Business owner believes tax code is anti-business
To the editor:
Alhough I do not know how I will personally vote when it comes to the Akron income tax increase issue that will appear on the upcoming ballot, as I have not yet seen the detail on where the money is needed, I do know that businesses in Akron already pay an income tax rate effectively higher than the 2.25 percent current tax levy.
The city of Akron has a tax code that requires the addition of income taxes paid to other entities (state and federal) back to net income prior to multiplying the net income by the 2.25 percent rate.
The city of Akron is, in essence, taxing taxes already paid to others.
My tax rate, when having to add back other income taxes paid (legitimate business expenses), came out to 2.53 percent for tax year 2005.
This is an anti-business tax code that should be corrected.
Tim Miller, president, Insurance Service Agency Inc., Akron, and chairman, Akron Area Action Council of the National Federation of Independent Business