The US government gives immigrant business owners a 5 year tax break. Most businesses pay %50 of their profits in taxes. Many of these immigrant business owners sell the business to a family member and they are also given a 5 year tax break. If I as an American started a business...any business...landscaping, small store, nail salon, I would make half the money a immigrant would. My question is: should this continue or should this be a topic for the 2008 election?
2007-06-08 21:49:07 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I don't know where you heard that, but you are mistaken. Business owners, immigrant or not, do NOT get their first five years tax free unless they lose money all those years, in which case there would not be income to pay taxes on.
2007-06-11 11:57:03 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
Immigrant business owners are not permitted a tax break. These immigrant business owners figured out how to get by without paying taxes. Our immigration law states that until an immigrant business owner is granted citizenship which takes an automatic 5 years, they are exempt from paying business taxes, which includes taxes on the cost of goods purchased for resale. These business owners manipulated the system and consistently changed ownership of these businesses to someone in their family every 5 years or once they gain citizenship, so that may escape the business tax.
2015-01-07 07:24:45 · answer #2 · answered by Slate 1 · 2⤊ 0⤋
I personally think it should can i see giving a tax break yeah sure i can see that; i mean it aint no different than when stores have samples of food for example in grocery stores. yes i can understand giving ppl coming to this country a tax break to start a buisness. i can even go with it be a little longer than ppl allready here. but i think anyone starting a buisness in the usa should be giving a tax break but not years. if it were up to me i'ld say present citizens be givin 6 months tax credit when starting a buisness. and because of language and culture differences ppl from different countries 9 months tax credit maximum. i also believe that only citizens either naturally born or citizenized should be allowed to owne and operate a company. non of this green card stuff sure cut them a little break. however to require them to become a legal citizen first. no temporary citizen or as long as they make a certain amount. require them to take english classes and become a legal american. give them 9 months after they get a buisness started. but thats just me
2007-06-08 22:08:46 · answer #3 · answered by gnr_tj 3 · 0⤊ 3⤋
Where did you get this information? Is there an election form to file to take advantage of it? Is there a section of the IRS Code you could cite to lead me to the documentation?
2007-06-09 05:47:05 · answer #4 · answered by Malcolm K 2 · 1⤊ 0⤋
This is a common urban legend. And like most urban legends, there's no truth in it at all. If you try to make it an election issue, you'll look like a complete rube.
2007-06-09 00:11:30 · answer #5 · answered by Bostonian In MO 7 · 4⤊ 0⤋
Urban Myth
There is no such exemption.
Verify at Snopes.com
2007-06-10 07:16:30 · answer #6 · answered by Wayne Z 7 · 1⤊ 0⤋
only if they don t make any money to tax.
2015-05-01 04:00:20 · answer #7 · answered by wolf 2 · 0⤊ 0⤋