HB 24-01: Small Business Tax Cut Act (Failed)

[OSR stands with Israel]

What is your opinion on the Border-adjustment tax

[thumb21]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

[OSR stands with Israel]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

I disagree on idea that these people don’t need them

[thumb21]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

I disagree on idea that these people don’t need them

I'm sure our views on this are different but if someone is making $300,000, they can almost certainly afford to live in a decent house, pay their bills and buy their essentials with plenty to spare to invest in their business or to use elsewhere. In any case, people making much lower than that need that money much more. We have a limited amount of resources, and I don't think this is the best way to spend them.

[OSR stands with Israel]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

I disagree on idea that these people don’t need them

I'm sure our views on this are different but if someone is making $300,000, they can almost certainly afford to live in a decent house, pay their bills and buy their essentials with plenty to spare to invest in their business or to use elsewhere. In any case, people making much lower than that need that money much more. We have a limited amount of resources, and I don't think this is the best way to spend them.

A business making 300k is not the same as an individual making 300k As most of the money is reinvested in their business.

The money they use for themselves in this case (personal use ) will still be taxed at the individual not this new business level .

I can amend the bill to make that more clear if you would like

[thumb21]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

I disagree on idea that these people don’t need them

I'm sure our views on this are different but if someone is making $300,000, they can almost certainly afford to live in a decent house, pay their bills and buy their essentials with plenty to spare to invest in their business or to use elsewhere. In any case, people making much lower than that need that money much more. We have a limited amount of resources, and I don't think this is the best way to spend them.

A business making 300k is not the same as an individual making 300k As most of the money is reinvested in their business.

The money they use for themselves in this case (personal use ) will still be taxed at the individual not this new business level .

I can amend the bill to make that more clear if you would like

I'm not sure how we are separating business income from personal income, especially for sole traders and single member LLCs who don't get a salary or dividends. One of the benefits of this is that you have full control over the money, wherever you want to spend it. If we were to separate the two for tax purposes, presumably we'd need to add rules around this that would ruin some advantages of being the sole owner of a business.

I also think that higher earners should pay more in income tax in general.

[OSR stands with Israel]

What is your opinion on the Border-adjustment tax

I'd have to see the details before I support any individual proposal but I'm supportive of any reasonable idea to protect Atlasian industries. But, as I've said before, I can't support this bill while there are tax cuts for people who don't need them.

I disagree on idea that these people don’t need them

I'm sure our views on this are different but if someone is making $300,000, they can almost certainly afford to live in a decent house, pay their bills and buy their essentials with plenty to spare to invest in their business or to use elsewhere. In any case, people making much lower than that need that money much more. We have a limited amount of resources, and I don't think this is the best way to spend them.

A business making 300k is not the same as an individual making 300k As most of the money is reinvested in their business.

The money they use for themselves in this case (personal use ) will still be taxed at the individual not this new business level .

I can amend the bill to make that more clear if you would like

I'm not sure how we are separating business income from personal income, especially for sole traders and single member LLCs who don't get a salary or dividends. One of the benefits of this is that you have full control over the money, wherever you want to spend it. If we were to separate the two for tax purposes, presumably we'd need to add rules around this that would ruin some advantages of being the sole owner of a business.

I also think that higher earners should pay more in income tax in general.

We are creating separate tax rates for these businesses and not having them be the same as personal income again

[OSR stands with Israel]

I would like to Motion for a vote on this bill

[thumb21]

Don't suppose anyone plans to object in the next 10 minutes?

For clarity, we are voting on this version

A HOUSE BILL
To reduce Taxation on Small Buisnesses
Be it enacted in both Houses

Section I: Title

- This bill shall be called the Small Business Tax Cut Act

Section II: Tax Cut

- Small Businesses who currently pay taxes at the income level will pay taxes at these new rates

0-13k: 5%
013k-50k: 10% 7%
50k-125k : 15%
125k-250k : 20%
250k-500k : 25%
500k-1mil : 32.5% 34%
1mil + :  39%

- Small Businesses who currently pay taxes at the corporate level will continue to pay taxes at the corporate level

Section III: Removal of Deductions and Loopholes

- The Carried Interest Loophole will be eliminated by taxing carried interest as ordinary income rather than as capital gains
- The State and Local Tax Deduction will be capped at $30,000
- The New Mortgage Deduction cap will be $750,000

Final vote

72 hours

[thumb21]

Nay

[OSR stands with Israel]

Aye

[RC (a la Frémont)]

Aye

[cinyc]

Aye

[Fmr. Representative Encke]

Aye.

[Elcaspar]

Nay

[PPT Spiral]

Nay

[P. Clodius Pulcher did nothing wrong]

Nay

[Leinad]

Nay

[thumb21]

Failed

4-5-0-0