As the annual moment approaches where we come face to face with the reality of how much of our ‘Labor Energy’ that will be taken from us in the form of Taxes, we feel it’s time for a review of the current state of this topic. Even though there has been much bally-hooh over the most recent tax reform bill passed into law, the reality is that what one hand gives, the other hand takes away, leaving many taxpayers asking ‘what the heck’. How many articles have we read about people actually getting ‘Less’ tax refunds even though the tax rates have been decreased? (CLICK HERE)
The Government spending machine is running on overdrive at the same time, which has increased the aggregate national debt to more than 22 Trillion (and climbing). Which means higher debt service on the debt, which means more taxation needed to make the debt service payments for the nation’s debt paper the US Treasury sells to finance all the overdrive spending. Even though the 1% hold most of the wealth and assets in the nation, and the majority of the total aggregate amount of taxes paid to the Treasury comes from the 1%, they make countless Billions and pay next to nothing (percentage wise) on their gross income. Due to all of the tax avoidance systems available to them ie; offshoring their entities, cronyism, etc. (CLICK HERE)
Then there is the sad reality of the impact of the Supreme Courts decision forcing small business owners to pay sales taxes on their ‘On-line’ sales.
As highlighted in a recent article by Kit Daniels;
“Small business owners are getting hounded by tax collectors from thousands of miles away after the Supreme Court approved online sales taxes for out-of-state purchases” “Conflicting tax codes never intended for uniformity across state lines are overwhelming small online retailers who are now forced to pay taxes to hundreds – and perhaps even thousands – of out-of-state municipalities”
“It almost seems like I have another full time job dumped on me with this sales tax thing,” Chris Heitman, owner of Pegasus Auto Racing Supplies, told Reason.com. “It’s burning me out.” In response, Rep. Jim Sensenbrenner (R-Wis.) may reintroduce a bill entitled the Online Sales Simplicity and Small Business Relief Act that would exempt small retailers with under $10 million in sales from paying out-of-state sales tax.
“Small business owners, in particular, have shared fears that they will be unable to bear the new compliance burdens and may have to shutter their businesses,” Sensenbrenner said. “I’ve heard from online sellers in Wisconsin and across the country who are concerned with the complexity of the post-Wayfair tax regime.”
May The Force Be With You Rep. Sensenbrenner!
To Watch Soles Of Passion’s ‘Tax Slave’ video (CLICK HERE)