Entries Tagged 'Self-employment' ↓

Public Health experts are trying their best to protect people from losing their lives. Meanwhile Congress is going on the biggest spending binge ever. And don’t they just love bickering over that?

They live for that, even while gleaning information that lets them sell stock to profit themselves or get grants called ‘pork’ for their states

Two trillion dollars???

Here’s the facts about that. My Alma Mater’s beloved former Chancellor, Donna Shalala now lives in Florida. Shalala was on MSNBC news today in her role as a former Secretary of Health and Human Services under President Bill Clinton from 1993-2001.

After chastising the Florida governor for his slow response in combatting the virus, she began shilling on the value of this huge sellout. She wasn’t dishonest about that. She even admitted they need another gigantic spending bill to compensate for what this one leaves out.

Here’s the ‘tell’ in what she said. She said that people should get most of their salaries. SALARIES. You know who gets salaries – managers of huge companies!

Ordinary workers get WAGES. And there are tons of those kinds of workers, who work for corporations and what the government calls “small businesses, a label that is almost a euphemism for entrepreneurs in the oil and gas, REIT or other lucrative companies that get huge tax breaks.

Shalala wasn’t dishonest about that.

Shalala said straight out that poor people were omitted from todays binge sale of taxpayer money. Make no mistake. She meant the homeless, independent contractors and self-employed. None of us make salaries!

Again and again, poor people are always neglected and told to wait. Wait for what? Starvation or death?

We all know there won’t be any third bill passed. Or if there, is it will just give money to the middle class to buy us off from protesting.

My junior high school hall-monitor lesson

Continue reading →

Predictions of an upcoming recession are seen daily in global news sources and online. But how can we know for sure what’s going to happen?

Last time we looked at bond yields and stock prices as possible indicators of a coming crisis. Today we’ll look at layoffs as a possible signal of recession.

Layoffs

One of the reasons that the US Federal Reserve raised its rate for overnight borrowing by investment banks and financial traders this year was that employment had improved in late 2015.

However, articles about the employment numbers pointed out that quantity does not always equal quality. Continue reading →

Taking business deductions creates two problems for the self-employed:

Deductions encourage self-employed workers to compete in “a race to the bottom“. Self-employed try to earn the least money possible in order to pay as little as possible towards SE (Social Security/Medicare) taxes. Instead of focusing on growing their business, they fixate on keeping it in check by spending more and thus, earning less.

Deductions can threaten self-employed worker’s retirement. The US Social Security Administration uses NET BUSINESS EARNINGS rather than gross business earnings to determine unincorporated self-employed workers’ Social Security eligibility and payout at retirement.

Yet, it’s in the interests of our Social Security system for the government to encourage self-employed to earn more money. In fact, it’s in the best interests of all Americans to help self-employed businesses survive and thrive. That’s why I’ve proposed a “No-Cost Tax Break for Self-Employed“.

But even if we reform the SE tax rate, how do we get self-employed workers’ incomes headed upwards instead of downwards? Continue reading →