Tax Reform Checklist
|October 4, 2012||Posted by Steve Webster under Taxes|
The National Small Business Association (NSBA) released its Tax Reform Checklist, which includes nine principles for tax reform.
The nine principles of the NSBA Tax Reform Checklist are:
- Designed to tax only once
- Stable and predictable
- Visible to the taxpayer
- Simple in its administration and compliance
- Promote economic growth and fairness between large & small businesses
- Use commonly understood finance/accounting concepts
- Grounded in reality-based revenue estimates
- Fair in its treatment of all citizens
Everybody, except Warren Buffett, feels that they are overtaxed or taxed unfairly but I think businesses actually help people create wealth and the tax system should benefit businesses, not punish them. Tax preparation is one area of finance that I have never enjoyed. It feels like a huge waste of time without any improvement to the company and the regulations are constantly changing.
The NSBA favors a Fair Tax. A Fair Tax would of course be much simpler than the current system, but from a personal point of view, a fair tax lot would eliminate a lot my peers tax preparation businesses and their jobs.