Despite growing support for raising the minimum wage, Congress has yet to even vote on legislation that would raise the federal minimum wage to $10.10 and index it to the cost of living. As a result, many states are taking matters into their own hands. In fact, a whopping 34 states considered increases to their state’s minimum wage during 2014 legislative sessions. What’s more, 11 states and D.C.–Connecticut, Maryland, Michigan, Minnesota and West Virginia to name a few–have all enacted minimum wage increases this year. If you believe the hype surrounding raising the wage, this should put small businesses in these states out of business, right? Wrong. Continue reading
Some work has been done recently to address tax loopholes for large corporations, such as the notorious corporate tax inversions, which put small businesses at a disadvantage, but more needs to be done to help level the playing field for small businesses.
Small business owners across the country are putting countless hours into their companies, working hard to sustain and grow their businesses and with them, our economy. While the success of small businesses is key to our full economic recovery, the path to economic stability is threatened when a select few are given special tax treatment. Continue reading