San Ramon, California (EastBayDaily) — Initial Crowd Offering Group (ICO Group), a non-profit organization of local small business leaders and entrepreneurs committed to leveling the financial playing field, today launched a new initiative that recommends a tax credit for repatriated funds when invested in American startups. The initiative complements ICO Group’s 35 to 350 campaign which calls for updating outdated laws limiting the number of shareholders that can support a small business.
“Finding a way for American companies to reinvest over $1 trillion that is trapped overseas by a 35 percent tax on repatriated profits is surely the Holy Grail for lawmakers this election year,” says Ian Schuster, co-founder of ICO Group and President of Schubros Brewery. “It’s a $350 billion tax bill that needn’t all go down the IRS black hole. What if even a portion of that bill could be tax-effectively repatriated if tied to a small business investment? This is a huge cost-savings for a corporation — in fact the investment could very well outperform the rest of the company — while also injecting billions into Main Street businesses.”
Bryan Brumfield, co-founder and CEO of Brumfield Cellars winery, takes the math a step further adding, “Let’s say corporations are offered up to even half their tax-bill back as a tax-credit. We’d be looking at a $175 billion stimulus. This is double the SBA’s 2011 loan portfolio of $99.2 billion, but it comes at no cost to the taxpayer.”
“And when it comes to job creation, according to the most conservative number I’ve heard, small business generates 15 jobs per million dollars,” continues Brumfield. “So a $175 billion stimulus would translate into 2.6 million jobs!”
About ICO Group Schubros Brewery and Brumfield Cellars, together with many other small businesses, are spearheading the newly formed ICO Group, a grass-roots organization initially formed to build support for crowdfunding but also champion alternative sources of small business capital. In addition to a collection of companies that are currently working to further its cause, ICO Group is made up of security lawyers, accountants and leading accounting software experts. For more information about ICO Group's 35 to 350 campaign, please visit http://www.facebook.com/35To350.
ICO Group is Co-Chaired by Ian Schuster and Bryan Brumfield. Ian is president of Schubros Brewery, and a former Fortune 5 Brand Manager and Naval Officer. He holds an MBA from the London Business School and a Bachelor of Science degree from the US Naval Academy. Bryan is president of Brumfield Cellars. He is a former Wall Street broker and Marketing Director for Imajen. He is also a retired Lieutenant of Fire for the Oakland Fire Department. He earned his Bachelor of Arts degree in Political Science from Golden Gate University.
About Schubros Brewery Schubros Brewery, http://www.schubrosbrewery.com, was founded in 2011 by four beer and food industry veterans who together possess nearly 50 years of industry experience. Striving to elevate beer enjoyment to the highest level, Schubros believes in creating the ultimate epicurean experience through its purposefully reciped beers.
Guided by three core values– community, responsibility and quality, Schubros is committed to preserving the purity of its brands, investing in green technology and using all-natural and organic ingredients. Schubros Brewery plans to participate in community events, hire locally and give one percent of its core-brand sales to worthy organizations in San Ramon and the Tri-Valley including area schools, parks and wildlife and environment preservation groups. Some of the causes to which the brewery is already lending its support include Blue and Gold Star Moms and the local SBA SCORE group’s effort to help veterans transition to entrepreneurial ventures. For more information about Schubros Brewery, please visit http://www.schubrosbrewery.com or call (925) 786-2232.
About Brumfield Cellars Select Wines
Brumfield Cellars Select Wines, http://www.brumfieldcellars.com, is committed to investing resources to establish brand presence and educate as many people as possible in China and Greater Asia to the Argentinean Wine Lifestyle. We host lavish dinners for our distributor partners and our most influential downstream customers, pairing the many fine wine offerings in our portfolio with a wide array of local cuisine.
Media Contact: Andrea Corry TopMind PR (925) 640-5482 andrea(at)topmindpr(dot)com