presidential debate/ taxes.?
can someone please clear up one thing, are mccain and obama talking about a tax PROFIT or 250k? or just in general how much is coming in the business?
Update:my folks own a small business they employ 7 americans they don't make that much and are incorporated. basically mccain is saying we make that much? no small business owener around our shop makes that much!
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It's a tax on the BOTTOM LINE after all salaries and expenses, and it only applies to small businesses that do not incorporate but use a special tax provision called the S-Corporation.
The owner of such a business gets to keep the $250k as income if she so chooses.