Ms. June Klein can identify with the complexity related to a small business owner from her personal experience and she is there to give respite to millions of small business owners through her innovative idea. Ms. June Klein heads the Technology and Marketing Ventures Inc., (TMVi) as the CEO. It’s a consulting firm based in Manhattan. Functioning as the Tax Attorney and General Counsel is her better half Mr. Ira Klein, who also shares the same vision as her. TMVi has already been bestowed with a vital award through which it can travel to any place in the world. It’s the 2011 Face-Of-Opportunity winner award and it allows the TMVi to carry out crucial business meetings along with the opportunity to attend elite business conference. This prospect brings along with it the opportunity for the Kleins to enhance their business associations overseas resulting in business growth through personal contact.
June Klein identify that, a small business owner has to face hurdles in the initial years of the trade. Along with all the hurdles, small business owners, especially “startups” would not be reaping benefits for a period of time. However, in their trade they have to spend money on various equipments like computers. Though it has also been seen that the Federal Government provides a significant deduction on tax for the traders to buy equipments, however those business that bear loss, do not get the deductions for that period. June Klein, together with her husband, Mr. Klein, would like to transform the situation, which as a result will benefit the small business owners.
The Kleins foresee a marketplace where the consumer and the vendor would get the opportunity to connect with each other and also through a bidding process they would settle on the assessment of the reduction of the equipment. At the time of recession of the early 1980s, TBT leases were developed and the above said method will be in line with this. These leases will assist the proprietor to put on the market the inference of equipment reduction. However it will differ from “auction-like” situation. According to Mr. Klein, a large number of small business owners did not took the benefit of TBT leases. This is due to the complication and the authorized overheads of the leases. Mr. Klein also said that in 1983, the law which sanctioned it was canceled because the companies which were much bigger were reaping the large chunk of benefits of the leases. In addition to all other work which Mr. Klein is undertaking, he is also helping to craft the fine points of those leases. Along with all the other benefits of tax exchange, another good thing about it is that, the tax exchange program would be trouble-free for the users. Furthermore, with this proposal the small companies will get the required “push” which will enhance them to develop their trade in the competitive market scenario.
Mr. and Ms. Klein are working on finding ways to build local support for the same. Keeping this in mind, Ms. Klein tabled the proposal to Nancy Ploeger who heads the Manhattan Chamber of Commerce as President and also to Sen. Kirsten Gillibrand’s staff based in New York. In addition to that the proposal has also been sent to a Connecticut Democrat named Rep. John Larson from the House Ways and Means Committee. The proposal is already being evaluated by the senator’s office.
Furthermore, Mr. Klein said that the U.S Treasury will not be charged anything for the said proposal and this will not also hamper the deficit.
However, Sandy Botkin, President of the Tax Reduction Institute, a former IRS attorney and author of “Lower Your Taxes – Big Time!” vary a little considering the above representation. For her, it’s not accurate because according to her, “If a firm in the top bracket buys the depreciation, it will get an immediate reduction in taxes and the government loses revenue, [perhaps] a substantial amount,” She further said, “I think that will make this a loser in Congress. They are looking for ways to balance the budget, and this isn’t going to help them do that.”
The Tax Benefit Exchange scheme will benefit small business owners because it’s an online exchange which matches sellers and buyers of new depreciation deductions. The sellers are small business and start-ups that buy new equipment, machinery, furniture, and computers etc which are collectively referred to as equipment, but cannot currently use the new tax depreciation deduction. The buyers are the business men from U.S. who utilize the private funds to purchase the seller’s new depreciation deductions from small business/startup sellers.FMV settle on the price for the fresh depreciation deduction on a bid and asked base.
Additionally, Mr. and Ms. Klein believes that TBE will help in increasing employment in US since about 70 percent of all new private sector employment derives from small business and start-ups, therefore, the TBE will directly, indirectly and favorably increase US employment.
Ms. Klein has the perfect leadership skills to jumpstart the economy and in the process creates job opportunities. Under the leadership of Ms. Klein, TMVi has been doing its part in providing successful tax exchange solutions developing through a distributed public skill site ensuing U.S. and UK job growth.