Bramwell's Lunch Beat: Intuit to Bid Adieu to Quickenby
Intuit plans to sell Quicken to focus on tax, small business
Intuit Inc. unveiled plans to sell three units, including its well-known Quicken home-accounting software, as it forecast sales and earnings that trailed analysts' estimates, wrote Cecile Daurat and Brian Womack of Bloomberg. The company plans to sell the businesses, which also include Demandforce and QuickBase, to shift resources toward small businesses and handling taxes in the United States and Canada, the company said in a statement on Thursday. âWe are investing in the areas with the biggest long-term payoff, setting Intuit up for strong customer and revenue growth for fiscal 2016 and beyond,â said Intuit President and CEO Brad Smith. Quicken provides personal finance tools, while QuickBase helps developers build applications. Demandforce helps better manage marketing and customer communications.
States eye taxes on streaming video and cloud computing
Mark Peters and Greg Bensinger of the Wall Street Journal wrote that with sales of DVDs, videogames, and traditional packaged software slumping for years, more state and local government tax officials are eyeing streaming video subscriptions and cloud computing to help make up for hundreds of millions of dollars or more in lost revenue. But applying age-old sales taxes to the era of new media hasn't been simple. States have long taxed tangible goods, but the broad array of new digital products often don't fit the category. Some states are trying to use existing laws, while others are taking on the politically thorny task of rewriting tax rules. Last month, Tennessee extended its 7 percent sales tax to software and digital games that are accessed remotely. Meanwhile, Chicago is one of the first cities to wade into taxing digital goods, requiring in the coming months local taxes on cloud computing and streaming entertainment.
Rubio calls to ârevolutionize' tax code
GOP presidential candidate Sen. Marco Rubio (R-FL) talked up his proposals to overhaul the US tax code during a speech in Detroit on Thursday, wrote Sahil Kapur of Bloomberg. Rubio's plan slashes the corporate tax rate and scraps taxes on dividends, estates, and capital gains. It also creates a $2,500 child tax credit and replaces the standard deduction and personal exemption with a refundable personal credit. Rubio touted the benefits of his tax plan for two hypothetical individuals, David, an auto servicing store owner, and Danielle, a young single mother who works at the shop. âMy tax plan ... will cut the top tax rate for small businesses like David's to the same level. This would instantly save him around 15 percent. He can use that to increase Danielle's wage or modernize his equipment,â he said. âMy tax plan would raise the per-child credit to as much as $2,500, allowing Danielle to keep significantly more of what she earns.â
Trump skeptical of anti-tax pledge
Bernie Becker wrote for The Hill that Republican presidential candidate Donald Trump is skeptical about the anti-tax increase pledge popularized by Grover Norquist, founder and president of Americans for Tax Reform. But a spokesman for Norquist says Trump, currently leading in the GOP polls for president, has nothing to worry about. In an interview with TIME, Trump said he had âa problemâ with the Americans for Tax Reform pledge because he âmay want to switch taxes around.â Trump suggested he wanted to lower taxes on the middle class and said that âI have hedge fund guys that are making a lot of money that aren't paying anything.â John Kartch, a spokesman for Americans for Tax Reform, said Trump âcan cheerfully sign the pledgeâ despite those worries. Most GOP presidential contenders this year have signed the pledge to oppose and veto any tax increases if they're in the Oval Office.
Senate panel votes to raise California gas tax 12 cents a gallon
Members of a California Senate committee tackling a huge backlog of roadway maintenance endorsed legislation on Wednesday that would generate $4 billion annually for repairs by increasing the state's gas tax 12 cents a gallon and boosting annual vehicle registration fees $35 for most cars, wrote Jessica Calefati and Josh Richman of the San Jose Mercury News. Fees for all-electric vehicles would go up $100. Because tax and fee increases require the support of two-thirds of lawmakers in both houses of the Legislature, Democrats seeking to raise taxes will need help from their GOP colleagues, some of whom have indicated they're open to hiking the gas tax for the first time in more than two decades â as long as the money is restricted to transportation improvements. Current revenue from California's 42.35-cent gas tax covers only a fraction of the state's annual highway repair needs.
Survey: Employees prefer lunch with a colleague but more commonly dine solo
Many professionals may eat lunch by themselves, but new Accountemps research suggests they actually yearn to dine with coworkers. Almost half (49 percent) of accounting and finance professionals surveyed said they typically spend their lunch breaks eating alone. Yet almost as many (46 percent) said they would rather have a co-worker join them for lunch. What else are professionals craving at lunchtime? Thirty-seven percent of those interviewed said they would like to exercise on their lunch break, but only 10 percent actually do. Survey respondents more frequently run errands (33 percent), check personal email (28 percent), and surf the Internet (24 percent) during their break.