Ask any employee of an established small or medium sized family business what they would do if the owner closed down and then decide on your next step very carefully.
In my experience, owners of smaller businesses typically with $1- $3 million in annual sales generally have 10-20 employees. Theses smaller companies, many of which have been running successfully for 30 years or more, are seriously considering shutting down and each one will be putting 10-20 families at risk.
All you will accomplish with the proposed tax plan is to give them no choice and a convenient excuse to do so.
What we should be doing as a responsible community, is to find ways to keep their doors open. We need them to grow their companies, hire more people and successfully transition the business to new younger owners.
You are running down a dead end road and nobody will benefit.
Finally, you have forgotten that you work for us. This is not a dictatorship. The boomer aged owners of established businesses built this country over the past 5 decades. My guess is they will not let you destroy all their hard work.
Your pledge during the election was to tax the 1%. Success in small businesses comes from saying what you do and doing what you say.
Advocate for family businesses, Eric Gilboord
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I will consider all serious requests for writing, interviews or speaking engagements to discuss this subject in more detail.
NOTE: My subject matter expertise is NOT financial matters. I will speak or write on the impact of this proposed legislation on business owners and employees.
Thank you, Eric Gilboord