Corporate Tax Reform News

Pass tax reform to empower American businesses and workers

by Rebecca Boenigk | Mar 20, 2017   ()

In 1989, my mother and I started a business out of our garage. We worked hard, raised money to get our business started, and developed an office chair based on my dad's expertise in ergonomics. We still believe it's the best chair on the market.

Two years later, as our business was gaining steam, we discovered an unwelcome surprise: We owed an additional $86,000 in taxes on top of what we had already paid.

It wasn't because of ill intent or carelessness. It was because our complex, outdated tax code was engineered, by accident, to prevent small businesses from starting and growing here in the United States. In our case, the tax bill was a penalty for taking the necessary steps to make our company successful. Instead of counting inventory as a deductible investment in our business, it was instead considered a taxable asset. Lesson learned, at a cost of $86,000.

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Source: Washington Examiner

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