Tax Us Entrepreneurs Less!

taxes-223x300People often think politics is just another topic you can choose to talk about, or to not to talk about – and that not talking about it will mean they don’t really affect you. Kind of like the weather (“Let’s not talk about the snow. Maybe it will disappear!”).

But of course, the snow never disappears just by not talking about it. The weather is always there impacting our lives. Same goes for politics. Like it or not, they impact our lives 24/7/365.

People who are self-employed often bear an extra-heavy burden from political decisions. In addition to all the regulation and taxation on our personal lives, there are measures in force on our business activity. A large amount of life insurance sales people have to deal with this double trouble because we form our own businesses to sell the product. Even when we are sole proprietors, the government is our partner. And not a very silent partner.

My home state of New Jersey has a reputation for being particularly onerous when it comes to taxing businesses. Unfortunately, it consistently lives up to this bad rap. Let me give you but one example.

Every year I get a bill from the authority that manages the unemployment insurance fund. This invoice represents the amount I owe them for my part of the interest they owe to the federal government. Why do they owe money to the federal government? Simply because they mismanaged the unemployment fund and had to go into debt to meet their obligations.

To be clear: they impose an unemployment insurance tax on us business owners. They then mishandle the hard-earned money they force us to give them. They then borrow money from the federal government and force us to pay the interest. And of course, they liberalize benefits in the meantime so even more money has to be paid out/collected/borrowed.

Since when did the government go into the unemployment insurance business? Why is there no penalty imposed on them when they mess up? Are government personnel protected from layoffs? Can nobody get fired for violating the public trust?

It really takes some nerve to go back to the people you are exploiting for your social services and makes them pay the price for your mistakes. Don’t you think?

And you know the worst of it is? If I could give less money to the wasteful and useless government bureacracy, I would have more money to market my life insurance services to people that need coverage.

You can’t handicap a business with an unnecessary tax burden and expect it to thrive. Hear that, Trenton? Hear that, Washington?

Please feel free to comment, or to contact me directly with a specific question.

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