The Small Business Tax Help Blog

Posts Tagged ‘economics’

Question: Should GE take some of their $10.8 B in international profit and pay back some of the bailout money?

And because of losses in the US, they paid no taxes for 2009.

“GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a “tax benefit” of $1.1 billion back into its reported earnings.”

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm?cnn=yes&hpt=T2

Regarding the GE Bailout: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews&sid=ST2009062803183

Answer: I agree.

GE paid no taxes.
Exxon paid NO taxes

It’s like a sick joke is being played on every tax paying American.

179SUVFinancing.mp4

Question: Question about my credit?

My credit history consists of one thing, about two years ago I took out a 500 loan from Bank of America. I paid back about half of it but haven’t made a payment in over a year. They turned it over to a collection agency who I plan on paying with my income tax check next year. I know what I did was wrong and I’m not making any excuses, but I was just wondering how hard it will be to improve my credit and to try earning good credit for the future. Also,many tips on how I should start improving it.
Thats a $500 dollar loan sorry i forgot the dollar symbol.

Answer: That will follow you for at least 7 years. Even when you pay it off it will show on your credit. The best way to help your credit is to try to establish some new credit and be prompt in paying. Do not get into credit card debt, try to pay them off when due. If you can’t then at least keep the balances to 1/3 of the available credit and be prompt in paying the bill.

Good Luck.

Whites recover, but the black recession lingers

Unemployment among African Americans has stayed high since recession’s end – that and other economic data show decline of the black middle class

Ronald Reagan A Socialist?

Question: Do you think the Obama Tax cut to small business on capital gains will help?

Obama plans to help small business and cut or eliminate the capital gains tax. Do you think this is a good idea?
So Republicans think a tax cut is a bad idea? How odd?

Answer: There you go again overloading their circuits with facts. The conservative computer virus will not allow the brain to process contradictions. Do you really want to cause them to meltdown?

Pawlenty Plan Would Quadruple Tax Cuts For Richest Americans: CBPP

Move over Bush and Obama, there’s a new king of tax cuts in town.

President Obama Gives Tax Cuts 2011 Politics Business Economy

Question: who do you report disability and dole cheats to?

There is a lot of so called ex-pats living in spain claiming disability and dole!!!!!!!!
While running businesses here in spain neither paying taxes in either country but claiming the benefits

Answer: See the reporting benefit fraud link on the right hand side of this:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/BeginnersGuideToBenefits/index.htm?CID=emc&TYPE=sponsoredsearch&CRE=Benefits

Business seeks 12-year tax break

Edwardsburg operation set to expand, owner says. EDWARDSBURG — The Edwardsburg Industrial Park is nearly filled, and one occupant is expanding his business.

Speaker IBCPIB™ 2010 – Francis J. Vassallo

Question: What is the best way to create more jobs in the US?

We’ve got so many initiatives moving through congress to address the “economy.”
If you had the chance what you do (or not do) to stimulate more job creation?
Small business incentives?
More/less regulation?
Cut/add employee benefits?
Tax Credits?
Competitions/challenges to stimulate innovation?

Answer: Corporations aren’t the large job creators in the US. The best way is to stimulate small business growth, scientific research, and encourage entrepreneurship.

Personally, I think incentives are often poorly spent since the programs are really drafted as “pork barrel” spending rather than economically centered programs.

Regulation is a sad reality that keeps businesses run by men low on integrity honest.

Employee benefits help attract and retain workers, but have little effect on overall jobs.

Tax credits, like other incentives, are poorly designed and often loose their effectiveness in house negotiation.

I think that better education of tomorrow’s business leaders is the only long term method to improve the economy. The outcome: more integrity, better and healthier industry, better planned and managed businesses with higher value products and services.

Tax incentives, tax cuts on Geithner’s agenda

Tax incentives, lower corporate taxes, and tax simplification will be subjects that Treasury Secretary Geithner and corporate executives talk about Friday.

Landrieu/Stabenow Discuss Small Business Tax Incentives and Creating Jobs