NSBA Survey On Taxes: Complexity Is Number One Problem
WASHINGTON, April 11, 2013 /PRNewswire-USNewswire/ -- The National Small Business Association (NSBA) today released the 2013 Small Business Taxation Survey which provides detailed insight on how America's small-business community is being impacted by federal taxes. Complexity and inconsistency within the tax code continue to be a major problem for small businesses, and one-in-four report spending 120 hours or more per year on the administration of federal taxes—three full work weeks!
"Federal taxes have huge implications on small businesses, with 74 percent reporting that federal taxes have a significant to moderate impact on the day-to-day operation of their business," stated NSBA President and CEO Todd McCracken. "Our tax system punishes work, investment, risk taking and entrepreneurship and is unquestionably broken."
The overwhelming majority of small-business owners support broad reform of the federal tax code—corporate AND individual tax reform done together, in conjunction with a reduction in business and individual deductions. Reducing the deficit is another key issue for small business, and the number one method for doing that supported by small businesses (82 percent) is through tax reform that creates economic growth and generates federal revenues.
Underscoring the complexity of the federal tax code is the fact that 84 percent of small-business owners must pay an external tax practitioner or accountant to handle their taxes. Furthermore, when asked to rate the most significant challenge posed by the federal tax code to their business, the majority, 55 percent, picked administrative burdens while 45 percent said financial burdens."Given that the overwhelming majority of small businesses (83 percent) pay taxes on their business at the personal income level, or are so-called "pass-through" entities, a broad reform of our tax system is the best way to truly help small business and ease the massive, and growing tax burden," said NSBA Chair David Ickert of Air Tractor, Inc. in Olney, Texas. Click here to download the report. Celebrating more than 75 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation's first small-business advocacy organization. Please visit www.nsba.biz or follow us at @NSBAAdvocate. SOURCE National Small Business Association
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV