With the federal deficit out of control, at some point, the government will need to raise tax revenues through tax increases or tariffs if for no other purpose but to pay off the interest of the debt.
Levying more taxes on individuals, or more accurately voters directly is political suicide. Perhaps politicians will get more income taxes from the top five percent or perhaps by levying tariffs on imports, which is an indirect tax on consumers, that will affect businesses both large and small.
As a small business owner, you need to remain aware of pending legislation and make your voice heard. Organizations like the Chamber of Commerce often have legislative watch programs to keep you informed.
Whether you choose to track pending legislation yourself or join a watch group, you need to remain engaged in the process. The business landscape is changing and there are likely to be a lot more tax issues coming up that will dramatically impact your business.
The new challenges facing small businesses are tracking and influencing these changes, as well as keeping abreast of the unanticipated ways they can affect your current and future course of business.
How are you keeping abreast of new tax legislation?
