Could L.A. Millionaires Be Facing Another Tax?
Everyone can agree that being homeless is terrible. No matter what the circumstances are that bring an individual to this predicament, it’s unfortunate that anyone has to be without a place to call home. Cities all over the country deal with the homeless in different ways, including California. The Golden State is considering taking its effort to stamp out homelessness even farther, and they are looking at the state’s wealthiest individuals to foot the bill.
According to reports, the L.A. County Board of Supervisors plans to include a proposal in November that would add a tax of .5 percent to anyone that has an annual income over $1 million. According to the numbers, that would create anywhere between $250 and $300 million each year in funds that would be earmarked for eliminating homelessness and helping these individuals back into the workforce.
So far, early indications show that most people are very much in favor of the idea. A recent poll showed that 76 percent of the 1,400 people asked, liked the proposal. The plan to wipe out homelessness in the county includes creating steady housing and services as well as job placement help, among other things, for the county’s growing number of homeless people. No word yet on how those who fall into this bracket would respond.
http://time.com/money/4356367/millionaire-tax-los-angeles-homeless/
The Pros & Cons of S-Corporation Status
The Pros & Cons of S-Corporation Status If the number of shareholders in your corporation is small, you may think that becoming an S-Corporation is the right move, but you should weigh the advantages and disadvantages first. Advantages of S-Corporation Status One of the main advantages of S-Corporation status is that it avoids the double…
What is Sole Proprietorship?
What is Sole Proprietorship? A sole-proprietorship is a business that is owned by one person or by a husband and wife. Unless the business is formed as a corporation or a limited liability company, it will be a sole-proprietorship by default. One of the biggest advantages of operating a business as a sole-proprietorship is that…
Conducting Your Business as a Corporation
Conducting Your Business as a Corporation The limited personal liability of a corporation isn’t ironclad. In the event the business ends up owing more money to a creditor than it has the ability to pay, the creditor will then look to the business owner. Under a legal theory known as “piercing the corporate veil,” if…
Budgeting For Your Business
Budgeting For Your Business “Your business opportunities improve with the use of a budget, a powerful tool which assists you in achieving your financial goals.” Introduction: A well-designed budget helps you: Predict income and expenses Control cash flow Communicate financial goals As an entrepreneur, you may not have the time or financial expertise to establish…