Mr President, “7 Tax strategies to boost the Economy” without lowering tax rates for wealthy Americans.
Mr President, here are some “7 Tax strategies to boost the Economy” without lowering tax rates for wealthy Americans.
1.Reduce by 50% the Self-Employment taxes for Small businesses such as Single Member LLC’s or Schedule C Taxpayers whose net income is less than $250,000.
2.Provide Payroll tax relief to small businesses for all new hires for 2 years up to a maximum of 5 employees.
3.Allow small businesses to deduct all new improvements and repairs 100% of 3 years.
4.Eliminate Passive Activity Loss Limitations rules, allow individuals to deduct rental losses and offset against their regular income, especially for taxpayers whose marginal.
5.Offer a section 179 Deductions for New business start-ups and an additional tax credit upto 10% of any start up business that offer any new employment.
6.Start up an Incubation program for new start ups and set up partnerships with local banks and CPA’s to provide financial backing and management advisory services to ensure these start-ups are successful.
7.Establish a Governing body to review feasibility of elimination of State Corporation Taxes. This additional compliance has caused 100’s Millions of dollars to be spent on filing multistate corporate tax returns. Instead, let the Federal Government collect the State taxes through a surcharge and reimburse the respective states.