Can a discussion of the federal deficit, now in excess of $15 trillion, be separated from a discussion on taxes? Of course not! Therefore, taxes will continue to be an important topic on the federal level because of the dichotomy between raising taxes to address deficit concerns vs. keeping taxes low to help create jobs and improve the economy.
Which will win out in 2012? Much depends on what happens in the November elections. Until then, however, there are some important trends in taxes worth noting:
1. Taxes will remain a political football. The wrangling in the Super Committee, which failed to reach a consensus by the November 23, 2011, deadline, demonstrates the ongoing political nature of taxes. As a general rule, Republicans are against raising taxes, while Democrats want to raise taxes on the so-called wealthy (many of whom are small business owners). This acrimony is not likely to disappear.
To read the full, original article click on this link: Top 10 Small Business Tax Trends for 2012
