Small-business owners want a simplified tax code
Posted on March 12th, 2013 Read time: 1 minutes
As President Barack Obama attempts to overhaul the tax code, a recent survey revealed the majority of small-business owners support comprehensive tax reform.
The National Federation of Independent Business (NFIB) polled approximately 12,500 members at the end of 2012 to determine their opinion of a variety of tax reform topics. Eighty-five percent of respondents said Congress should fundamentally revise the tax code in 2013.
Currently, the vast majority of small businesses find the current tax code overwhelmingly complex, as 91 percent of respondents said they hire a tax professional to do their organization's taxes.
The majority of NFIB members reported a desire for a tax code with lower rates and fewer preferences. Most generally support limiting or eliminating tax cuts for the employer-provided health insurance exclusion and the production tax credit in exchange for lower rates.
In addition, 81 percent of survey respondents said they would rather the government cut spending than increase taxes.
The study findings were released two months after the the payroll tax cut elimination took effect and consumer purchasing power took a hit.
To cope with tax costs, many employers seek to cut expenses elsewhere. Businesses can work with an HR administration and payrolling services provider to effectively reduce the amount of time and money spent on managing employee benefits.
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Posted on March 12th, 2013 Read time: 1 minutes
As President Barack Obama attempts to overhaul the tax code, a recent survey revealed the majority of small-business owners support comprehensive tax reform.
The National Federation of Independent Business (NFIB) polled approximately 12,500 members at the end of 2012 to determine their opinion of a variety of tax reform topics. Eighty-five percent of respondents said Congress should fundamentally revise the tax code in 2013.
Currently, the vast majority of small businesses find the current tax code overwhelmingly complex, as 91 percent of respondents said they hire a tax professional to do their organization's taxes.
The majority of NFIB members reported a desire for a tax code with lower rates and fewer preferences. Most generally support limiting or eliminating tax cuts for the employer-provided health insurance exclusion and the production tax credit in exchange for lower rates.
In addition, 81 percent of survey respondents said they would rather the government cut spending than increase taxes.
The study findings were released two months after the the payroll tax cut elimination took effect and consumer purchasing power took a hit.
To cope with tax costs, many employers seek to cut expenses elsewhere. Businesses can work with an HR administration and payrolling services provider to effectively reduce the amount of time and money spent on managing employee benefits.
