Tax Presentation
Transcript: Loren Collins quote. “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury…” Tax code is very complex. Small businesses are not usually engaged in large transactions. Forced to spend a lot of time and resources on tax code compliance. Some business spend almost as much on tax compliance as they do in taxes. Higher compliance costs stifle innovation and entrepreneurship. “Requires that revenue be increase as part of a balanced approach that asks the wealthiest to contribute more, while protecting the middle class from tax increases. The business sector must also be asked to contribute to restoring fiscal sustainability.” Tax Relief for Small Businesses Tax Relief for Small Businesses "According to estimates by Tax Policy Center, about 97% of taxpayers reporting business income would not be impacted by the President’s tax proposals -- which only affect those earning over $250,000. This has been confirmed by the independent Congressional Research Service, which concluded that “only a small fraction of businesses will be affected [by allowing the temporary income tax cuts to expire for people earning over $250,000 a year], around 2% to 3%.” Andrew Ellender, Ryan Sage, Annie Saucier Improving the Deficit Focus on Job Creation Bush tax cuts extended except for high income households New tax brackets: 10%, 15%, 25%, 28%, 33%, 36%, and 39.6% Capital Gains: up to 20% tax on long term capital gains Dividends: up to 39.6% tax Additional 3.8% tax on capital gains and dividends for high income households Limit income exclusions and itemized deductions to 28%. Simplifying the Tax Code Individual Tax Implications Allowing the Bush Tax Cuts to expire for the top two tax brackets will cut the deficit by $968 billion over the next decade. Fiscal Responsibility Allowed to expense up to $1 million in investments. Allow cash accounting on businesses with up to $10 million in gross receipts. Double the deduction for start up costs. Reform and expand the health insurance tax credit for small businesses Obama's Presidential Tax Reform: Pass-through Entities Cut taxes for small businesses seeking to grow and expand. 10% income tax credit for small businesses who hire unemployed workers or increase wages on existing employees Spur job creation by enhancing small business access to credit
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