The XBanker
Business Financing eXpert
Archive for the 'Government Screwing Small Business Owners' Category
Government Screwing Small Business Owners, Part 1
June 25th, 2008
It must be difficult living life as a politician; you have to pretend to look out for small businesses to win elections, while screwing them through acts of commission or omission the rest of the time. I usually try to ignore politics, I have better things to do – like creating jobs and making money (imagine that). Sometimes I get a bit upset when I hear a career politician talk about all the jobs they’ve created – as if they are the ones that father innovation and birth new ventures. Most of us would be on welfare if we ran our businesses like these clowns run the country.
Business owners are routinely tooled by the government. We are easy prey. We are too busy creating value to show-up at protests. We have better things to do. Which is why politicians typically cater to the unproductive (welfarees) or unproducing (retirees & students). I typically avoid these issues, but I think it is only fair to surface items that I think may impact you. So I’ve decided to start a new series to call-out politicians and bureaucrats that vilify, target or hurt small business owners. Don’t worry, I’m not some partisan hack. I trust politicians about as far as I can throw them, regardless of party.
Yesterday, I stumbled across a story in the Wall Street Journal about a proposed new bill in the Senate that I think we all should be concerned about. The Senate is proposing a bill that will require credit card companies to report business owner credit card spending data to the IRS. Why does the IRS need to see what your business spends at Kinkos next month? They hope to use this data to nab business owners who under-report their income. They hope to confiscate an additional $9.8 Billion from small business owners with this move. The money is already earmarked to further enrich and bail out the banking industry. This seems like a good trade for a politician – they criminalize small business owners so they can line the pockets of the mortgage companies that gave them sweetheart deals on their personal mortgages.
Sphere: Related Content| Currently 3 Comments »
