Jacquelyn Lynn, Business Writer, Speaker

How can we boost job growth?

I received an e-mail from Chris Hurn, cofounder and CEO of Mercantile Capital Corporationin Altamonte Springs, FL. He was commenting on President Obama’s “jobs summit” and offered these suggestions to boost job growth:

1.  Implement a meaningful payroll tax holiday for both employers AND employees (January 1st to July 1st, or better yet, ALL of 2010). 

2.  Permanently abolish the capital gains tax on any investments made in eligible small businesses (fewer than $100MM or under 500 employees) during 2010.

3.  Repeal or drastically modify Sarbanes-Oxley, as it has only hampered business growth and hasn't done nearly as much good as was intended (I call it the "Accountant Full-Employment Act"). 

4.  Get health reform RIGHT -- the plans in circulation are still missing two very important things: tort reform and the ability to purchase health insurance across state lines.

I couldn’t have said it better.

Wesley Snipes tax conviction a clear argument for the FairTax

Wesley Snipes has been convicted on three counts of failing to file tax returns, but was acquitted on more serious charges of fraud and conspiracy. Snipes' actions and the resulting trial (which cost taxpayers probably hundreds of thousands of dollars, or more) would have never happened had the FairTax been in place.

The FairTax would eliminate federal income tax and the need to file tax returns. Federal taxes would be paid at the point of retail purchase, making tax fraud and tax evasion far more difficult to commit than it is today under our current system.

The FairTax is good for individuals, good for business, and good for our country.

For more about the FairTax, see "A Taxing Alternative" on pages 64-65 of my book, The Entrepreneur's Alamanc.

Should insurance companies notify consumers when their bad credit is used against them?

The essential question is: Are insurance companies violating the Fair Credit Reporting Act (FCRA) when they make an adverse decision based on information contained in a credit report and fail to tell the consumer?

The U.S. Supreme Court has agreed to hear two consolidated cases that address the issue.

According to the Supreme Court of the United States blog: Although the facts for each plaintiff-respondent differ, their complaints are essentially based on the same theory: respondents were entitled to an adverse action notice because they received rates that were higher than the best available rates the companies could offer; and because the companies willfully failed to provide these notices, respondents are entitled to both statutory and punitive damages. Click here for the full post.

Opinion in the business community tends to support insurers; consumer groups claim the insurance companies are weakening the system. A key issue is whether the insurance companies willfully broke the law.

If your business is subject to the FCRA, you’ll want to monitor this case.

Jacquelyn Lynn