Assemblywoman Alison McHose 10/23/12
115 Demarest Rd. suite 2B
Sparta, NJ 07871
Dear Assemblywoman Alison McHose,
Greetings!!! I hope that you and the loved ones are in good health. Good health is such a wonderful blessing from the good Lord, our Creator Lord!!! How is your spirit
on this glorious day? Please remember that we humans are created by
our Creator Lord, in His image, with inalienable rights! I am writing
to you on this glorious day to ask for your help to help eliminate, or radically reduce, the minimum
corporation tax. Right now corporations, both new and old, are
subject to the minimum corporation tax law, which is not conducive to
keeping struggling businesses alive, nor keeping small businesses in New
Jersey. Corporations must pay $500 (the corporate minimum tax) to the
State of New Jersey even if they lose money, break even, or make
small profits. How can this help businesses that are struggling? Or
how does this help people thinking about starting a small business in
New Jersey?
To illustrate the negative impact that the
minimum corporate tax has on a struggling business, or businesses that
just break even, or even on businesses that are small but are improving
yearly, please check out two scenarios below:
Example #1:
Year in existence profit (before paying min. corp. tax)
1st $125
2nd $183.47
3rd $269.30
4th $395.28
5th $580.20
6th $851.62
7th $1,250
total profit (before min. corp. taxes): $3,654.87
taxes owed (min. corp. taxes) = $500 X 7 years = $3,500
NJ net tax rate (from NJ only) = 95.763%
Example #2:
Year in existence profit (before paying min. corp. tax)
1st $165
2nd $247.62
3rd $371.61
4th $557.70
5th $836.96
6th $1,256.05
7th $1,885
total profit (before min. corp. taxes): $5,319.94
taxes owed (min. corp. taxes) = $500 X 7 years = $3,500
NJ net tax rate (from NJ only) = 65.7902%
Although
the two different corporations in the above examples are small, and yet
growing, they are subjected to enormous tax burdens from the State of
New Jersey alone (they'd still need to pay the federal government, I
believe). The minimum corporation tax law doesn't make much sense to
help encourage new small businesses, and probably helps destroy
businesses that are struggling. Please help end the minimum corporation
tax law, or bring the minimum down to maybe $35/year. The minimum
corporation law, I believe, discourages new small businesses from
starting and should be changed as soon as possible. Please help change the minimum corporate tax law in New Jersey!
Thank
you very much for all your help. Hope that you and the loved ones have
a joyous and peaceful day. May the good Lord, our Creator Lord, bless
you and the loved ones with love, joy, peace, and patience!
Sincerely,
Ken Miller
Main St. Rm. 103
still one of the working poor!
Jesus is the Holy One of Israel!!!
All glory, honor, praise, and thanks be to our Creator Lord - maker of heaven and earth!!!!!
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