Small Business Week Kicks Off; Job Creators Overwhelmed by Tax Costs, Uncertainty

From Washington D.C., the following release kicks off a series for Small Business Week and the concerns small businesses have across the country -

WASHINGTON, D.C., May 21, 2012 Today marks the beginning of Small Business Week, and the National Federation of Independent Business is kicking off the week by focusing on the cost and uncertainty facing small businesses over taxes. Among the top problems:

  • Tax compliance is disproportionately expensive for small businesses. According to NFIB research, it costs small businesses around $74 per hour to comply with the tax code. Research by the Small Business Administration Office of Advocacy says it costs around 206 percent more –around $1,500 per employee – for small businesses to comply with the tax code than it costs larger businesses.
  • Uncertainty over rates burdening small businesses. Tax rates will go up on small businesses at the end of the year if nothing is done by the President and Congress. Nearly $500 billion in new taxes will fall disproportionately on small businesses.
  • Some of the most popular small-business tax provisions will go away. Over 25 business groups have joined NFIB in signing a letter of support for legislation that would restore several of these provisions.
  • Family businesses are threatened by a looming jump in the estate tax. The tax on the estates of deceased business owners would jump from 35 percent with a $5 million exemption to 55 percent with a $1 million dollar exemption, threatening to crush family owned small businesses that go through the death of an owner next year.

The NFIB will be highlighting different issues facing small businesses each day during Small Business Week. Tomorrow we will highlight the burden of health care costs on job creators.

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About Mike Durant

Mike Durant was named New York State Director of NFIB in May 2011. Prior to joining NFIB as the Assistant State Director in May 2010, Durant began his career in the New York Senate working in the Office of Member Services. From there, he served in a number of positions during former New York Governor George E. Pataki’s administration. As a Research Specialist in the New York State Office of Demographic Policy, Mike was responsible for drafting a redistricting proposal for Governor Pataki. In addition, Mike served as a Research Specialist for the Empire State Development Corporation, as well as the Associate Commissioner of Human Resource Management with the New York Department of Labor. Durant also spent four years working at the Questar III BOCES as a specialist focusing on the complex formulas that drive aid to school districts across the state while also taking a lead role in the state legislative/budget process as it related to education policy. These past positions have given Mike a deep understanding of the complex political economics of the State of New York. Active in the community, Durant has served on a number of boards in both the village of Ballston Spa and Town of Milton. Durant received his bachelor’s degree from Siena College in Loudonville, New York and resides in Ballston Spa with his wife and two children.
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