KELOLAND TV- The 5 winners of the Fiscal Cliff Business Awards are ...Wichita Business Journal - by Kent Hoover - 6 hours agoYou can't always get what you want, but if you try sometimes, you just might find,...
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www.cnn.com/2013/01/02/politics/cliff-winners-and.../index.html10 hours ago – Congress went beyond the edge of the fiscal cliff to get a deal done in back-to-back, late-night sessions to avert a financial crisis, or at least ... Here are winners and losers in the deal: ... Five things to know about the fiscal cliff ... News Made Easy Get today’s news delivered to you.The 5 winners of the Fiscal Cliff Business Awards are ...
The Business Journals by Kent Hoover, Washington Bureau Chief
Date: Wednesday, January 2, 2013, 4:59pm ESTThe fiscal cliff deal may not be pretty, but it includes some tax benefits for businesses.
You can't always get what you want, but if you try sometimes, you just might find, you'll get what you need.- Kent Hoover
- Washington Bureau Chief
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That Rolling Stones chorus sums up what businesses got out of the fiscal cliff deal: They didn't get what they wanted: a grand bargain that puts into place a plan for stabilizing the national debt, simplifying the tax code and reforming entitlement programs such as Medicare. But they got what they needed: Tax cuts were extended for most Americans, meaning they'll still have money to spend.
Plus, Congress threw in some goodies for their favorite industries, ranging from Hollywood to NASCAR.
So, here are the winners of the first (and hopefully only) Fiscal Cliff Business Awards:
Small businesses
Folks who make more than $450,000 may not feel like winners today, because their taxes just went up. But on the whole, small businesses fared pretty well in this fiscal cliff deal. Hundreds of thousands of small business owners were spared higher income tax rates when the White House agreed to set the threshold for higher rates at $450,000 per household instead of $250,000, the level President Barack Obama wanted.
Plus, thousands of family-owned businesses were saved from having to worry about the estate tax when Congress kept the tax's exemption level at $5 million in assets, and agreed to adjust it every year for inflation. The estate rate was increased from 35 percent to 40 percent, but the $5 million exemption (or $10 million for couples) is more important to small businesses. Without action, the exemption would have fallen to $1 million -- it doesn't take much real estate or equipment to hit that level.
end quote from:The biggest winners are probably every investor on earth and all the American people.
To the best of my ability I write about my experience of the Universe Past, Present and Future
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