I mean in reality Redstone Arsenal, Army Missle Command, NASA would actually probably be up there on any cratering list. But that would just take out the north part of the state where most of the few liberal people live. Would leave 95% of the shitty people alive to continue doing shitty things.
Also this is great, accept more risks at airports to keep brown people out. https://www.cnn.com/2019/05/15/politics/tsa-border-security/index.html
They hurt us. We are NY. We pay high taxes, because we have high property taxes and local school and municipality taxes. Losing Salt deductions hurt. Many of these companies are S corps also, and unless you get really creative with basis it wasn’t very beneficial. Most of us take comp through salary and not distributions. Distributions have the better return, but if you have partners and they don’t do equal job functions to you like in my case, it would mean we would be unequally compensated because the difference in role is through salary. Distributions need to be given through your actual percentage owned.
I guess you don’t know what a CEO is. Agreed it feels weird if you have 5 employees and 1 million in revenues and We were still directly performing the services we deliver, but that’s not what we are talking about here. Maybe I should have said mid sized businesses, but in scale to big business we are tiny.
Is it not possible for the Corp to pay a w2 to an individual owner and then pay out distributions to the rest of the owners? I have a have two partnerships that I do varying amounts of work at and get paid differently with each one.
If it’s a partnership I believe you can’t but an s Corp you would have a w2 if you worked in the business
So if I understand you correctly, pay your salary for what you do but at a lower amount, and then pay out the rest in distributions? Yes, we can do that and considered it. The problem is that we are a growing company and I don't want to distribute, because I reinvest the profits into growth and employees who contribute in bigger ways. I have one partner who no longer works for the company as of last year. I have another who the business has outgrown him and the scope of his value as an employee is little compared to myself and my other partner. I would have to take a big pay cut if we did this and it would only benefit them and they don't do anything. I would not benefit from this. This would work great if I was one owner or if all of the partners were equal contributors, but I don't think that is the norm, so it complicates things.
My memory may be wrong but S-corps are passthrough but you don't have to pay SE tax on distributions. But you can't pay yourself like $1 a year in salary and take $100,000 in distributions to avoid SE tax.
Guys, we make a lot of assumptions in here about NYGator. Let's collectively make the assumption that he's engaged a CPA or tax attorney at some point to determine the most tax efficient model for his business and not spend the morning trying to repeat their work.
Yes the point wasn’t about me anyway. It’s about understanding why business owners in NY aren’t necessarily trump supporters. Losing salt asa punitive measure by trump and republicans was big.
LOL, I didn't ask to have that conversation. Just wanted to anecdotally mention tariff impact. I am hoping it is a bigger deal nationwide when it comes to elections. I think a lot more people are impacted right now then we know. I heard Tester on the radio this morning talking about how farmers are getting killed and they hate the bailout because they don't like socialism (shocked that they could even make that connection). Some aren't even planting as a result. This hurts upwind and downwind too because if they aren't producing then all of the other industries involved in supply, growing resources, packing, shipping and any type of handling of products are getting crushed also and they are not receiving subsidies to the best of my knowledge. Trump is such a disaster.
I try to be humble, but if that isn’t the greatest endorsement for being the best poster on this site then I don’t know what is
LOL, Trump's position would have been declared extreme a few years ago. Now domestic terrorists arent even defined properly and probably not considered extreme by some. Not sure what extreme means to conservatives anymore.
It's bullshit that the farmers hate the bailout. They'll all grow soybeans so they can sell it to the govt. They won't stop planting, because that's not what they do. No way in hell they all sit idle unless they went bankrupt and can't afford it.
If the farmers hated the bailouts, there would actually be political pressure coming from big time farming states. Look at what nd and sd senators are saying. We are the biggest sellers to China and don't have much of a mechanism to get crops to the east. But it's crickets because the farmers aren't protesting the bailouts.
Distributions that don’t exceed your basis in the entity are tax-free for both S corps and partnerships. Partnerships you pay SE tax based on your SE income passed through to you by the entity. S corp salaries have to be “reasonable” to prevent abuse like doing that.
The one thing to consider is the uncertainty. If this plods along, at some point they are going to become very nervous about the government continuing to bail them out. Trump is playing poker with their money and assets and not all of them have his tolerance for failure. The other thing to consider that I mentioned earlier is that the supply chain and the delivery chain are still potentially impacted and I dont know if they receive subsidies.
That's correct. This is the fuckery my company does with an ESOP to minimize federal corp taxes in a 6000 people company with several billion in revenue and like 20% profit margin. shady af.
Farmers have been taking subsidies for decades. Their very rural existence is subsidized by the government - roads, utilities, schools and everything else would be too expensive if the market were allowed to set prices. They only hate the bailout when the media draws everybody else's attention to their hypocrisy.
Correct, and for those who don't understand what basis means, it is your personal investment of assets in your company. When you are in a growth stage where you are constantly reinvesting in your team and your solutions, this doesn't come into play that much. If you are a mature company that is sitting back and resting on your laurels, eating into your basis may be more common, but it's not something that everyone can do. It basically means you are taking your own investment off of the table by distributing it. It's kind of like paying yourself back for the money you invested and that is why it's not taxed.
Heard the Missouri governor on NPR this AM. He said that as long as farmers can keep their lights on, they will struggle and sacrifice for the long term goals of the President. Imagine if this was a Clinton tariff. Would he be telling farmers to pull themselves up by their bootstraps?
would have? I think some yes, and some no. You would be surprised how many people in NY weigh social issues above a few dollars saved in tax or business environment. That may have something to do with the fact that most of them are self made so they are not looking for others to determine their wealth. Not really sure. Tax policy to my benefit is low on my list of drivers. I'm not alone. That said, there are a couple of boomers in my group who I can hear under their breath making snarky comments about Democratic Party thinking, but I think support for Trump is likely more aligned with other issues or demographics outside of being a business owner. We have some very Pro-Israel members for example, where that is everything for them. I think boomers also tend to be more selfishly motivated than us. The flip side is business owners do not like uncertainty caused by artificial stimulants like Trump doing things on a whim. It makes it difficult to plan and allocate resources properly. Regardless, NY doesn't matter. Trump is never winning NY.
It’s only considered socialism if it helps minorities. I doubt that these farmers are against receiving subsidies, during the shutdown they were furious that they weren’t receiving their money which led to republicans re-opening USDA.
The Missouri Legislature is a fucking joke. The Freedom Caucus wing just spent 28 hours filibustering a deal to subsidize a GM plant expansion. They quickly gave up on it when they realized they were pushing up against the legislative calendar and wouldnt be able to pass an anti abortion law, and a law that reverses a referendum vote on anti gerrymandering.