One such policy, in our
opinion, would be compre
hensive business tax reform.
Americans spend 6. 1 billion
hours a year preparing tax
returns, according to the
Taxpayer Advocate Service.
For entrepreneurs, whose
most precious resource is time,
this is especially egregious. And since many of Inc.’s
readers are taxed through LLCs or S corporations,
at marginal rates as high as 39. 6 percent, taxes loom
far larger than they should in business decisions.
Congress has a plan that addresses both prob
lems, one that vastly simplifes the business tax code
and lowers the rate on unincorporated businesses
to 25 percent. The plan—to replace today’s business
income tax with a radically new regime called a
destinationbased cash fow tax—faces a hard legis
lative slog, to be sure. But to us at Inc., it seems like
a good start.
We’re also largely in favor of regulatory relief.
Every owner has struggled with soulsapping rules
penned by bureaucrats long dead to achieve ends
long forgotten, or that were cynically designed by
established businesses to stife challengers. For one
example, see David Whitford’s feature, “The Repair
Men” (page 76), about $21 million iFixit, which is
fghting $216 billion Apple for “right to repair” laws
in eight states. Regulatory rollback is all the rage
in Washington now, and—with the caveat that not
every regulation is stacked against small business—
we’re generally supportive. Note to deregulators:
For a survey of achievable strategies that truly help
entrepreneurs, I recommend Leigh Buchanan’s
“Taming the Beast,” from the July/August 2016 issue.
Finally, we support extending access to entrepre
neurship to all who have the guts to give it an honest
go, regardless of gender, race, religion, or where they
or their parents were born. Research has repeatedly
demonstrated a strong link between immigration and
the entrepreneurial urge. For anecdotal evidence,
consider this month’s cover story, “A Day in the Life”
(page 20): Of the eight companies featured, fve were
founded or cofounded by a child of immigrants. The
contention that immigrants harm the economy is not
remotely borne out in Inc.’s nearly 40 years of experi
ence. Until that changes, policies that discourage the
world’s best minds from coming here will fnd no
support in these pages.
KNOW, I KNOW: YOU CAN’T GET THROUGH the Oscars or the Super Bowl or even your
Facebook feed without having to watch people take a stand politically. If you hoped
to escape that here—well, I hate to disappoint. I’m about to tell you where Inc. stands.
This has nothing to do with the Inc. staf’s personal persuasions. Like our readers,
we cover the spectrum. What we all share, however, is a belief in our mission to
help entrepreneurs like you succeed no matter what stage of growth you’re in. Any
policy out of Washington that furthers that mission can count on Inc.’s support.
Eric Schurenberg email@example.com
EDITOR’S LETTER 10 - INC. - APRIL 2017