Today we’ll present the 3rd part of a series of articles on Silkin Management Group blog sites concerning tax issues we all should be aware of in 2012.
The points we’ve covered in our two previous articles were a) increased tax audits and b) some potential tax consequences of the federal health care legislation that will be ruled on by the Supreme Court this year, c) extensions of some favorable tax rules and d) federal, state and local governments on the look-out for new sources of revenue. You can access yesterday’s article at this Silkin Management Group blog site here: http://bit.ly/yD03Zl
Today we’ll simply point out that tax issues are going to be key points of contention in the upcoming Presidential race. Anyone who watched last night’s State of the Union Address by President Obama should now be very aware that tax issues will be a key political punching bag over the next 8 months leading up to the election. The Democrats, through the President, have laid out their position.
On the Republican side we find the following:
Romney: He has voiced support for the tax cuts from the Bush Administration as well as wanting to eliminate the double taxation of the estate tax and reducing the overall tax rate by 5%.
Gingrich: He is against higher taxes and has proposed an optional 15% tax rate which would be up to the tax payer whether to choose or not. He has also stated opposition to capital gains tax and wants lower rates for businesses.
Additionally the “Super Committee” failed to come up with a plan to control the federal deficit last November, setting the stage for further battles over taxation at the federal level.
The rest of this week on our Silkin Management Group blog sites we will continue to add to this list of 2012 tax related issues that all business owners should be aware of.
Jack Hennessy
Silkin Management Group Consultant
For more information about Silkin Management Group, give us a call at 800-695-0257 or visit our website at www.silkinmanagementgroup.com.
