There are many reasons for the economic doldrums here in America. We have the
highest corporate tax rate in the world, nearly double that of the United Kingdom.
Spring Hill, TN (PRWEB) April 04, 2013
Robert Weil, a business owner in the Nashville area, thinks that businesses in the United States could be thriving, but two basic accounting rules keep this from happening. Having seen the effects of these two rules in his own businesses, Weil is now on a crusade to change the way business tax accounting is done.
He has been to Washington and met his local Congressman, but now he has taken his arguments to the Web for the whole world to see at http://www.SaveAmericanBusiness.org .
As Weil puts it, “American businesses are suffering. Unemployment is high, with no relief in sight. Manufacturing has all but left these shores. And all of this is unnecessary.
There are many reasons for the economic doldrums here in America. We have the highest corporate tax rate in the world, nearly double that of the United Kingdom. We have enough regulations to bind any business into an immobile knot. Business leaders are paralyzed by continual indecision in Washington, never knowing how to plan for the future. All of these are systemic problems that must be addressed over time through the painfully slow political process.
However, if we can start with changing two simple accounting rules, American business could once again be leading the world, unemployment would no longer be a problem, and manufacturing might actually begin to come back home.”
Is this some accounting trick, just moving numbers around to make the balance sheet look better? No. It’s a fundamental separation of tax accounting from financial
accounting, entailing the elimination of Depreciation and Cost of Goods Sold (COGS) from tax accounting. Those two components of existing tax accounting do more than anything else in the tax code to drive businesses out of business… and they never should have been a part of tax accounting to begin with.
The Save American Business website goes on to talk about the history of taxation in America, where the rules came from, spreadsheet examples, and some very common sense solutions to provide relief to companies while increasing revenue in Washington.
About Bob Weil, founder of SaveAmericanBusiness.com:
At the beginning of 1995, Bob Weil and his wife Julie started Visual Sound in their apartment. Since then, Visual Sound has become known as one of the premier guitar effects and power supply manufacturers in the world. The motto, “Real Tone for Real People”, perfectly articulates this Tennessee company’s philosophy. “My goal has always been to make the best products money can buy at a price the average musician can afford”, says Weil. Bob has used his own experience as a small-business owner to shape the thoughts and ideas for Save American Business.