with retained cash being totally IRRELEVANT as it would merely credit reserves and debit cash balance in other words you get no P&L debit (and tax reduction) .
It pretty obvious you DON'T have an MBA.
I thought that's basic knowledge.
Would be very strange if it was different in the US.
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". . . I want to invite Sen. Obama to the gym . . . We have to do something about his skinny legs!"
"He has to do squats." ;D ;D
see the videohttp://www.nypost.com/seven/11012008/news/politics/arnold_kicks_sand_in_skinny_obamas_face_136282.htm (http://www.nypost.com/seven/11012008/news/politics/arnold_kicks_sand_in_skinny_obamas_face_136282.htm)
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no worries joe :)
But I do think JTP was a plant, and his sole purpose was to create an everyday joe character for mccain to use in the debate.
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Meaning you should know the difference between gross sales and profit. Sorry if I offended you. For him to even make a $130,000k he would have to do a million in sales on which he gets taxed, then he gets taxed on personal income. Yes, he WILL get taxed up the ass. He would have to do almost $3mil in SALES to come close to $250,000 in profit.
Holly shite it get worse. " he would have to do a million in sales on which he gets taxed" . OMG I can't believe a businessman like Coach could be soooooo dumb. :o Who gets taxed on sales ? Are you paying tax on sales? You have just been owned so bad I am mortified for you.
Please Coach I am interested. What is your line of business where you get taxed on sales?
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on topic:
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All this tax talk is why as boring as this island is [and boy it is boring] when I think of moving and see the tax I would have to pay, I swiftly reconsider and take boredom over taxation.
And the Arnold thing was cute, just saw it on the news.
Guess it all comes down to your earning potential elsewhere and if it's enough of a difference to take the sting out of the tax. Maybe you could even set it up so that you got paid on your island even though you happen to be working somewhere else (even if it's only for a minimal amount to keep the local gov happy, then the bigger chunk could be transfered to your home account).
Good thinking. Real estate should always be protected from lawsuit. As long as such protection is legally available, one would be stupid not to utilze such possibilities. I would always do it that way, owned by a second company (not vulnerable to lawsuit) or a fund and rented by the first. You got the right advises, smart man.
You're, um... not going to believe this but... I got it (or at least the idea) from Kiyosaki books that my old man sent me! :D Flame away! ;D
Construction contracting is a minefield when it comes to suit, but not because I'm a bastard or anything! I'm an honest guy in a crooked world! My biggest fear is an injured worker (or a bullshit injury claim) or some granny who wanders onto site and gets hurt. The insurance companies have done all they can to engineer a system where they basically never have to pay a claim (even though it's the law that you have to pay them every month ::) what a racket), and there have been a LOT of precedents set here where personal assets of a director get nabbed when the suit has to do with injury. I might rent major plant from the trust as well, but I need a lawyers advice as to whether that would be wise.
Lol, when I set all this up I was wondering if someone as small potatoes as me really needed it. Honestly, it's total overkill for the laughable amount I earn, but I hope it'll yield a tax benefit one of these days and at least I'll have some peace of mind.
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no worries joe :)
But I do think JTP was a plant, and his sole purpose was to create an everyday joe character for mccain to use in the debate.
if he was a plant dont you think they would have used someone who could withstand a basic vetting, someone who is actually a plumber? just food for thought.
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That I can understand.
me also, if your country has 12 people.
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You're, um... not going to believe this but... I got it (or at least the idea) from Kiyosaki books that my old man sent me! :D Flame away! ;D
Construction contracting is a minefield when it comes to suit, but not because I'm a bastard or anything! I'm an honest guy in a crooked world! My biggest fear is an injured worker (or a bullshit injury claim) or some granny who wanders onto site and gets hurt. The insurance companies have done all they can to engineer a system where they basically never have to pay a claim (even though it's the law that you have to pay them every month ::) what a racket), and there have been a LOT of precedents set here where personal assets of a director get nabbed when the suit has to do with injury. I might rent major plant from the trust as well, but I need a lawyers advice as to whether that would be wise.
Lol, when I set all this up I was wondering if someone as small potatoes as me really needed it. Honestly, it's total overkill for the laughable amount I earn, but I hope it'll yield a tax benefit one of these days and at least I'll have some peace of mind.
All businesses are crooked. As soon as you start making a little money, the maggots come crawling out. Unfortunally, that's how it is. Be prepared that when your business takes off, there will be lawsuits. It's part of the business. Again, smart move to start thinking about such things early. As far as lawyers go, I would make sure to always get one who has actual experience in your field of endeavour. Additionally, I would always look up the corresponding laws myself as currently in effect.
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Yeah, I need to get one. I'm unprepared in that dept. But at the moment what are they gonna do with a lawsuit - take my spare change from under the couch cushions? ;D
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Yeah, I need to get one. I'm unprepared in that dept. But at the moment what are they gonna do with a lawsuit - take my spare change from under the couch cushions? ;D
We all start small, good luck with your company!
I'm also partly in the building industry contracting business, so I can relate somewhat. :)
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Thanks bro. Things are steady. I'd really like to concentrate on other things and leave someone in place to run it, but it just ain't there yet.
PS - Remember me in your will. ;)
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Thanks bro. Things are steady. I'd really like to concentrate on other things and leave someone in place to run it, but it just ain't there yet.
Haha, wouldn't we all like to do that. ;D
PS - Remember me in your will. ;)
:D :D :D
From the moment I retire, I'll make sure to leave an empty table when I kick the bucket. ;D
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Coach I am a retired acccountant and have experience as CFO of a group which included american subsidiaries so I am more than familiar with US GAP and I can honestly tell you I have never read such shite in my life.
When a company "makes" $250,000 that means PROFIT not SALES. Sales are totally irrelevant when it comes to tax. The amount a business then decides to reinvest (in other words undistributed dividends) is IRRELEVANT when it comes to corporation tax. The business owner is taxed personally on his salary from the business plus the dividends he receives. The business is then taxed on the profit it generates before dividends with retained cash being totally IRRELEVANT as it would merely credit reserves and debit cash balance in other words you get no P&L debit (and tax reduction) .
It pretty obvious you DON'T have an MBA.
Obama's tax is on GROSS revenues. Let me break down it down.
Of that $250,000 you have;
Materials
Labor (Fed/state tax)
workers comp
Overhead
Taxes
Insurance
Sales commission if any
Profit.
Out here in the good ol US, that's usually how a typical legit residential job is broken down. Now, alot of contractors have their own formula to breaking these figures down. Now, your right, I'm not a CPA, but as you look at that, the owner if he's not a Corporation gets taxed on the profit and as seen as personal income. Out of that breakdown, where does he take money to re-invest?
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Holly shite it get worse. " he would have to do a million in sales on which he gets taxed" . OMG I can't believe a businessman like Coach could be soooooo dumb. :o Who gets taxed on sales ? Are you paying tax on sales? You have just been owned so bad I am mortified for you.
Please Coach I am interested. What is your line of business where you get taxed on sales?
Obama said $250k. Tell me he specified which of that $250k he was taxing.
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Responded Wurzelbacher, "the reason I ask you about the American dream, I mean I've worked hard. I'm a plumber. I work 10-12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American dream."
But he's not. He never was. He lied to Obama.
JTP has no credibility now. Men don't look another man in the eye and LIE.
You can say "he was just...", but the fact is, he lied.
JTP is irrelevant. If he started the question with "Hypothetically speaking......" then all this public vetting of him would not be the issue, and the focus would be on Obama's answer, which is the real problem.
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Men don't look another man in the eye and LIE.
Agreed. "Another man" or 300 million, it's just wrong:
http://www.cnn.com/2008/POLITICS/10/29/lkl.mccain.excerpts/#cnnSTCVideo
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obama has genetics lol.... with a little training he could do some damage at the masters
as for Arnold no wonder Californians so fucked up... stupid idiot probably considers
physique as a means of leadership as opposed to intelligence
FYI Arnold graduated from University of Wisconsin with a BA
Obama went to Harvard Law School where he graduated magna cum laude
So you are saying you can make a hell of alot more money and be successful with less education. Yes we know that
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Obama's tax is on GROSS revenues. Let me break down it down.
Of that $250,000 you have;
Materials
Labor (Fed/state tax)
workers comp
Overhead
Taxes
Insurance
Sales commission if any
Profit.
Out here in the good ol US, that's usually how a typical legit residential job is broken down. Now, alot of contractors have their own formula to breaking these figures down. Now, your right, I'm not a CPA, but as you look at that, the owner if he's not a Corporation gets taxed on the profit and as seen as personal income. Out of that breakdown, where does he take money to re-invest?
Joe, your post doesn't make any sense at all. I think you're losing it man.
If I build you a house for a price of $250k, and it costs me $200k to do it, are you saying I'd pay tax on all $250k even though my profit was only $50k? Dude...
Also, all builders use corporations, and what the hell are you talking about "where does he take money to re-invest?" You've never been this kooky before. Are you feeling ok?
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on topic:
;D
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Joe, your post doesn't make any sense at all. I think you're losing it man.
If I build you a house for a price of $250k, and it costs me $200k to do it, are you saying I'd pay tax on all $250k even though my profit was only $50k? Dude...
Also, all builders use corporations, and what the hell are you talking about "where does he take money to re-invest?" You've never been this kooky before. Are you feeling ok?
Ok, maybe I'm not explaining this correctly (sometimes I have a hard time getting across the point I'm trying to make.......like McCain ;D) So I will try again. In referrence to another JTP thread on the political board, someone made referrence that they had to pay a plumber $6000 for some work and he thought he it was alot considering the amout of time it was going to take to do the job.
I told him that if the plumber was a legit contractor, his estimate would be like I had broken it down
Materials
Labor (Fed/state tax)
workers comp
Overhead
Taxes
Insurance
Sales commission if any
Profit.
= Sales price
Out of that $6000 the profit margin was approximatley 15-18%. About $1080.00 if that. Again, alot of contractors have there own formula for job breakdown. This estimate is of course, is a per job breakdown.
I will try to find that post where I broke it down.
What I am trying to say, is it isn't that hard for a contractor to do $250,000 a year in business. As a matter of fact, at $250,000 per year in sales he would barely be making ends meet.
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From post on the political board..
I'm about to pay a plumber (in a week's time) about $ 6,000 for a 5 hour stint. That is about $ 300.00 per hour, considering he's going to bring another two people with him. And he was the cheapest.
A steal.
Material, Labor, workers comp, liability, overhead, taxes and profit. Profit margin is about 12-18% at best. Unless his labor is free, not paying w/c or liability has no overhead and stealing the materials this plumber is profiting about $1080. Out of that $1080.00 He should be reinvesting about 30% back into his business which leaves him about $750.00
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Did the guy say what the plumber was going to do for that $6000 in 5 hours? Was he supplying and installing a $4500 bathtub, or was he digging in $400 worth of PVC stormwater tube? There's no way you can know his profit was $1080 based on what you've posted. It could be anything. We don't know what he was putting into the job, how can we know what he's got left?
Or did you somehow infer it from what he said about how it's $300/hr, since that makes no sense either. 5 hours at $300/hr would be $1500, or if he means it's 3 guys @ 5 hrs each at $300/hr, that would be $4500.
Look, this is weird. Either everyone has lost their mind or I have.
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Did the guy say what the plumber was going to do for that $6000 in 5 hours? Was he supplying and installing a $4500 bathtub, or was he digging in $400 worth of PVC stormwater tube? There's no way you can know his profit was $1080 based on what you've posted. It could be anything. We don't know what he was putting into the job, how can we know what he's got left?
Or did you somehow infer it from what he said about how it's $300/hr, since that makes no sense either. 5 hours at $300/hr would be $1500, or if he means it's 3 guys @ 5 hrs each at $300/hr, that would be $4500.
Look, this is weird. Either everyone has lost their mind or I have.
I don't get it either. I thought the topic was if tax is on turnover or profit. Since it is obviously on profit, turnover is irrelevant.
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Did the guy say what the plumber was going to do for that $6000 in 5 hours? Was he supplying and installing a $4500 bathtub, or was he digging in $400 worth of PVC stormwater tube? There's no way you can know his profit was $1080 based on what you've posted. It could be anything. We don't know what he was putting into the job, how can we know what he's got left?
Or did you somehow infer it from what he said about how it's $300/hr, since that makes no sense either. 5 hours at $300/hr would be $1500, or if he means it's 3 guys @ 5 hrs each at $300/hr, that would be $4500.
Look, this is weird. Either everyone has lost their mind or I have.
Not sure of what material costs or labor costs are in the plumbing biz. This never came up before, I have never brought this up before but since we on this subject of contractors and breakdowns so on and so forth and know one knows this until now. I am part owner of a roofing business here in California, have been for along time. Now, granted the profit margin is probably lower in the roofing biz, I do know our workers comp is at almost 100% because we do hot work (hot mop). But the fact remains, the estimation breakdown is reletively the same.
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I don't get it either. I thought the topic was if tax is on turnover or profit. Since it is obviously on profit, turnover is irrelevant.
Obama clearly stated businesses that are making $250,000 or more. He didn't specify whether it was gross or otherwise.
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Obama clearly stated businesses that are making $250,000 or more. He didn't specify whether it was gross or otherwise.
But I'm pretty sure there is some written form of his plans where this could be verified?
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Coach, you're not going to get taxed on sales. I think you may be confusing "gross profit" with "sales" or... I don't know, but in any case that plumber isn't going to pay tax on $6000 of income.
To get taxed on $250k+, that $250k+ would be pre tax profit, not total sales, and you're only going to get taxed heavily for an amount above that $2500k threshold. I don't know anything about Obama's tax plan but I am 99.99%. Please ask your accountant and get some peace of mind man.
Lol, taxed on total sales. ;D No wonder you were sweating!
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politics at its finest ::)
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bahahah this is what its come down to, republicans are to the point where they are resorting to saying obama has skinny legs ::)
haha but this is why i like arnold. he delivered a getbig style owning on the national political stage ;D
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bahahah this is what its come down to, republicans are to the point where they are resorting to saying obama has skinny legs ::)
Good point.
Arnold calling mccain 'strong'? Mccain was strong in 2000 when he said the bush tax plan was shit. He was weak when he changed his positions to reflect Bush policy in 2007.
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Arnold making fun of the skinny smart guy? Is this jr high? :-\
No its worse.
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"I'm getting ready to buy a company that makes 250 to 280 thousand dollars a year," Wurzelbacher said. "Your new tax plan is going to tax me more, isn't it?"
Joe IS NOT getting ready to buy such a company.
That was a lie. An outright lie.
Mr Coach, the statement is crystal clear. A company which makes 250 to 280 thousand dollars a year is one which make a PROFIT of 250 to 280 thousand dollars. There is no dubiety. Only a little fool would think there was a chance of this number being turnover/sales/revenue. Or someone who has no understanding of business because his income comes from fat old queefs sticking dollars down his thong.
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What the fuck is Halloween Day? It's called Halloween you dipshit! Arnold is a moron and this is coming from someone who currently lives in CA and has seen the fuckups he's made year after year. He was an impressive bodybuilder and a great actor but he's a terrible leader plain and simple.
The greatest bodybuilding competition in the world yet all his billionaire ass can pony up is a measly fucking Hummer! What a joke! Why not pony up a fucking BMW atleast instead of a shitty Hummer!
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What the fuck is Halloween Day? It's called Halloween you dipshit! Arnold is a moron and this is coming from someone who currently lives in CA and has seen the fuckups he's made year after year. He was an impressive bodybuilder and a great actor but he's a terrible leader plain and simple.
The greatest bodybuilding competition in the world yet all his billionaire ass can pony up is a measly fucking Hummer! What a joke! Why not pony up a fucking BMW atleast instead of a shitty Hummer!
He drives a hummer so he can run over traffic ;D
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Obama clearly stated businesses that are making $250,000 or more. He didn't specify whether it was gross or otherwise.
all tax rates are based on taxable income, that is after deductions