Let’s make it simple: Tax reform key election issue
Across the country, it seems people are more engaged in politics than ever before. It’s difficult to go more than an hour without hearing about the latest developments in the 2016 presidential race; from Donald Trump releasing his economic plan to Hillary Clinton committing to all three presidential debates.
We are met daily with a flood of information about the race for the top political post in the country.
While choosing the next commander in chief remains critically important, I believe there are additional pressing issues that would have a meaningful effect on the everyday lives of Americans that shouldn’t get lost in the clutter. One of these issues is comprehensive tax reform.
Over the past four years, I’ve been fortunate enough to take over and operate 6e Technologies, a small technology firm that offers information technology services and enterprise solutions for a wide variety of clients. My company has grown and expanded along with the tech scene in the Denver area, and we’re always looking for new opportunities. But I often feel stifled by our tax code.
While my team and I are hard at work completing complex tasks dealing with IT automation and cloud services, I find that one of the most tedious and counterproductive parts of operating a small business is complying with the tax code.
It’s unfathomable to think that in 2016, businesses my size still have to hire a team of accountants to ensure we pay our required share in taxes. But the fact is, we do.
The key theme of the tax reform discussion should be simplicity. Instead of creating the need to enlist of scores of accountants and attorneys, our tax code should provide opportunities to be more productive and hire more employees.
Don’t get me wrong. I’m happy to pay my fair share. In fact, most business owners want to pay their fair share. They simply would like to avoid jumping through dozens of hoops to do so.
In addition to being made simpler, the tax code should encourage growth and offer a fairer rate for small businesses. Owners of small businesses are often taxed through their personal income tax and could have to pay an exorbitant rate. This hurts businesses and discourages people from taking the risk of starting their own businesses, which is damaging to the overall economic health of the nation. After all, small business owners like myself drive the economy. And to the extent that we’re not permitted to succeed, the country will suffer.
Our economy needs lower, competitive rates for all businesses, up and down the supply chain, to foster new opportunities. The ability to take your passion and turn it into a business is the essence of the United States, a country built by entrepreneurs and innovators. We need a tax system that fosters this type of enterprise.
Reforming the tax code should be a top priority and is something that all Americans can support. Fortunately, it appears that at least some of our representatives have begun to take steps in the right direction, by releasing a tax reform plan as part of Speaker Ryan’s “Better Way.”
When Donald Trump and Hillary Clinton outlined their economic plans in Detroit, both of the candidates at least made reference to some tenets of tax reform.
I encourage every small business owner and entrepreneur to call their representative and tell them we need to modernize how we’re taxed. This is a policy that could put millions, if not billions, of dollars back into the pockets of business owners and workers in every state. It should remain a priority for this Congress and the first order of business for our next president.