Press Release

« Back

Liberty Tax Poised to Discuss State of the Union Proposed Income Tax Changes

VIRGINIA BEACH, VA -- (Marketwired) -- 01/20/15 -- Liberty Tax, Inc. (NASDAQ: TAX)

In his State of the Union address tonight, President Barack Obama is expected to discuss a plan of tax hikes and tax breaks that would raise $320 billion over 10 years by increasing taxes on financial institutions and the wealthy. Liberty Tax is in the unique position of having the most experienced CEO in the tax preparation industry at its helm. John T. Hewitt has more than 45 years of industry knowledge, and Liberty Tax can help explain the implications of the President's plan.

President Obama's plan includes:

  • Increasing the capital gains rate for couples making more than $500,000 a year, to 28% from 23.8%;
  • Requiring estates to pay capital gains taxes at the time they inherit assets;
  • Imposing a 0.07% fee on liabilities for about 100 U.S. financial institutions with more than $50 billion in assets;
  • Expanding the child care tax credit to up to $3,000 per child under age 5;
  • Adding a "second earner" tax credit of up to $500 for families with income up to $210,000.

Liberty Tax understands how changes to the tax code can affect Americans at any income level. Liberty Tax has prepared more than 18 million individual income tax returns and can look at the President's plan and discuss how the average American might be affected.

CEO John T. Hewitt is an entrepreneur and founder of two tax preparation companies, Jackson Hewitt and Liberty Tax. Last year, Liberty Tax was named by Accounting Today as one of the Top 100 Tax Firms. For 15 consecutive years, Hewitt has been named by Accounting Today as one of the most influential people in the tax industry.

About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.

MEDIA CONTACT:
Martha O'Gorman
Chief Marketing Officer
Liberty Tax Service
(757) 301-8022
Email Contact

Source: Liberty Tax, Inc.