Treasury Secretary Timothy Geithner told the House Small Business Committee Wednesday [June 22, 2011] that the Obama administration believes taxes on small business must increase so the administration does not have to "shrink the overall size of government programs."
The admnistration's plan to raise the tax rate on small businesses is part of its plan to raise taxes on Americans who make more than $250,000 per year -- including businesses that file taxes the same way individuals and families do." (more)
WE focus on local issues, but this item was too important to ignore. With big government's profound new interest in local affairs, the intentions of tax-happy limousine lizards in Washington D.C. will be reported from time to time.
Small businesses in Whatcom County should also brace for the federal government’s new “Patient Protection Affordable Care Act” regulations, that are profoundly unfriendly to “mom & pop” businesses. A quiet IRS Small Business advisory released on April 15 (a "tax-day" gift) explains that insurance coverage on family members employed by a business will not be eligible for "tax credit" calculations. Editorial note: the "Affordable Care Act" (ACA) - that's what's known as Obamacare.