How would you like a tax cut? Will that help your business? I’m sure a tax break would help a lot of people, but the tax cuts that are making the most news are the tax cuts that could be coming to an end.
The tax cuts that were created under George W. Bush’s presidency are set to expire on Jan. 1. If the Obama Administration has its way, that expiration date will come and go without renewing those cuts. Republicans, business leaders and some economists are saying that letting those cuts expire would be dangerous in this economy. Taxing businesses would mean companies will stop spending on hiring.
But President Obama doesn’t want to do away with those tax cuts altogether. The tax cuts would still remain in place for individuals making under $200,000 and families making less than $250,000. The argument is that the tax scale will even out, allowing some people to start paying their fair share.
Where are you on the debate? As a business owner, would allowing these tax cuts to expire be a detriment on your business? Or would it have no impact at all? Let us know.