Thursday, April 12, 2012
GINGRICH HELPS WITH TAXES
Good old Newt Gingrich. He was going to do all he could to help small businesses. He promised to help owners of small businesses reduce their tax burden. Even though the former speaker has dropped out of the presidential race, he is still doing his bit for tax reduction.
As his campaign ground to a halt, his flow of money dried up. Political campaigns cost a lot of money. All those signs and posters, the travel, hotels, pizzas: they add up. And the campaign doesn’t have enough money to pay all of them. Some venders who supplied material for the campaign have been waiting weeks or even months for their money. Those who tried to collect have been given the runaround by campaign officials.
A former staffer who declined to be identified explained that the situation will be to the vendors’ advantage when they come to pay their income taxes. The money they could not collect can be listed as a bad debt on their taxes. The bad debt will be deducted from income, thus lowering their taxable income. It’s a win-win for everyone, the former staffer insisted.