The Small Business Tax Help Blog

Posts Tagged ‘small business tax obama’

Question: Is Obama Lying when he says he’ll remove the Capital Gains tax off Small Business?

I was unaware that small business paid capital gains taxes.

http://www.topix.com/news/2008-presidential-election/2008/09/obama-tax-cuts-for-the-middle-class

Answer: Obama’s plan to raise taxes on the very people, small businessmen and women, who are providing about 80% of the new jobs our economy is producing. Obama’s response last night was to say that “I will eliminate capital gains taxes for the small businesses and start-ups that will create the high-wage, high-tech jobs of tomorrow.”

Obama said he was going to eliminate capital gains taxes. These small businessmen generally don’t pay capital gains taxes. They pay income taxes. Obama’s plan is to raise the income taxes on these entrepreneurs. Telling the American people that he will cut their capital gains taxes is simply a charade; a charade the uneducated will buy.
You can here him say it here:

You can read it from his site here:

http://www.barackobama.com/taxes/

“Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.”

A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property.

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on “long-term capital gains,”

So, you see, lowering CGT for a small biz like mine… won’t do me one damn bit of good. I don’t pay CGT and I’ve been in business since 1/1/03!

Bank of England Rate-Setter Fears New UK Recession

Bank of England rate-setter fears UK could fall back into recession Bank of England – Recession – Business – Financial Services – Banking Services

Barack Obama on Small Business Loans: Toledo, Ohio