02/ 11/ 2008
NFIB fights to lower your taxes
Taxes that are too high and a system that is ridiculously complex stand in the way of small-business growth. In fact, taxes--both federal and state--consistently rank among the top 10 most severe problems facing small-business owners, according to NFIB's Small-Business Problems and Priorities survey. Below are just a few of the issues NFIB is working on to provide some relief to small-business owners.
Death tax: The estate that's passed on from a parent to a child doesn't just appear by magic. Someone worked years to build the business and earn that money, and during that lifetime the government collected income and other taxes. NFIB believes the government has already taken its fair share from a business during an owner's lifetime and is fighting for permanent repeal of this egregious tax.
Small-business expensing: Section 179 of the Internal Revenue Code allows small businesses to elect to deduct all or part of the cost of certain qualifying property in the year it is placed in service, instead of over a specified recovery period. However, there are limits on the amount you can deduct in a year. Thanks to recent legislation, the amount small-business owners can expense in a year was increased to $125,000--but only through 2010. NFIB will continue to fight for a permanent solution to the small-business expensing problem.
Tax simplification: The IRS estimates that the tax gap--the difference between what taxpayers should have paid and what they actually pay--is about $345 billion. NFIB thinks that amount could be lower if the U.S. tax code wasn't so confusing. Complex and unclear tax rules cause frequent errors--even among well-intentioned business owners. To help simplify the process, NFIB created the NFIB Tax Advisory Board to develop proposals to simplify the tax code that do not unfairly burden small businesses.
NFIB.com
Learn more about these and other tax-related issues NFIB is working to fix in the “Tax Relief" section of www.NFIB.com/issues. To find out how NFIB is fighting taxes in your state, visit your state Web page at www.NFIB.com/stateabbreviation (Ex: www.NFIB.com/AL)
