How the GOP Tax Bill Hurts Small Biz Owners (and What You Can Do) - Good Cents Bookkeeping, Inc.
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How the GOP Tax Bill Hurts Small Biz Owners (and What You Can Do)

TL;DR: Pick up the phone and call your reps in Congress, stat.

Phone booth

Photo: Leo Rommets

Well, it happened. The Senate and the House each passed versions of the GOP tax bill that is (rightly) inspiring fear and dread in many Americans. Now the House and the Senate are starting the reconciliation process, which means they’re going to figure out which provisions get tossed, amended and kept for the final bill.

It also means that the tax bill is not yet a done deal.

And until it is, we have the power to put pressure on our elected representatives to make sure it doesn’t become legislation.

Here’s why we should: it sucks for freelancers, solopreneurs and small business owners. According to a NY Times study of the effects of the Senate bill, “about 40 percent of households that itemize their deductions would pay more in 2018 under the Senate bill — in some cases a lot more.” Plus, the CBO estimates that healthcare costs will rise 10% due to the elimination of the individual mandate.

Small business aside, the bill REALLY sucks for poor people, teachers, nonprofits and those of us living in areas with already high taxes (Hellooooo Westchester NY!). And it definitely sucks for future generations, who will have to figure out how to pay off the $1 trillion deficit triggered by the tax plan.

So what can you do about it? First, find out how your senators and representatives voted. Then, call them, either to thank them for their vote or express your displeasure with the bill. You can get contact info for all your representatives at Call Your Rep. If you think it’s a good use of your time, call many reps. Call all of them. Send emails and faxes. Make your voice heard!

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