The first 2012 Presidential debate will take place on Wednesday, and this time it will be focused on domestic policy. One of the most important domestic issues right now is the “Fiscal Cliff” and tax reform that is long overdue. I highly recommend you read through CCH’s outline of the tax policies of each candidate before Wednesday’s big event. It was released back on 9/11/12 and provides great analysis that is easy to follow even if you are not a tax professional.
While actual tax reform will likely require a lot of compromise from both parties, it is good to have an understanding of both platforms, as ideas from each could end of shaping eventual reform in 2013 and beyond.
My guess is that most small business owners are a bit apathetic this election cycle, as we all know that some form of tax increase is just around the corner regardless of who wins the election. After all, it is very likely that the 2% payroll tax holiday will be left to expire at the end of the year, and many high income taxpayers will have to starting paying the additional Medicare taxes resulting from the Health Care reform that the Supreme Court upheld in June.
Personally, I am a bit of a skeptic, as politicians have avoided substantial tax reform for years. In fact, right now I am more interested in what Caleb Porter will bring to the Portland Timbers in 2013. Tax increases will be a little easier to take if we make it to the playoffs next year. #RCTID