With elections just around the corner it appears the small business is going to continue to be at the center of the debate. As we struggle to recover from a continued troubled economy, picking the right candidate is going to have a big effect on you and your business. We at Menlo Accounting want to give you some facts and encourage you to do your research and vote in the upcoming election because the outcome will affect you.
- Make permanent, across-the-board 20 percent cut in marginal rates
- Maintain current tax rates on interest, dividends, and capital gains
- Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
- Eliminate the Death Tax
- Repeal the Alternative Minimum Tax (AMT)
- Cut the corporate rate to 25 percent
- Give small businesses a 10% income tax credit for hiring more workers, and extend 100% expensing for new investments in 2012 for all businesses.
- Eliminate capital gains taxes for key small-business investments, and double the amount of start-up expenses that entrepreneurs can deduct.
- Allowing small businesses to expense up to $1 million in investments while simplifying the tax code for small businesses.
- Permanently doubling the deductible for startup costs to $10,000 from $5,000