I’m a small business owner. I’m now reasonably successful, but I look warily at what’s coming down the pipeline in Washington (and Sacramento, for that matter) and don’t like what I see.
Today, I read a great post on the TaxGirl and see:
Get the picture? Small businesses are very often about family. Interestingly, families are the very entities that Congress has deliberately exempted from many of the breaks offered to small businesses. I’m not sure how that’s supposed to make sense.
A few minutes later I read on the TaxProfBlog the impact if the Estate Tax comes back in full (55% tax on all estates greater than $1 million). Professor Caron has linked to a study by the American Family business Foundation which purports that the reinstatement of this tax could cost over 1.3 million jobs.
Last week, I read on RothTaxUpdates how the goal of letting the Bush Tax Cuts expire is to hurt small business. Joe Kristan links to the Tax Policy Blog and notes how the huge upcoming tax increase on pass-through entities is apparently the goal. Surprise, surprise: Most small businesses and most family businesses are organized as pass-through entities.
Let me ask you, what has Congress done in the past two years that has helped small businesses? The singular accomplishments are the Stimulus Plan, Cash for Clunkers, ObamaCare, and more regulations and taxes. If anyone wonders why incumbents are feeling the heat, they don’t have to go any further.
Tags: Election2010