As the only small business owner in this race, I understand the struggles associated with running your own business. Even the government’s best attempts often make it more difficult for small businesses to succeed. Regulation stifles innovation and high taxes get in the way of growth.
My Tax Plan
How would your business be affected?
Plan A) Eliminate the Self-Employment Tax! You should be able to keep what your business takes in. I also support removing any unnecessary hurdles and licensing requirements that make it difficult to start a new business.
Plan B) (if unsuccessful at eliminating self-employment tax) Businesses taking in less than $1 mil in annual revenue should be tax exempt. At a minimum, businesses should be treated the same as individuals. There’s a tax-exempt threshold for individuals filing federal income taxes. The same should apply to small businesses.
If passed, the Fair Tax would make this obsolete by eliminating the self-employment tax (along with many other things), but I want to be clear that I will push for the elimination of the Self-Employment Tax (with or without the Fair Tax’s approval).
Removing the tax burden on small businesses help them grow into larger businesses, creating valuable jobs in our communities.
See Above Plan for Sole Proprietors. This also applies to single-member LLCs currently filing taxes on their Schedule C.
Business profits would no longer be subject to a Pass-Through Entity Tax at the federal level due to elimination of the federal income tax (via introduction of the Fair Tax). Items currently funded by the Payroll Tax would also be funded by the Fair Tax, negating the need for employer payroll tax contributions.
The Fair Tax will replace the Corporate tax and Payroll tax you are currently paying. It’s a tax on consumption as opposed to production which should lower the cost of goods. See More: https://youtu.be/YOxhJ_wA5Ek
Wage debates should be decided locally and not at the federal level. The minimum to middle-of-income distribution ratio is different for each region, which is one of the reasons the issue should be localized. We’re also placing too many restrictions on developing industries (eg hemp and MJ, crypto, etc) which are stifling growth and innovation. The government should make it as easy as possible to start a new business and thrive in that business.