ARNOLD to OBAMA: You are more than Welcome to compete at the Arnold Classic.

[Tapeworm]

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? 

[wavelength]

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? 

We all start small, good luck with your company!
I'm also partly in the building industry contracting business, so I can relate somewhat.

[Tapeworm]

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. 

[wavelength]

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.

PS - Remember me in your will. 

From the moment I retire, I'll make sure to leave an empty table when I kick the bucket.

[The Coach]

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?

[The Coach]

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.    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.

[Grape Ape]

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.

[The Ugly]

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

[onlyme]

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

[Tapeworm]

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?

[Megalodon]

on topic:

 

[The Coach]

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 ) 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.

[The Coach]

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

[Tapeworm]

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.

[wavelength]

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.

[The Coach]

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.

[The Coach]

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.

[wavelength]

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?

[Tapeworm]

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.    No wonder you were sweating!

[MAXX]

politics at its finest 

[JOHN MATRIX]

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 

[240 is Back]

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.

[Mons Venus]

Arnold making fun of the skinny smart guy? Is this jr high?

No its worse.

[JimmyThomson]

"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. 

[MuscleMcMannus]

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!