Uncle Sam Digs Deeply in Your Pockets as Federal Government’s Tax-take Hits All-time High
(PRWEB) October 22, 2014 -- A recent report in the Washington Times, “Federal government’s tax-take hits all-time high” published October 15, 2014 by Stephen Dinan , discusses the record amount of taxes collected 2014. The article notes that individual taxes rose six percent and corporate-income taxes, which are the best indicator of a business recovery, leapt 17 percent. The federal government's income jumps by over 20% and this is supposedly attributed to 6% increases in personal taxes and 17% increases in corporate income taxes, but these numbers just don't add up. Where is the government getting the difference? Newsflash, they are getting it from the private sector, from taxpayers, and in short, from us.
US Treasury Secretary Jacob Lew was very pleased with the numbers, saying Mr. Obama’s success in hiking taxes helped spur the better news. While the numbers sound good for those concerned about the deficit, the simple fact remains that the reduction was not due to cost cutting as spending has been flat at $3.5 trillion and we are still running a significant deficit of $483 billion.
While some are celebrating this as a sign of a strengthening U.S. economy, others point to the fact that the increase in revenue is because people are paying more in taxes, and these types of tax increases are unsustainable.
“I do not necessarily think this is something to celebrate," said Anderson Business Advisor’s Toby Mathis, author of Taxwise Business Ownership. “The US is still one of the worst taxing jurisdictions in the world. It will be hard to have a robust and sustainable economic recovery until this is addressed."
In this tax environment all businesses and business owners should look to minimize their tax burden. Many of the strategies employed by big companies are available to everyone, but many do not have the resources to take advantage of these techniques. Not everyone can afford to hire a team of lawyers, financial planners, and tax accountants. That is where Anderson Business Advisors can help. Our team specializes in structuring for small and medium sized businesses, minimizing legal and tax implications.
About Anderson Business Advisors
Anderson Business Advisors, with offices in both Seattle and Las Vegas, is a business planning and consulting firm focusing on providing high-quality services and resources to real estate investors, stock traders, and business owners. Our consultants consist of attorneys and planners who travel nationwide to speak at conferences and seminars on subject matters concerning asset protection, taxes, and business planning. Contact us at 1.800.706.4741.
Steve Pellegrino, Anderson Business Advisors, http://www.andersonadvisors.com, +1 888.969.2677 Ext: 211, [email protected]
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