Tax Tips You Can Bank On

A member of our online community wrote me
with this thought-provoking question:

“I am very concerned about the Republican Tax Bill
that will probably go through. Have you examined
it to see how it may affect people who are not rich?
Do you think it will be a plus for people who have a
small h ome business or start a home business or is
it going to be a negative?”

It really made me think…
as a small-biz tax educator,
as an IRS-discontent,
as a combat veteran,
as a taxpayer, and
as a patriot.

If you are interested, here is how I replied to Katy…

Hi Katy,

First, there isn’t “a” republican tax bill. There
are two different versions – one drafted by
Members of the House of Representatives,
the other by Members of the Senate.

The two are similar in many respects, but there
are also major differences. The differences will
be worked out by a Conference Committee,
comprised of members of both House and Senate.

This issue is set up as the major “signature”
legislation that will define the first year of the
Trump Presidency, so it is very important to
the Republican Majority that the end result is
a tax bill that the masses will cheer about.

Who are the “masses?” That term includes the
sizeable “middle class” and also small- and
home-based business owners. The last U.S.
Census reported that more than 50% of all
households in America, have a home-based
business housed there.

It is difficult to have an “across-the-board” tax
cut without appearing to benefit the rich more
than others – that’s BECAUSE only the top 10%
of income earners (just one out of every 10
people) pay 71% of ALL taxes.

That doesn’t quite match the perception that
tax breaks benefit the rich more than others,
does it? Statistically, then, 71% of all tax cuts
“should” benefit the rich, right?

In fact, the “bottom 50%” – HALF of ALL taxpayers
COMBINED – pay LESS THAN 3% of all taxes.

Yet, when it comes to politics, perception
(not facts) is everything, so for that reason I do
believe the Bill that’s ultimately voted into law,
will provide direct, substantial and tangible
benefits to the middle-class and small-business
“masses.”

That’s just my opinion. We’ll all see about 30 days
from now. The House and Senate have agreed to
the goal of passing a “Tax Cuts and Jobs Act” by
Christmas.

Let’s, as a nation, all stay hopeful and agree to
each do our part in ending the constant bickering,
hatred, name-calling and divisiveness that is
tearing us apart.

The democratic system of compromise and
collaboration “for the good of the whole” has
served us well for some 241 years.

As I write this on the day after Thanksgiving,
I am thankful to God that we live in a country
where we can express our differences, and
agree to disagree, without letting our
differences divide us. Let’s not forget the
truism: “United we Stand; but Divided we Fall.”

Let’s all agree to not let this be the time we
rip it all apart. Democracy is not perfect.
But there is no form of governance that is
better.

As we move into the season of Christmas
and Hanukah can we agree to

– Let Hatred be downgraded to
Disagreement,
– Let Bitterness be replaced by
Understanding and Compromise,
– Let Judgement of Others become just
Awareness of our Differences,

We were not put on this planet to hate.
Let’s try to remember how to love.

May God Bless You and Your Business,
Ronald R. (‘Ron’) Mueller, MBA, Ph.D.

Author: HOMEPROFITCOACH

I have been marketing online for 24 years helping people do it right with education, and list building tools and procedures.