10/20/2006
Small business calls for tax relief at the ballot box
As we draw closer to Election Day, NFIB.com will examine the races and issues that matter to your business and let you know how you can make a difference.
With barely two weeks left before Election Day, now is the time to decide which candidates deserve your vote. As a small-business owner, consider the issues that will continue to affect you, your business and your employees. The need for tax relief is always near the top of any small-business owner's list.
While special-interest groups try to distract the public's attention during campaign season, small-business owners know that they must keep business interests top of mind when they head for the ballot box.
One of the most burdensome taxes plaguing small-business owners today is the death tax. This destructive tax is essentially double taxation, as the business is taxed throughout the life of the owner and again at death. The death tax creates a disincentive to expand a business, create new jobs, and far too often results in the death of the business.
To avoid this unfair tax, many small-business owners are forced to spend a great deal of money on estate planning--money that could be used to create new jobs or offer better benefits to employees--just to keep the business alive. While the Growth and Reconciliation Act of 2001 reduces death-tax rates and provides for exemption, the death tax will return in full force in 2011 unless Congress takes action.
Another tax issue that continues to hurt small business in America is the Alternative Minimum Tax. Originally enacted to ensure the wealthiest Americans paid taxes, it was never adjusted for inflation and now hurts many middle-class families--and small businesses. Three million taxpayers were subject to the AMT in 2004, but this number is expected to jump to 30 million in 2010 if relief is not created.
To protect free enterprise, small-business owners must support candidates who will support them. As a member of NFIB, you have access to various resources to help you decide who deserves your vote, such as:
- How Congress Voted
- NFIB's SAFE Trust Endorsed Candidates list (58 KB, PDF)
- NFIB's exclusive Election Monitor
Visit NFIB.com/politics for more information.
