Goodbye Overregulation, Hello Small Business Growth
Liberty Tax CEO anticipates positive change for business owners and the economy with incoming Trump Administration
VIRGINIA BEACH, VA - (Marketwired) - January 17, 2017 - Liberty Tax Service, a leading tax preparation franchise, eagerly anticipates the inauguration of our nation's 45th president and the change he has promised to bring to reduce government regulation. With more than 4,400 offices in the U.S and Canada, Liberty Tax Service is invested in the health and welfare of small business and believes that a reduction in government regulation will be a catalyst for small business.
"Small businesses, the engine of American growth, have been strangled since 2008," CEO John T. Hewitt writes in his book iCompete: How My Extraordinary Strategy for Winning Can Be Yours. "The big guy, in the form of government overregulation, has squashed growth. Even the businesses that have held on are facing adversity after adversity, being crushed by the suits in Washington, D.C."
Liberty Tax Service believes that President-elect Donald Trump's experience as a businessman who has wrestled first-hand with government overregulation will make him more attuned to the voices of small business owners. Mr. Trump's business background gives him a better understanding than many on Capitol Hill of how well-intentioned legislation can create problems for our nation's economy.
A perfect example will unfold this year when the income tax refund delay mandated by the PATH Act takes effect. The law says that taxpayers receiving the Earned Income Tax Credit or the Additional Child Tax Credit cannot be issued a refund before Feb. 15. The law was created to reduce fraud and save taxpayers billions.
Liberty Tax Service understands the law's good intention, but the company is concerned that taxpayers most in need - those with low and moderate income -- will not have access to much needed tax refund money until late in February. The refund check is the biggest check many of these households receive during the year, and a delay may upset their budgets, causing some to forgo rent payments or reduce spending on the groceries they may need to feed their families.
Liberty Tax Service is always ready to work with the government to find solutions that assist businesses and individuals. The company is an active participant in the IRS Security Summit, which has put forth ideas and procedures to help reduce income tax fraud.
Liberty Tax Service is eager to witness the change that will take place with the new administration and to partner, where needed, in creating effective solutions that spur growth in the nation's economy.
About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises. Last year Liberty Tax prepared over two million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 22,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
SOURCE Liberty Tax, Inc.
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Liberty Tax Service