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Obama's Epic Failures
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reinerehlers



Joined: 25 Jul 2001
Posts: 1008

PostPosted: Sat Mar 22, 2014 7:07 pm    Post subject: Reply with quote

coboardhead wrote:
That said, at 55, I am seriously considering starting a new business (hell, just bought the real estate so I guess i am beyond consideration!).

Good for you! I like hearing stuff like that, it gives me hope. I'm at the point with my business that I've been there, done that. I'm considering a change, but fear the unknown. I like the industry but bored with the current business.


A couple years back here they changed the taxes collected. When I first started I would collect 7% taxes on my service, then it went to 5% and then they introduced the "harmonized sales tax" at 13% on everything. I thought I would be screwed with an additional 8% tax increase considering I was pushing the maximum on what I charged. At first everyone did the old " can you do it for cash" nonsense which I never entertain, but soon enough people accepted the change and coughed up the money. I only saw the slightest decline in sales, but saw a huge change in people wanting to cheat on taxes. When I hear about people crying about raising the minimum wage or tax increases will cost jobs I have to laugh when I reflect on that 8% increase with the HST.

A customer of mine owns 5 Tim Horton's here. If they raise the minimum wage he might have bought his mega buck house a "little" later or held off on the blown hemi he dropped in his rat rod.

I don't think anyone can argue there is a threshold to these increases. Where / what that is....who knows?


Last edited by reinerehlers on Sat Mar 22, 2014 7:12 pm; edited 3 times in total
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pueno



Joined: 03 Mar 2007
Posts: 2708

PostPosted: Sat Mar 22, 2014 7:09 pm    Post subject: Reply with quote

mrgybe wrote:
Let me attempt to explain this again more slowly.......

Mr. G, that was kinda fast.

Maybe type more slowly next time. That'll probably work...
.
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coboardhead



Joined: 26 Oct 2009
Posts: 1960

PostPosted: Sat Mar 22, 2014 9:30 pm    Post subject: Reply with quote

Regardless of where taxes are applied or what tools are available to minimize taxes or take advantage of incentives, Mrgybe is, obviously, correct that taxes are a major consideration in the planning for growth (read hiring) for most businesses. I don't really understand any other argument. If tax rates, exemptions and incentives are in a state of flux, you cannot plan effective business strategies. Even for small businesses!
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keycocker



Joined: 10 Jul 2005
Posts: 3468

PostPosted: Sun Mar 23, 2014 12:42 am    Post subject: Reply with quote

In those general terms it seems to make sense.
The question being debated has to do with the hiring in a real business that needs more staff because they can't supply product or has too many employees since demand dropped off.
When you start selling more stuff you will need to hire.
Imagine
You are sitting at your desk thinking how to do that or turn clients away.
In real life what will you do next?
Check with DC on tax trends through the next decade?
Get out several years tax returns to decide?
Or run an employment ad before your business loses customers because you can't service them?

I have been doing this for forty years so I know what we all do in the real world.
So do pueno and Boggsy.
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keycocker



Joined: 10 Jul 2005
Posts: 3468

PostPosted: Sun Mar 23, 2014 12:48 am    Post subject: Reply with quote

Put another way, you will do some long range planning esp. at first.
All the factors inc. taxes will be needed to plan your business.

Then you hire and fire as needed based on demand not taxes.
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reinerehlers



Joined: 25 Jul 2001
Posts: 1008

PostPosted: Sun Mar 23, 2014 6:13 am    Post subject: Reply with quote

KC,
I agree that much of running an established business is just "reacting" to what needs to get done with little regard to planning, or at least in my case it is, and I imagine our businesses have pretty similar dynamics.

Some of my friend's business, everything has to be planned to death or they can lose money. Experience tells them what is worthwhile even entertaining, but they still do their diligence to protect themselves, and taxes are often a consideration in that, but I'm sure it is not a deal breaker.

From what I understand with the ACA, that was / is a definite consideration, and many businesses were sitting in limbo before they knew what the heck was going on...... I may be wrong on this, but correct me if I'm wrong. It would be hard to quote to a customer if you didn't know if you were picking up everyone's health insurance.
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keycocker



Joined: 10 Jul 2005
Posts: 3468

PostPosted: Sun Mar 23, 2014 10:48 am    Post subject: Reply with quote

Gybe,
I don't get into you guys insulting ways in most cases.
I make an exception in your case because you never learned how to make a comment without taking an condescending slap at me and others.
Do you do this at dinner conversation?
Get thrown out by the host a lot?
Please get some class or stop addressing me.
Never too late to learn how to be polite. It can improve every part of your life.
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stevenbard



Joined: 11 Nov 1993
Posts: 4244

PostPosted: Sun Mar 23, 2014 12:34 pm    Post subject: Reply with quote

The place to be over the last 4 years has been the stock market, not small business. You'd have to be crazy to start a business when the market is returning 25% annually. This will change radically some day. It has to.

I have done very little of my core business lately. My business is very interest rate sensitive. I'm hoping for 1 more 7 year business cycle before I retire. There is not much opportunity with interest rates so low. On the flip side, I've benefited greatly from low interest rates, (if you catch my drift).

It would have been a much faster recovery if asset values had been able to fall rather than rise. Then the savers and prudent investors would have benefited from the upturn. Instead all the same bad players, banksters, hedge funds, and the like have profited while small business continues to decline.
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coboardhead



Joined: 26 Oct 2009
Posts: 1960

PostPosted: Sun Mar 23, 2014 4:50 pm    Post subject: Reply with quote

SB. There are other reasons to start a business than simply as an investment. One reason is to use your skills, and those of others, to create something that does not, currently, exist. This may ultimately return way more (financially and personally) than any stock market investment.

KC...Mrgybe took the time to respond, to me, with some great advice on starting and running a small business. Gotta respect that!
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stevenbard



Joined: 11 Nov 1993
Posts: 4244

PostPosted: Sun Mar 23, 2014 5:26 pm    Post subject: Reply with quote

CB, that's why I work for myself! It's just that the deck has been stacked against us for the last 5 years.
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