OPINION — As war rages in the Middle East and the crisis in the Strait of Hormuz puts unprecedented strain on the global oil industry, American small businesses are at the mercy of the government’s inaction regarding domestic policies.
The crisis our small businesses are facing due to policymakers’ negligence is not bad luck, rather, it is the fallout from years of flawed policy. Tools have existed for years to mitigate the oil shock affecting the world, and what we are witnessing was preventable.
For years, the Internal Revenue Service has worked to undermine Section 831(b) of the Tax Code. Heavy-handed regulations have effectively gutted the tool that could have safeguarded small businesses during times of crisis.
