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If you have ever thought about starting your business, do it now.
Don’t Talk It About It Any Longer. Here Is Why…
Why? Well, one reason is that it often takes less time to actually do it than to talk about it. Secondly, taking action and gaining momentum is the best way to increase your chances of success.
Plus, there are some huge Economic and tax reasons coming in 2011 that are going to make it far more difficult to get started.
The largest tax increase on small businesses and people in general is going to take effect in January. And when I do say huge, I mean increases by 25% in some cases or more. I have not heard much about it in the LameStream Media but it is coming.
This is the sunset of the Bush Tax reductions that helped get the economy back on its feet after 9-11 when we went into a temporary depression. Do you remember how bad that was? It got unemployment down to under 5% and raised overall tax revenues to the Treasury to the highest levels ever recorded. But that is not reported in the press.
Well, the logic with not continuing the tax reductions is much like leaving a baby on the rail road tracks when the train is coming and not doing anything about it. The Politicians are trying to say well, we did not put it there so it is not our fault and we are not going to take action. Just as assuredly as the tragedy that is predictable in that case is going to happen to small business start ups and to the Economy in general. This is not to mention the health care regulations and the Energy Tax bills and the new financial regulations that just passed. You are going to see financial fees go through the roof and credit to businesses dry up even more as well. Not to mention dividend taxes and as well as capital gains taxes.
What drives me nuts is that every single time the government lowers taxes, overall tax revenues increase. And every time when they raise taxes, the economy slows down and overall revenues decrease. This is beyond debate by the way. Anyone that says differently is saying your stupid by the way.
Dr. Arthur Laffer was one of the key proponents of tax cuts during the Regan years that helped create 30 million new jobs proved this with the Laffer Curve.
Think about it, when WalMart wants to make more money they have a sale, they don’t raise their prices. Duhhh.
Which is why the stimulus plan is a bust and has not worked at all. In fact, it has made things worse as the real unemployment rate is closer to 20% by many estimates. They quit counting those people that are no longer eligible for unemployment. In essence they are cooking the books. But you are smart and I am sure you already know that.
Did you know that 100% of the money in the stimulus plan went to Government Agencies? Not one cent went directly to small or medium sized businesses. Yea, the ones that actually create jobs.
Anyway, by raising taxes in January, it has the possibility of a train wreck caused by the Feds even worse than what they did to cause the Great Depression.
So, if you have ever thought about starting a business, do so now. Get going, talk to your accountant about the tax consequences of waiting or not waiting.
You can get a jump on things now before the storm hits. Owning your own business will at least give you some control over you own future and while everyone is running for cover, you can be making money. Because there where there is chaos, there is opportunity.