President Obama's economic initiatives have had a positive impact on It’s A Black Thang.com not only financially but also by creating a level of certainty about the future.
Valrico, FL (PRWEB) November 8, 2010
Kane’s Publications is the parent company of an internet shopping site that specializes in African American related products and their website is appropriately named It’s A Black Thang.com (http://www.itsablackthang.com). Kinnebrew, the self-described “Hardest Working Man on the Internet” created the website in the fall of 2001 and over the past nine years the company has grown into one of the largest Black-oriented shopping sites on the internet. They now offer over 8,000 unique African American related products. Their line includes: artwork, figurines, Christmas cards & decorations, and Black History memorabilia.
It’s A Black Thang.com (http://www.itsablackthang.com) grossed over 400K in 2009 and is set to double that amount in 2010. Kinnebrew attributes much of their success to hard work and dedication. However, he credits President Obama’s economic policies as a key component of their strategy for survival during the economic downturn. Some of the policies he cites include:
1. The portion of the Economic Recovery Package that’s helping communities expand broadband connectivity is an obvious plus for any internet based business.
2. The Credit Card Reform Act is having an impact because it’s helping to empower consumers by reducing fees and restricting interest rate increases. In addition, the new requirements for banks to show balance payoff timeframes has led to better credit management. Credit cards are a vital component of internet commerce and the White House-led improvements in the industry have resulted in better consumer protection and awareness. The Credit Card Reform Act has created a wiser consumer with greater spending power.
3. Several of the Presidents small business tax credits have had a direct impact on their business. The tax relief and simplification for cell phone deductions has made it much easier for them to deduct their business related cell phone expenses. There’s also a new deduction for health insurance costs that will help them rein in their health-care expenses and lower their taxes. The extension and expansion of the ability to immediately expense capital investments has also been helpful for them and for many other businesses. The capital expensing limit was raised from $250,000 to $500,000 and the increase was extended through 2011. The limit was slated to drop to a mere $25,000 next year and then possibly be phased out the following year. The President’s economic team also provided small businesses a huge capital gains tax cut. Kinnebrew and others can now exclude 75% of their capital gains from tax liability and they can exclude 100% if the investments are held for at least five years.
Kinnebrew says, “President Obama's economic initiatives have had a positive impact on It’s A Black Thang.com (http://www.itsablackthang.com) not only financially but also by creating a level of certainty about the future. We can better forecast our future tax liabilities and we can make more aggressive business investments because we know we will be able to write most of them off. We also have peace of mind knowing that our capital gains will not be wiped away through excessive taxation. The President’s economic team has done a masterful job creating an atmosphere that has helped small businesses like ours navigate the perfect economic storm and find a way to not only survive but to thrive.”
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