High Tax Rates devastate small business confidence
Woo 22 [Robert; freelance writer and marketer. He focuses on the tech and finance industry, has been a featured contributor of Lendio 3-19-2022; "Fear, Loathing, and Small Business Taxes (infographic)"; Lendio; https://www.lendio.com/blog/fear-small-business-tax-infographic/;]//LASA-بيلال
Taxes. Almost no other word injects as much fear into the hearts and minds of small business owners than this one—no exaggeration. According to score.org, 40% of small business owners say taxes and bookkeeping are the worst parts of business ownership. Considering that 99.9% of all U.S. businesses are small businesses, that adds up to a lot of dread.
But is that sense of fear and dread well-founded? Consider this—even the federal government knows there are problems with compliance. According to the U.S Senate Committee on Small Business & Entrepreneurship “small businesses spend 2.5 billion hours complying with IRS rules each year. For entrepreneurs, time is one of their most valuable resources. Every hour spent filling out forms or navigating confusing tax rules is an hour they don’t spend marketing their products or thinking about how to grow their business.”