Small businesses are struggling to stay afloat in our nation. We are taxed to death and with rising costs of goods, utilities, and interest rates, it’s becoming harder to give employees raises and remain competitive.
I think if not ended, self employment tax should be reduced to just the “employee portion” of 7.65%. I am a CPA and I have seen that many small business owners cannot afford the full 15.3% self employment tax on top of their federal and state income tax.
Many of them can’t afford it and owe the IRS back taxes because they can’t afford their living expenses/a roof over their heads and the hefty self employment tax. I understand that they are their own employer but they are being buried in taxes by working for themselves. They should be allowed a reduction in this tax.