Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
The video below is about 1 hour and 26 minutes long, it is very informational. Please take the time to watch it as it is also educational.
So I just have to share my thoughts on this very topic as I keep seeing and hearing the argument from people who are not familiar in general business practice or even how businesses become a business…
Or how they always say that, “These are a ‘tax break’ for ‘big businesses’ only!”
First of all, let me say this… Big businesses used to start off small whether they started out as a corner store, mom and pop shop, out of your back yard, out of your garage, etc. This list can go on. The common logic approach, which I have noticed quite a lot is missing now-a-days, if these small businesses become more successful in what they do – they will grow bigger and eventually become a ‘big business’ that people tend to complain about.
And what do these small business that become a bigger business do? They provide job opportunities to everyone who just want to have a job, that do not have the drive or wish to be a business owner or to open, own and operate a business.
That’s why business owners are also called ‘entrepreneurs’.
This goes back to my prior blog about what types of businesses are out there: President Biden’s Economic Policies
These business owners take all the financial risk in their business throughout the lifetime of operating their business. What do I mean by financial risk? They usually use their OWN MONEY to fund their business. I mean usually, some other business owners would take out a business loan (but still they use their own money generated back from their business to pay that loan back).
So there are many tax laws provided by the Federal Government, State Governments and local County or City Governments which provide incentives for these business owners to start or have their business in said city or state.
One of many which I won’t get into because the Federal Tax laws are in a whole other field of their own… are business start up costs. A simple explanation of business start up costs you can peruse on your own below and in the link provided.
Now, lets talk about tax incentives… Many cities or states provide various tax incentives for businesses to come to their location. Why? So these specific businesses provide jobs and additional opportunities to people who live in these locations that the business is possibly looking to move to.
It benefits the local community as a whole if that particular business moves there because: 1 – They provide job opportunities to people locally, 2 – Can help the local community be revived if it is at a standstill, 3 – can actually help other businesses in the surrounding environment.
A couple of examples I have experienced directly.
So a small business can be any of the below (as indicated above from the IRS and ASQ)
Generally speaking, tax incentives are provided to all businesses regardless if the city or state wants that particular business to come to them (big OR small). And having these businesses come to the local areas (regardless if their big business or small business) these businesses and I will repeat this again…
It benefits the local community as a whole if that particular business moves there because: 1 – They provide job opportunities to people locally, 2 – Can help the local community be revived if it is at a standstill, 3 – can actually help other businesses in the surrounding environment.
I mean honestly, people who complain and moan about big business not paying taxes or have so many tax incentives do not realize the cause and effect of it all. How does it affect YOU personally? It does not. Why? Because you will usually pay the same amount of taxes almost each year.
These businesses pay a lot in taxes after the fact (AFTER) the tax incentives are passed their time – they usually have a set time frame of when tax incentives expire when the businesses takes off – become profitable, grows, etc.
So what does it matter to you if these businesses (small or big) don’t pay taxes now? The businesses will pay taxes later on and usually a hell of a lot more than you do as a person.
Another month before it is November again, 2021. So that is the trillion dollar question… What has the Biden Administration done for the United States of America since he has taken office since January 2021?
To quote the infamous line from ‘Spaceballs’ – “…Absolutely nothing…!”
However, he did keep his promise of undoing majority if not all of Trump Administration’s policies implemented from his prior administration. So I guess that is one thing the Biden Administration has done for USA. But that did not really help, now, did it? You will need to really tap into your critical thinking brain on this one.
Undoing the prior administration’s policies has basically hindered the progress of moving forward in bettering the USA’s economy, security, motivation, innovation, etc., etc.
Economy is hindered because there’s quite of bit of Americans still on unemployment. Why is that so? MANY companies are hiring but no one wants to work? Why? Get off your BS excuses and lazy asses people. Just get a PAYING job. Don’t you need your job to support your spending on $1000’s TVs or the newest smart phones or whatever else technology out there? And I find it ironic how many people are harping on saying “F*** capitalism” or “Protest capitalism”, but they’re so out of tune that all the products that they possess are the mere results of Capitalism…
I mean it is not just the material items that capitalism thrives on… It’s the providing of a good or a service. It’s two-pronged. You get a good in exchange because you yourself WANT it. You get a service because you yourself WANT it. What service? Well there’s restaurants, accountants, mechanics, engineers, architects, doctors, specialists, bars, therapy, massages, acupuncture, and the list goes on.
Security for the United States of America is hindered because apparently our southern border is open… still… IT was opened when Biden took office and did away with Trump Administration’s prior border policies. So there’s still huge influxes of illegal immigrants coming in. And I cannot harp on it again because it’s just so voluminous and utterly ridiculous of how the Southern border is being dealt with (or lack thereof). You can refer back to my prior blog back on March 13, 2021 – The Border Policy is out of hand…
Motivation is lacking for everyone. I don’t need to expand on that anymore with the above two explained.
Innovation may be hindered because of what may come out of the Biden Administration’s future policies… We are blasting back to the Stone Age everyone. Who knows…?
What the heck?
Please refer to my prior blog on what these life-long, “career politicians” are mentioning about ‘Building Back Better’… The Great Reset is becoming more prominent
I don’t find it shocking how some reporters in Australia are like, “….?” Our country, is an embarrassment to the entire “free world”.
Anhle.blog 