Small Business Owners Not Letting The Feds Off The Hook Just Yet
After an unprecedented three-month backlash from the small business community, the government announced some small changes to the proposed tax measures. They have dropped the capital gains limits in business succession, increased the exempted annual passive income threshold to $50,000, and promised to reduce small business corporate tax rate to nine percent. They even stopped their rhetoric that portrayed small-business owners as tax-cheats. However, these revisions are not enough and do little for business owners to grow their business, innovate and create jobs. Given the challenges that business owners face, there are still a lot of questions that need to be answered.