The Small Business Tax Help Blog

Archive for August, 2010

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Question: How would having a top marginal federal income tax rate of 70% boost the economy?

You have to actually be a deep and independent thinker who can see past the propaganda and can avoid repeating simply what you have heard others say to see this.

But think about if for a second, what would happen if people actually avoided taking income and invested more money in growing their businesses?

and what would happen if there was a rule that any exec receiving public stock could not cash in such stock until at least 5 years after they have left the firm and that no exec could earn in excess of $10 million in salary at a publicly traded company and that bonuses could be no more than 1% of the annual salaries?

yes…I know these things will likely not happen, but what if they did, what if tomorrow we woke up and these were the rules…..how could this be actually good for the economy and business and job creation?
I can get them to pay just like they paid between 1936 and 1981. thats right during that time span the top tax rate never went below 70%.

Answer: What you are proposing is preferential tax rates on capital gains. Something Obama has promised to eliminate.

However your idea has several flaws:

At a 70% tax rate the dividends from an investment are so heavily taxed that it simply does not make any sense for a rich person to make those investments. Instead the money will go into tax-exempt bonds and other investments that are more designed to protect his money from taxes than to generate wealth.

And if you limit salaries to any specific amount then the top talent would all wind up working for either privately held companies or for overseas companies.

The fact of the matter is that the top 30% of wage earners are already paying 70% of tha tax burden. How much more can you get them to pay before they simply start moving their money out of the country?

Michigan 10.0: Are state tax incentives creating real jobs in Saginaw?

In recent years, some of Saginaw County’s best news has come in the form of businesses that chose to expand or locate here.

Fiorina: Lower Taxes On Business Solves Offhore Tax Havens

Question: Can i get a small business loan or business credit card with EIN/tax id?

I want to know if i can get a small business loan or business credit card with the EIN/tax id of my business?Also how else can i use this number for my business?

Answer: Sure, but you will have to personally guarantee it and use your ssn too. Eventually, with development of a positive credit history, it may qualify for it’s own credit.

Your ein is used to report Business Taxes and to support your chosen form of business formation for liability purposes. RJ

Tax the Rich

As the wealthy cruise the oceans in their luxury yachts, the expiration of Bush’s tax breaks must weigh heavily on their minds.

What’s The Deal With Business Credit Cards?!?

Question: Did you know a cost effective Accounant in Sherwood Park Alberta?

Just to see if you know that there is an Accounant in Sherwood Park under Lynn Angus & Associates – They do year ends for as low as $ 299.99 CDN for Small business.
Does Anyone know thier web address or thier Email?
They also do personal taxes t1 for as low as $ 50.00
Chuck
Yes I Got A Good Answer.

The Email if you are interested is
= Taxman999@hotmail.com
They are located in Sherwood Park Alberta, and no it is not a spam but a True DEAL not to mention the FREE HOUR of Consultation that they provided us.
Thanks to jerry for the info. Email them and they will provide a phone # to book and appointment.

Answer: Have you tried a web search? You seem to know an awful lot about them but do not know how to contact them. I smell spam, and I’m not talking about meat on a sandwich with a bit of Branston pickle

Argentina legalizes gay marriage in historic vote

Following a long and tense debate among lawmakers, Argentina joined Canada Thursday as one of a select few nations to legalize marriages between same-sex couples.

Worst hell-hole on Earth 14 – Alberta tar sands – Another Tailing “pond”, with contaminants clearly visible from above. (Anthony Marr – www.HOPE-CARE.org)