Taxes Are Killing Small Businesses

[GURPS]

PragerU Video: Taxes Are Killing Small Businesses


"The profits earned by these small businesses are 'passed through' to the owner and counted as individual income on their personal tax return," the video states. "That's why you might hear small businesses referred to as 'Pass-throughs.'"

The result: small businesses could pay up to nearly 40% in taxes, and that's before state and local taxes are factored in.

"High taxes hurt small businesses' ability to grow and expand, causing them to raise prices or even trim jobs to stay within their budget constraints," PragerU explains.

Small businesses are important to the economy because 85 million people — 29 million small businesses that have 56 million workers — are reliant on them. Small businesses must be able to thrive in order for the economy to grow.

 

[Bird Dog]

PragerU Video: Taxes Are Killing Small Businesses


"The profits earned by these small businesses are 'passed through' to the owner and counted as individual income on their personal tax return," the video states. "That's why you might hear small businesses referred to as 'Pass-throughs.'"

The result: small businesses could pay up to nearly 40% in taxes, and that's before state and local taxes are factored in.

"High taxes hurt small businesses' ability to grow and expand, causing them to raise prices or even trim jobs to stay within their budget constraints," PragerU explains.

Small businesses are important to the economy because 85 million people — 29 million small businesses that have 56 million workers — are reliant on them. Small businesses must be able to thrive in order for the economy to grow.

Been bitchin' about that since 1989............

 

[frequentflier]

It's funny because most people writing about small business problems are not small business owners; but rather pencil pushers looking at numbers.

Having gotten "advice" from the local county run educated "authorities" on tips for running my business better and how to sell my business (never happened), I love that they pack up their desk on Thursday or Friday afternoon, enjoy a leisurely weekend and return to work on Monday morning; refreshed and rejuvinated. They get paid holidays and sick days. They probably pay their bills on time and don't give their job a second thought once they get in their car and go home. I don't think anyone that I spoke to in the Department of Economic Development told me that they had ever been a business owner.

Don't get me wrong- I am self employed by choice, though I never expected my business to grow as it has when I started it in 2002. And this is not my first rodeo. However, it will probably be my last.

 

[frequentflier]

PragerU Video: Taxes Are Killing Small Businesses


"The profits earned by these small businesses are 'passed through' to the owner and counted as individual income on their personal tax return," the video states. "That's why you might hear small businesses referred to as 'Pass-throughs.'"

The result: small businesses could pay up to nearly 40% in taxes, and that's before state and local taxes are factored in.

"High taxes hurt small businesses' ability to grow and expand, causing them to raise prices or even trim jobs to stay within their budget constraints," PragerU explains.

Small businesses are important to the economy because 85 million people — 29 million small businesses that have 56 million workers — are reliant on them. Small businesses must be able to thrive in order for the economy to grow.

I did not pay myself for many years. I now collect a paycheck but wonder if it is worth it.

 

[Bird Dog]

I did not pay myself for many years. I now collect a paycheck but wonder if it is worth it.

Always.....

 

[Gilligan]

I did not pay myself for many years. I now collect a paycheck but wonder if it is worth it.

I always wonder that too...and probably always will.

 

[vraiblonde]

The government wants to sock it to small business because they want them to go away. Owning your own small business requires independence and individuality, along with ingenuity and perseverance, and that is pretty much against everything government is trying to accomplish. How are they supposed to enslave you if you know how to make your own living?

 

[vraiblonde]

It's funny because most people writing about small business problems are not small business owners; but rather pencil pushers looking at numbers.

Or touting theories that have no practical application, or advising based on the model of a much larger entity and not specific to a small Mom & Pop, or making recommendations presuming an unrealistic amount of working capital. When we were getting started, my best source of advice was other local small business owners, not the SBDC. At that time, the "experts" couldn't even fathom what we were trying to build - they thought we were crazy and this "internet thing" was a figment of our imagination.