For quite some time I have suspected that our own government is making policies that specifically target small business owners and by extension the entire middle class in America. I have written several posts on the subject but now I believe the question is mute: OF COURSE they're going after small businesses because , well, outside of the wafer-thin population of uber-wealthy, that's where the money is!
"The IRS will go after small business. There will be more audits, more penetration of small business, putting them on the block there to answer for their earnings.”
Increased tax enforcement and aggressive collections are the hallmark of empires in decline. One needs to read but a small sliver of historical accounts to understand this is exactly what regimes in the throes of death tend to do.
"French tax collectors had the authority to walk right into people’s homes unannounced, conduct surprise inspections to look for hidden wealth, and walk away with whatever money or property they felt would satisfy the peasant’s tax bill.
This is actually a pretty common theme throughout history: governments that are on the ropes routinely resort to plundering the savings of their citizens."
We might not be quite at that point yet but, if we don't watch where were going that is exactly where we'll end up.
"Several ancient Roman emperors, in fact, from Diocletian to Valentinian III, famously sent ruthless tax collectors to harass their citizens and steal their wealth. Several ancient Chinese dynasties did the same thing. So did the declining Ottoman Empire.
Significantly ramping up tax collection efforts is typically a hallmark of an economy and empire in decline."
The details are being adjusted by the state bean counters now and, because they have the authority thanks to the tie-breaking vote of the Vice President Kamala Harris in the Senate, I expect more bad news about this, much more.
"Proponents of the bill suggest that, in addition to the new tax code changes, a bulkier IRS will bring in an additional $124 billion annually through enforcement efforts."
I am also a small business owner and my entire business model depends on a well- functioning and growing small business environment. I have plenty of skin in this game and it is my hope and prayer that we can weather this coming storm together.
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