Dr Jeff Cornwall

The Entrepreneurial Mind is the blog of Belmont University instructor Dr. Jeff Cornwall.

Dr Jeff Cornwall - The Entrepreneurial Mind is the blog of Belmont University instructor Dr. Jeff Cornwall.

Same Wrong Answer

Once again we hear from Washington the same solution they seem to have for any and every economic issue — more debt.

This time the problem that they debt solution is being applied to is small business exports.  In a report just released by the Office of Advocacy of the SBA we are told that if only we could make more debt available to small businesses they would be able to export more products outside the US.  The study says that smaller small businesses are in particular need for more governmental help with credit. Continue reading

Small Business will Take a Hit from HIT

There is a move to repeal a major new tax, called the health insurance tax (HIT), which is a key part of ObamaCare.

From the NFIB:

The tax begins at $8 billion in 2014, rises to $14.3 billion by 2018 and continues to increase. In effect, the HIT will ultimately pass along $87 billion in costs to businesses and their employees in the first 10 years. This will force the private sector to shed 125,000 to 249,000 jobs between now and 2021, according to an NFIB study, with more than half of those losses falling on small businesses.

Let your representative and senators know that you support the repeal of HIT.  Bills to do so have been introduced in both houses of congress.

 

Beware of Misdirection When it Comes to Tax Increases

So why are we hearing all the attention being paid to taxing those making over $250,000 in the current debate over how to increase revenues to the government?

We are told that it is part of Pres. Obama’s “Buffett Rule” that increases taxes on a mythical group of super-rich people, many of whom we are being told are more than happy to pay more taxes since they are so wealthy.

We are also told that this is “only” 2% of the tax paying population.  While that is true — well actually they are 1.8% of tax payers to be exact — we are still looking at increasing taxes on over 2.5 million people according to IRS data.

Continue reading

Now What?

I have been relatively quiet about this past election.  Why?  I really did not believe that the outcome would be that different on its impact on small business no matter which of the two parties won.

While there may have been some differences in the pace of policy change and in how it is implemented, both major parties in this country fundamentally believe that an activist approach to the economy is the proper approach.  Both parties talk about “managing” and “fixing” the economy, and “helping” business owners. Continue reading