A Treasury Department report has some interesting findings regarding the benefits of the Trump tax cuts, which are discussed at length in this editorial from Investor’s Business Daily. Here’s what we think about it.
History shows that when U.S. citizens and business owners pay lower tax rates, the federal government collects more revenue. Apparently, keeping more money in the private sector allows for more business growth, more wages, and more innovation. This, in turn, provides the government with more tax revenues since more money is being created in our economy.
Lower tax rates are only part of the equation for business owners to keep more cash available for their operations and growth. Even with the new Trump tax laws, the complexity of our tax regime is still incredible. Make sure your business is helping our economy grow while achieving your greatest potential. Make certain that you are only paying the taxes that you are legally required to, and not a penny more. Every dollar saved in taxes is another dollar available to invest in growing your business! Let’s all work together to grow our economy. After all, it’s our civic duty!
Is your business achieving its full potential under the new tax laws?
Our team of professional accountants has more than 200 years of combined experience in the areas of accounting, tax, business management, and finance. Whether you are starting a new business, need to get caught up with years of neglected books and/or taxes, need help taking your business to the next level, or are an established business looking to improve profitability, we are the team to get you there!