Securities and Exchange Commission Chairman William H.

Reducing marginal income tax rates on entrepreneurs increases entrepreneurial entry, decreases exit from entrepreneurship, and lengthens the duration of entrepreneurial ventures, according to a study released last week by the Office of Advocacy of the U.S. Small Business Administration."This study shows how tax rates directly impact entrepreneurship," said Thomas M. Sullivan, Chief Counsel for Advocacy. "Reducing marginal tax rates on entrepreneurial income provides a clear incentive for entrepreneurial activity.

Senate debate continues today on a proposal to offer $4.2 billion in tax relief for U.S. businesses to lighten the burden of a higher minimum wage.The proposal, offered by Sen. Rick Santorum, R-Pa., calls for tax breaks and regulatory relief combined with raising the minimum wage by $1.10 to $6.25 per hour over 18 months, according to Dow Jones Newswires, quoting Senate aides.Santorum's plan counters a proposal by Sen.

The American Institute of Certified Public Accountants (AICPA) has issued a proposed practice aid for entities engaged in mortgage banking activities and is seeking comments on the draft document. The practice aid is entitled Derivative Loan Commitments Task Force Illustrative Disclosures on Derivative Loan Commitments and is intended to be used by both U.S. Securities and Exchange Commission (SEC) registrants and non-registrants. The practice aid includes examples of illustrative disclosures for each of the requirements cited in SEC Staff Accounting Bulletin (SAB) No.

The 2004 Sales Tax Rate Report released by Vertex Inc., shows the average sales tax rate in 2004 reached a record high of 8.587 percent, up from 8.5336 percent in 2003. This increase completes a four- year upward trend in the average sales tax rate that began in 1999 when the average rate was 8.231 percent."Local jurisdictions continue to function with less federal and state funding and look to sales tax rate increases as one method to help fill the gap for local program financing," says Diana DiBello, Director of Tax at Vertex.

Chief executive officers at four major brokerage firms received dramatic pay increases in a year when stocks rose an average of only 4.7 percent, the Wall Street Journal reported.The four executives, from Merrill Lynch & Co., Morgan Stanley, Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc., made a total of $110.1 million, an average raise of 33 percent.Morgan Stanley's shares fell 8.2 percent in the fiscal year that ended Nov. 30, while CEO Phil Purcell received a 47 percent raise over the previous year's pay.

Verizon Communications Inc. and MCI, Inc. this week announced that Verizon has agreed to acquire MCI for $4.8 billion in equity and $488 million in cash. The transaction adds new strength to the telecommunications services both companies provide.

The Securities and Exchange Commission on Wednesday announced a settled enforcement action against Banc of America Capital Management, LLC (BACAP), BACAP Distributors, LLC (BACAP Distributors) and Banc of America Securities, LLC (BAS) for entering into improper and undisclosed agreements that allowed favored large investors to engage in rapid short-term securities trading known as market timing in certain Nations Funds mutual funds and for fraudulently facilitating market timing and late trading in Nations Funds mutual funds as well as unaffiliated mutual funds.

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, this week reported that revenues climbed 31% in the calendar year ending Dec.