Senator Obama proposes eliminating the capital gains tax on Small Business

• Tweet

• Tweet

From the Democratic National Convention…Part I

Note: RocketLawyer.com’s Legally Easy blog is covering both political parties and their proposals for small business and consumer legal policy.

One of the interesting lines in Senator Obama’s acceptance speech was his reference to eliminating the capital gains tax on Small Business. Generally, we like any legislation that helps people start businesses and run them profitably.

So, what would the Obama proposal change?

Currently, according to IRS.gov, “The taxable part of a gain from qualified small business stock is taxed at a maximum 28% rate.”

Stay tuned for more on the subject of small business taxes, employee legal issues and starting a business.

If you are looking for an easy way to incorporate your business as a corporation or by forming an LLC, try Rocket Lawyer.com’s Easy Incorporation Service.

If you need to create business contracts for customers, consultants and employees, try a Rocket Lawyer professional membership and get business legal forms for free!