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¶ … taxes that could be levied on small business owners, there are several considerations that need to be made. One is with respect to the sources of income. It will be assumed that most small businesses deal with consumers as their main source of income, and either produce and sell goods or simply sell them. A tax could be applied either at the production level (manufacturing or excise tax) or at the income level (IRS, 2008). It is assumed that property owners pay taxes based on the value of their property. However, if we assume an environment of high property turnover, a sales tax on property could be considered in addition to a percentage property tax. Local shops could have a sales tax applied to them, but they could also (along with small businesses) have a tax levied on their profits (increase the corporate tax or add a corporate surtax). Thus, the three taxes suggested are an excise tax, a property sales tax and an increase in the corporate tax.
To minimize the impact on business and property owners, the tax should be one that they can apply at the consumer level. An excise tax raises the cost of goods, whereas a sales tax does the same thing but forces the consumer to pay. A property sales tax would already be applied at the consumer level.
As a citizen, I will not necessary see benefit from these taxes -- it depends on what the taxes are used for. With regards to paying other taxes, I am only concerned with my total tax burden. Shifting taxes from one type to another, if it for me is tax neutral, is irrelevant. I would prefer that my taxes are reduced overall, and if these taxes facilitate that, then I would prefer them.
Works Cited:
IRS. (2008). Business taxes. Internal Revenue Service. Retrieved February 11, 2010 from http://www.irs.gov/businesses/small/article/0,,id=98966,00.html
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