New GOP Tax Plan

business (1)From the best cities to have a business, to the new GOP tax plan, we bring you information that as a small or big business owner should be of interest to you. Under the GOP tax plan, the state will decrease the means for many of the agencies and services that are supported by property taxes, including but not limited to libraries, mental health services, health districts, and senior services. Follow the links below for the complete articles.

Homeowners, small businesses and low-income Ohioans to fund new GOP tax plan

According to the Columbus Dispatch, GOP leaders will today unveil a new tax plan that preserves the $1.4 billion cut in taxes for business owners and investors, but adds an income tax cut, paid for by increasing sales taxes, taxing more small businesses and eliminating tax relief for homeowners.

In order to pay for an 8% across-the-board reduction in Ohio’s income tax –  a cut that will disproportionately help the wealthy – the plan to be rolled out this afternoon would:

  • raise the sales tax by 0.25%
  • expand the pool of businesses subject to the state’s commercial activity tax (by lowering from $1 million to $500,000 the amount of revenue a business can have before they pay the tax)
  • eliminate the state’s 12.5% contribution to property taxes for future levies

Tax Breaks Every Small Business Needs to Know About

Small businesses often get touted as the backbone of our economy—they create jobs, spur growth and lead to innovation. When the financial crisis hit in 2007 and led to the Great Recession, small businesses took a hit-consumer spending dropped and they stopped hiring. Many small businesses were forced to shutter.

To help reignited small businesses, the Obama Administration launched a series of tax cuts and credits to help shore up balance sheets and entice more spending and hiring.

Some of the tax breaks Obama provided have expired but here is a listing of the remainder:

Read more by following the link above.

Best and worst cities for small business workers

Jobs growth on Main Street—a traditional driver of past U.S. economic recoveries—so far has been largely stagnant.

Faced with challenges, from taxes to anticipated rising health-care costs, many small-business owners remain in a holding pattern. They’re not making substantial spending decisions, including hiring.

Given small employers’ role in the broader economy, CardHub, a website for credit card, financial and jobs advice, has released a new ranking of the best and worst American cities for mall-business workers and job seekers.