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Wednesday, January 10, 2018

BATR: Small Business Tax Reform

Small Business Tax Reform

One aspect of the Republican Tax Reform that everyone can agree upon is that it is not perfect. Fox business reports in What tax reform really means for small businesses.

"Instead of lowering the tax rate on all pass-through businesses, the final bill allows pass-throughs to deduct up to 20% of income. But who can deduct how much depends on what type of business you run and a corresponding formula".

Stop right there. It should be entirely clear that the political realities and influence of corporate lobbyists supersede that of ordinary businesses.

Ken Berry, J.D. reports that the 2018 Tax Reform Law has Benefits for Some Small Businesses. The Tax Cuts and Jobs Act (TCJA) in general, revised rules for businesses take effect in 2018 and are permanent, unlike most changes for individuals. The topics he list are: Corporate taxation, Section 179 deductions, Bonus depreciation, Luxury car deductions, Pass-through entities and Other deductions and credits.

Now before you zone out on such a pedantic examination, consider that a restrain redress for optimum small business treatment is a fundamental mistake. Fact Finders reports that hires for corporate positions fall short of that for small business. "According to the U.S. Small Business Administration (SBA) Office of Advocacy, small businesses have generated 64% of net new jobs over the past 15 years. The SBA considers companies with less than 500 employees to be “small businesses,” which encompasses 99.7% of all businesses that have employees in the U.S. under that umbrella term."

If the Trump forecast is correct and that Corporations will re-patriot trillions of dollars back into the U.S. and invest in growing their businesses domestically, one might overlook some of the disparities that favor the transnational firms. However, anyone who has ever aspired to climb the economic ladder of success knows that owning your own venture is more realistic than getting on the ground level with stock options of a startup which may never go public.

As for those who aim at becoming a CEO of a fortune 500 company, legions of tax lawyers and advisors will circumvent any legislation or regulation that could be passed or approved.

Humble workers do not have the same wherewithal to avoid paying taxes by working the system. A technique on How to Temporarily Stop Withholding from a Paycheck is no permanent solution.

"You can stop withholding from your paycheck by completing a new Form W-4 -- "Employee's Withholding Allowance Certificate." This will stop income tax from being withheld from your check, but not Social Security and Medicare taxes, which are mandatory and cannot be stopped by you or your employer. Some states impose other mandatory tax withholdings, such as state disability insurance. If you live in a state that has required deductions other than income tax, the mandatory withholdings may remain in effect."

Amy Fontinelle submits an analysis and summary of Tax Withholding: Good For Government, Bad For Taxpayers and identifies that the system imposes costs on employers.

"The employers who protested tax withholding in 1913 and got it revoked in 1917 had good points that are still true today. Businesses have to hire additional staff to deal with tax withholding and spend time and money on tax compliance that could be spent on improving their businesses or paying workers more."

Knowledgeable political observers know that the IRS administration is about behavioral compliance more than collecting revenue. The push back from accountants, attorneys and bureaucrats for a simplified excise tax method has plagued the country for well over a century.

Identity exploitation politicians chant how the poor will suffer but never propose a positive approach that offers an effective inducement to earn their way to prosperity through a viable small business economy.

Here is an option from The National Bureau of Economic Research that offers a forecast from back in 1991.

"How high would a national retail sales tax have to be to replace not just the personal income tax, but also the corporate income tax and estate and gift taxes? According to a recent NBER study, Distributional Effects of Adopting a National Retail Sales Tax (NBER Working Paper No. 5885), the answer is 17.2 percent."

Another alternative is the Fair Tax Act of 2003 presented a 23% national sales tax figure. Remember this approach is NOT a VAT tax structure. Before the timid of mind fear that they may have to pay more in taxes, consider that control over our own money has not been part of the current tax system in anyone's lifetime.

Obviously, the GOP version of the Trump tax cuts never entertained any discussion about a total revamping of the federal income tax and withholding system. Alterations around the edges did provide some much needed relief. However, the crucial role of concentrating on and favoring small business was mostly ignored and what did pass was an afterthought.

The notion that the United State offers an opportunity to compete in a free enterprise economy is a myth. The corporate lobbyists own the votes of both parties in the House and Senate. Congress for all practical purpose fears an independent merchant economy because it cannot be controlled. The fascist partnerships between mega-corporations, global internationalists and all invasive government are undeniable.

Every responsible American needs to become a productive economic engine of wealth creation. The reason why our nation was different from other countries that are under the control of coercive and entrenched central authorities, is that ordinary citizens had the prospects of achieving what was once known as the American Dream.

The U.S. tax code has been a major instrument to diminish and weaken the advancement of an upward and mobile society. Economics may seem to be a dry subject but that is no excuse for remaining ignorant to the means and methods for achieving independence.

Only a strong small business sector can challenge the financial manipulators of Wall Street who have owned government policy for as long as politicians could be bought.

James Hall - January 10, 2018

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