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I like your reply. I have a question though, how do we fix the tax policy and how do we make it easier to start a small business?

ajsnigrutin 5y ago
Tax policy, i have no idea... there was a newsstory here about a globally minimum 15% income tax here, that would probably solve many things. I'm not a tax lawyer, but "there surely has to be a way" (hopefully) to collect tax where the money is earned, and not where it's "moved". I'm not sure about US laws, but here in slovenia, there are a bunch of bureaucratic requirements, things that need to be paid, taxes that have to be paid, even if you just started a business and literally earned zero money. Taxes, pension and health insurance are theoretically defined as percentages of earned money, but have hard minimum set in, so if you earn very little money the first few months, they can be higher than the money earned. Just to start a business, you have to register it's location, and if you live in an apartment building, you need permission from all your neighbours (even if you're a programmer, or even a construction worker (= don't work at home)), and one grumpy neighbour means you need to rent out a place. Permits for regulated businesses are also expensive. There is also no "soft-start" for going to unemployment to a business owner... if you're unemployed, you get some money (social benefits). Want to start a business.. let's say translation (just need a laptop), you immediately lose all benefits, and have to pay ~400eur per month minimum for health and pension insurance, even if you earned zero money that month. Fail, and want to close the business? You might not even get unemployment/social benefits, because you didn't get fired but closed it yourself. Want to do a one-time job (eg. unemployed and someone wants to pay you to paint their house)... impossible to do here. I've been watching louis rossman a lot, and he has more us-specifc complaints: https://www.youtube.com/watch?v=5oDjSoic9Zk https://www.youtube.com/watch?v=5oDjSoic9Zk
piker 5y ago
Maybe zero corporate tax and ordinary income tax on dividends and capital gains. That would put mom and pop [on][near] the same footing as shareholders of public companies.

ajsnigrutin 5y ago

Tax policy, i have no idea... there was a newsstory here about a globally minimum 15% income tax here, that would probably solve many things. I'm not a tax lawyer, but "there surely has to be a way" (hopefully) to collect tax where the money is earned, and not where it's "moved". I'm not sure about US laws, but here in slovenia, there are a bunch of bureaucratic requirements, things that need to be paid, taxes that have to be paid, even if you just started a business and literally earned zero money. Taxes, pension and health insurance are theoretically defined as percentages of earned money, but have hard minimum set in, so if you earn very little money the first few months, they can be higher than the money earned. Just to start a business, you have to register it's location, and if you live in an apartment building, you need permission from all your neighbours (even if you're a programmer, or even a construction worker (= don't work at home)), and one grumpy neighbour means you need to rent out a place. Permits for regulated businesses are also expensive. There is also no "soft-start" for going to unemployment to a business owner... if you're unemployed, you get some money (social benefits). Want to start a business.. let's say translation (just need a laptop), you immediately lose all benefits, and have to pay ~400eur per month minimum for health and pension insurance, even if you earned zero money that month. Fail, and want to close the business? You might not even get unemployment/social benefits, because you didn't get fired but closed it yourself. Want to do a one-time job (eg. unemployed and someone wants to pay you to paint their house)... impossible to do here. I've been watching louis rossman a lot, and he has more us-specifc complaints: https://www.youtube.com/watch?v=5oDjSoic9Zk https://www.youtube.com/watch?v=5oDjSoic9Zk

piker 5y ago

Maybe zero corporate tax and ordinary income tax on dividends and capital gains. That would put mom and pop [on][near] the same footing as shareholders of public companies.