tot...I agree with the Senator Klein quote, and it could equally be applied to education, with the State mandates crippling schools and burdening taxpayers...just the cost of administering ela tests is staggering.
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“Over the past three years, state agencies have proposed almost 800 new rules and regulations, with nearly 95 percent of them ultimately becoming law,” Senator Klein said. “On average, small businesses in New York get buried under more than a hundred new rules and regulations each year. If we really want to make New York more business friendly, that needs to change.”
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I just watched our governour on tv talk about getting back the trust of the public. Even proposing "The Public Trust Act" a law that will help manage corruption. After the past few doses of Gov. Cuomo's laws... I do not trust him at all! This law may FORCE US love him?
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If in fact this happens a couple of things should required or all deferred taxes are due. Should be short term in nature 3-5 years. This should be long enough to get on their feet. After that time they should be transitioned to community to begin paying appropriate taxes. Should be more labor intensive hopefully with some training done through the suny system. If can't be done this way then its not worth doing.
ToT, I think the intent for the tax-free program is well; it's just when people like Mr. Silver and Mr. Farley and all those other clowns that get involved that the good program turns bad.
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There should never be a tax free zone. It promotes favoritism and corruption. Just like we have here in NYS already!
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RS...why waste time trying to educate Bob?? Even though you say you own a business, Bob claims that you don't...so you must be imagining it.
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Pards13 is absolutely correct in his/her definition of c corps versus s corps.
So now we have two people here seemimgly with knowledge of how the tax process works for corporations, and yet some still argue that they're right albeit not so much.
The main difference between a c corp and a s corp for taxes is a c corp's distributed profits are taxed twice (as a profit of the c corp and on the owners tax return). A s corp all profits are passed through to the owners income tax form and appropriate taxes are paid based on the owners rates (taxed once). Taxes do not directly help a business to make a product or provide a service. They are more like friction in a motor. The more friction the less gets done. Too much friction the motor stops. In NY there are a lot motors that are stopped or stopping.
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MrBoB51, frankly I don't care what you think- the fact of the matter is you're wrong. W-r-o-n-g. You absolutely CANNOT simply take from your company's profits like you would a piggy bank. Money must be 'passed through' the payroll as you would any other income so that the proper taxes can be levied.
It's not a matter to be debated with so stop beating a dead horse.
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Rs, as long as you think business' operate tax free in the income sense or that revenue is not taxed any advice from you is polluted. Your last post proves my point. How in the world do you get to the conclusion of 'stealing'??? That's really creepy. You can try to puff yourself up by CLAIMING you're something you're not but I'm back to thinking you're sitting in a cellar somewhere eating cheetos and hot pockets. While I was operating my business I didn't have time to get on the internet to post how wonderful I am and how much business acumen I possess. I was way too busy. You, apparently not so much. Yup, another cellar dweller.
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MrBoB51, of course people go into business to make money- but depending on the election you choose, that money may not be yours- it;s the COMPANY's. See the difference? Probably not, but as a business owner I can tell you that you cannot simply have a business with a bank account for you to simply use as a piggy bank for your personal use. That's illegal and borders money-laundering.
The proper way to do it would be to cut yourself more from the payroll, so that it is subject to the same payroll taxes as anyone else would, not stealing it, Bob.
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MrBob, I've incorporated MANY business in this state and others- I'd like to think I know that when a client comes to me and asks for suggestions that I am able to advise the properly lest I lose my license.
Now it looks like there needs to be some explanation, as there are two ways to incorporate a business under IRS rules, each of which has two nearly polar opposite ways of operating as far as the IRS is concerned.
C corps are rarely established these days, and are subject to double-taxation- that is the company will pay both a payroll tax AND a tax on it's net (not revenue). About the only businesses that choose the C corp route these ays are large, multi-multi-million dollar ones and for the purpose of writing off losses easier.
S corps came about as a means to NOT tax the business, although it's still subject to payroll taxes as any other business. Income is considered 'pass-through' to the shareholders, who instead claim their company income as they would any other.
So Rs, do people go into business to pay taxes, wages, med. ins, daycare etc. or to make money? Do you work to make money or because you have nothing better to do?
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Rs, you could not be more wrong in your last post. Tax free in the income sense???? Revenue not taxed??? You have never owned and operated a business of any kind and please, don't claim you do. Care to guess how much my Factory Mutual and Risk Ins. cost per year? Or how about Bonding? Much of those two expenses cannot be offset except by REVENUE that's taxed. What about the Regulatory Fees I had to pay to NYS, or the nauseating Consulting Fees I had to yearly pay. You simply do not know what you're talking about...again.
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It seems odd that so many New Yorkers complain about the confiscatory taxes and yet are more than willing to throw away money at Casinos. 'Just one more bet, if I win I'll be able to pay my taxes'....dam*, crapped out again. Ok, just one more bet.....
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A real slap in the face for businesses who have served us for years! Great going Andy, that is almost as good as your proposal to have Gambling Casino's in areas where people have few jobs!
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How about a poll on whether Chrysler's decision to not recall vehicles is correct or not?
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rschweizer is correct. Local and state taxes are not the problem. Property taxes are a drop in the bucket to most businesses, and businesses only pay state taxes on net profits. Small businesses don't make much of a profit to worry about, and large businesses take advantage of tax loopholes to hide their profits. No, taxes aren't the issue.
What businesses need are customers. What customers (whether businesses or people) need is spending money. What the local economy here needs is an increase in the minimum wage to a living wage, and full time jobs to replace the part time jobs in vogue right now to avoid paying benefits.
Side note- the average Super Walmart with 300 employees costs the local taxpayers $904,000 in social services like food stamps and public health care (CNN Money, June 5th). Making companies like Walmart pay living wages not only helps the economy but lowers your property taxes as well.
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Scarecrow57, most business already operate tax-free in the income sense. That's to say, most already do NOT pay a tax on their revenue (sales tax isn't paid by the business, it's paid by the purchaser).
What all business pay, however, is a payroll tax. That's to say they pay a tax ONLY on their employees, like Social Security, which is arguably the most important chunk and should not be messed with.
Taxes will always be paid; the "tax-free" is actually "tax-diverted". So, where is the state going to tuck in the fees to cover this exemption? Lets see, school zones will mean either in tuition cost or in the already high school taxes on property.
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U.S. Constitution Article 1, Section 8
The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;
Just seems to me in a country where we are all supposed to be taxed the same that setting up zones where the laws and taxes are different is just wrong.
rschweizer "Scarecrow57, you make it seem like it would be even remotely possible to make NY tax-free. I can already see Albany hitting up Washington for a bailout of the entire state."
I believe we could make business able to operate tax free. This would bring in many more corporations and businesses. The affect would be higher employment and less welfare. It would also lead to higher wages as the competition for skilled workers would increase.
Problem is, out legislators cannot seem to think outside of the sandbox. It would take guts to suggest such a thing. Consider this, a business is made up of the people in the community. By taxing the business you essentially tax the working people twice.
Just as a point of clarification, most religions can and do have residences for their clergy tax free. Some religions have stretched this too much.
Interesting rs, thanks, I'm going to check into that. Not far from me, a church purchased a property...it's questionable whether the purpose is for worship, and it's no longer on the tax rolls.
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