I am a small business owner, actually 2 small businesses. I have supported the FairTax since my first meeting in Atlanta about 7 years ago. I have heard rumors that business people will have an undue burden placed on them with the addition of the FairTax. I think that rumor started by someone that has never owned a small business! I cannot wait until the FairTax is law! So what if I have to collect Federal sales tax. One more line on my state sales tax return and I am done.
No more taking a MINIMUM of 2 solid weeks of my time to have to figure out my annual tax return and I think 2 weeks is a LOW estimate when I also have to figure out my time going to and from my accountant, the gas, waiting on the phone for 30 minutes on separate occasions each to speak with IRS agents about ONE question only to get 2 different answers, filing papers, printing papers. I probably kill one tree per year having to print and save all the data the IRS requires for you to keep UP TO 7 Years!!!
Does the IRS pay you for storage at their request of having to keep all that stuff??? Does the IRS pay you to have an employee keep track of the data and file it away? Then the cost of the return--OMGosh. This does not even include the time and headache (heaven forbid) you get audited or have an error the IRS finds from 5 years ago!!! Talk about unproductive time wasted where I could better use at what I do best--building my business--creating more sales and sales taxes and hiring more employees so they can earn an income and go out and spend it and pay their taxes!!! Then I have to pay for the cost of the IRS to fumble all those returns and pay for all pf their employees with my taxes--what a waste of effort-time and productivity! If the IRS were run like a small business--in less than one year--they would be out of business (unless the gov't bailed them out too). I say no public office should be allowed to run for office unless they first ran their own small business for 5 years.
Changing the tax system to the FairTax will be the greatest blessing to ever happen to the small business person let along the rest of the nation.
My 2 cents worth
Owner of PrinterShoppe and INKSHOPPE
Warner Robins, GA
No. I have not really checked into this. I have seen their site. I think they have membership dues and with my expanding my businesses into the national arena last year--I don't spend much on extras (have to make sure I have enough to pay my taxes each year)--Doug
I'm a member of the NFIB and the DO NOT support the FairTax -- they take no stand on it. A significant problem I find with the NFIB is that they don't have an organized way to elicit suggestions from their members.
And let's not forget the time we spend every month on payroll taxes - computing how much we have to deposit and send to the IRS for FIT, SSI and Medicare. Then there is the 940 form that has to be completed and mailed at the end of every quarter. Not to mention completing the W2/1099 forms every year and sending that information to Social Security as well. While I don't think we'll completely eliminate the reporting to Social Security, it should be a lot easier (I paid John Doe $10,000 last year).
Don't forget businesses are reimbused for their part in collecting the FairTax.
Its really a no brainer....REALLY!
Yet I know a gentleman who runs his own business and he still says 'it will never happen'
I ask....would you like it to be implemented though?
'Yes!!' is the answer.
I just have to shake my head and keep trying to change his mentality.
I get that comment a lot too. Many support it but don't have the full faith in its passing. Kind of like it is "too good to be true" syndrome. I just tell them eye to eye with a little serious look and say: "You know many others say the same thing...if you and all those others that say the same thing instead said I want to make it happen...then it will" It is a catch 22. We have not reached that synergy level yet, but we will. AT least we have believers in the plan. Once we are able to reach the level in the government and national media that it "could happen" we will have an army of supporters come out of nowhere to make it happen. Patience and persistence will make it happen.