2012 – You’re Dead To Me… Part Three – You Didn’t Build That!
January 19, 2013 Leave a comment
The Tampa Bay Times Thursday July 26th, 2012 issue, posted this front page headlines…
“Tampa businesses criticize Obama at Romney event, but live off government work.”
If it takes you 25 years of sweat equity running a small business to make it into the 1% don’t you think there should be a waiver from the Obama administration on his tax on everyone who makes $250,000 or more?
President Obama is disingenuous when he says he is championing small business and the middle class. Most small business owners are Sole Proprietors, Limited Liability Corps (LLCs) or Sub S Corps. I own a Sub S Corp. President Obama knows the challenges I face. He is counting on you, the voter, to lump small business owners like me into his campaign to denigrate the high income earners in this country.
The current path for our country includes tax increases and a tidal wave of more than 4,100 new federal regulations with a calculated cost of a half-billion dollars. This is a reality looming in Washington that has not been pushed to the forefront of discussion as “pending” under the current administration. It is impractical to think that businesses large or small can continue to hire employees without some semblance of predictability on taxes and regulations.
Small Businesses – Over Regulated? Thousands of Community Banks a.k.a Small Businesses May Disappear!
Many community banks and credit unions are small businesses too and are subject to the same laws and regulations facing big banks. The Feds have closed down 10 of our FI customers, costing them their jobs and costing us hundreds of thousands of dollars in lost revenues. Speaking to many of our contacts at these FIs, most closing could have been avoided.
According to several of these sources, the Feds come in at the end of business day, Friday and take over the bank. One source, described it similar to be treated as a criminal as she was forced to stand outside her cubicle while they accessed her PC. She was kept there until after midnight.
Recently, an expert on financial services stated “there will be no de novo (startups) financial institutions due to the steep financial requirement and regulations.”
As the number of community banks and credit unions shrink we are forced to seek new markets. An added burden to already burdensome economic conditions. While the Obama administration panders to big business, big union and advocates big government, small businesses continue to bear the brunt of over regulation.
This is the official government “fair warning” website regulations.gov. Be afraid! Be very afraid!