Is Small Business Tax A Misnomer
The small business tax – a misnomer if ever there was one, what with all the deductions which can be claimed, all of the expenses and losses that add up to thousands, if not tens of thousands of dollars annually.
Yes, truth be told, businessmen (business women) are usually crying poverty. But not even close to some tyrannical small business tax, rates are still in the range of historic lows, at thirty-some-odd percent that, adjusted by those aforementioned “expenses” and “losses” (yeah, right), could make the effective tax rate about twenty or less! Compare that to that of any single person whose net earnings are typically some twenty-five percent less his / her gross income.
To put things in perspective, take into account that Republican President Dwight D. Eisenhower, who ran one of the most business-friendly administrations ever, presided over corporate taxes of more than ninety percent! And yet no person ever complained to Eisenhowever about how economic growth had been affected. However present day business person routinely complains about being hamstrung by usurious taxes, despite the fact that there is no “small business tax.” In fact, aside from the expenses and losses which may be claimed against what one owes Uncle Sam, the government actually has many special subsidies in place to help small enterprises!
Is it just greed, pure and simple, that makes the typical entrepreneur such a complainer when it comes to sharing in the burden of funding the common good? Just what is with the Tea Party ideologues who believe that an every-man-for-himself approach is best for society in the end ? A strange mood has long taken hold of america ever since Reagan, where people wave the flag while passing the buck. And yet our present-day financial crisis, due to the Wild West ethos of economic libertarianism, has many demanding even less oversight and regulation!