This week we talk about one of life’s two certainties: taxes. Specifically, we have a lively discussion about the recently-released Republican tax plan. In addition to covering the plan’s major points and some of its implications for taxpayers, we discuss the history of taxes, how taxes work today, and why size matters when talking about small businesses and tax reform.
Mentioned on the show:
The high-level version) of the Republican tax plan
If you prefer visuals, the NY Times outlines the plan in 6 charts)
A brief history of taxes) in the US
An IRS survey finds that 90% of Americans see paying taxes as a civic duty)
Part of understanding how tax reform will impact you involves knowing the difference between tax rates and tax brackets)
The impact of the plan on small business owners may depend on what we mean by small business), which can vary widely by industry
Bonus:
What do small business owners think of tax reform? It depends on who) you) ask.
A bit of a blast from the past: Greece illustrates one possible outcome of not having a strong tax-paying culture)
