My assessment from last month that any chance that we will see a major overhaul in our tax system is fading fast looks to be coming true. The NFIB, a major lobbyist for small businesses, unveiled their legislative agenda this week. Their focus on taxes will be on "simplification" and tax reductions--but, no major tax reform. I assume that they decided to take what they thought they could get on taxes out of the second Bush term.
The wasted, non-productive expenses that small businesses must face to comply with the current tax code will not be changing any time soon. We should have seen this coming. The tax compliance industry is large and powerful and true tax reform is not a major concern of corporate America, so once again their interests will prevail.
Neither party has entrepreneurs at the top of their concerns. Given the role that entrepreneurs are playing in our economic growth, their misguided priorities should be a concern for all of us.
