By Katie Kieffer
Small business entrepreneurs, listen to me. You are the fuel of our economy. You provide jobs. Real jobs, not paper-pushing tax collector jobs or busy-body federal regulator jobs. You dream big and your dreams become job-cranking innovations, like iPhones, while your public-sector peers dream of ways to tax your profits and restrict your growth.
Last week, I partnered with Charles Eide and Michael Danielson of Forever Films to produce a film that showcases the value of entrepreneurship. Here is the introductory sizzle reel, and the full show featuring three amazing young entrepreneurs will follow shortly. Turn your volume up and expand the video full-screen for maximum impact:
Some small business owners are latching onto Obamacare’s promised “tax credits for small businesses with under 25 employees” and mistakenly assuming that Obamacare is pro-small business. Obamacare will benefit you, if you don’t mind to setting limits on your corporate growth. But, if you are like most entrepreneurs who work for themselves because they want to push toward limitless income and growth potential, Obamacare will cramp your style.
The good news is that, as taxpayers, innovators and job creators, you are in the driver’s seat. The government needs to listen to what you want in order for the U.S. to shrug off recession and revamp the labor market.
Small business owners, now more than ever, need to come together and voice concern over the ways that Obamacare will restrict their income and growth potential. Consider these key points raised by David Hogberg from Investors.com:
Obamacare means limited income potential for small business owners
Envision yourself buying a plane someday? Sailing the world in your private yacht? Starting a foundation for disadvantaged children? These are reasonable goals of entrepreneurs who work hard in capitalist America, but impractical daydreams in the land of Obamacare.
If you have dreams that require making more than $250,000 a year, you may want to think again under Obamacare. Hogberg points out:
“You will have to pay an additional 0.5% payroll tax on any dollar you make over $250,000 if you file a joint return and $200,000 if you file an individual return. What? You think you know how to spend the money you earned better than the government? Tough. (Section 9015).
That amount will rise to a 3.8% tax if reconciliation passes. It will also apply to investment income, estates, and trusts. You think you know how to spend the money you earned better than the government? Like you need to ask. (Section 1402).”
Obamacare restricts your corporate growth
Have you ever envisioned expanding your company nationally or even internationally? Have you dreamed of becoming the “world’s best” in your niche? Obamacare shatters these entrepreneurial visions to pieces too. Essentially, Obamacare demotivates small businesses and entrepreneurs from growing “too big” or becoming “too successful.”
Obamacare fines large businesses (a “large” business is one with more than 50 employees) and rewards small businesses with tax incentives. This structure is a slap in the face to hard-working entrepreneurs who could take their businesses to the next level, and consequently create more jobs, but don’t want to pay a penalty or lose a tax break.
The Minnesota Chamber of Commerce‘s recent “Business Barometer Survey” indicated that 61 percent of businesses surveyed considered Minnesota’s high taxes to be “the biggest barrier to creating jobs in the state.” This indicates that your fellow small business owners likely feel the same way you do, and you could have collective strength in lobbying for a healthy business climate.
Exercise your right to free speech and let your elected officials know that you resent the current Administration’s arrogant attempt to control and tax small business growth with Obamacare. You need to show your elected officials and public-sector peers that “for-profit” is not synonymous with evil or greed. You need to tell your stories of small business struggle and success so your fellow Americans understand that capitalism is the key to freedom, prosperity and opportunity whereas socialism begets bondage, poverty and restriction.
Grab your fellow entrepreneurs and local Chamber of Commerce leaders and stand up for your rights to “liberty” and the “pursuit of happiness” in America, which entail the opportunity to create your own destiny and set your own income level through hard work in a free market system. Collectively, you will bring yourselves closer to achieving the American Dream and building your own corner offices.
Watch out bureaucrats, small businesses are gon’ run this town again.