Want to kill businesses? Add more taxes!

During an election year, one of the common themes we hear from those campaigning is how we're going to stick it to big naughty businesses. Let's make them pay more taxes. They shouldn't have big profits! Let's take those profits away! What the politicians (and their supporters) fail to realize is that businesses are the backbone of our economy. Without businesses, we have no food on our tables and no homes in which to live. Without businesses, there are no jobs for people to earn a living.

When taxes are levied on businesses, someone has to pay. And ultimately the consumer pays with an increased price for goods and services. We want to encourage more businesses to open and expand, but if they are constantly threatened with increased taxes, it may take away the incentive for someone to invest money and take a chance on opening a business.

But that's not stopping politicians from increasing taxes all over the place. Take Cook County, Illinois. The County Board has voted to double the county sales tax to 1.75%. When added to the city sales tax, the total sales tax in Chicago is 10.25%. Can you believe that?

Where does all this money go? I'm tired of politicians spending taxpayers' money as if it's unlimited. Instead of trying to find ways to spend more of our money, politicians need to be looking for a way to cut costs and give back the money that rightfully belongs to their constituents.

Let me hear what you think.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
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