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Originally Posted by Derek123
I hear this a lot but never any more detail. What are the regulations that hurt businesses so much? Environmental? Sec? What else?
I can't speak to big business, but there are certain things about how the tax code handles inventory based businesses that make it extremely difficult to grow/scale without being in a major cash crunch. For instance, I would have already hired someone this year in the USA in my business if it wasn't for inventory on hand being treated the same as cash in my bank account (asset vs a liability), but I can't because I need the money to fund future manufacturing and pay taxes. I cannot pay uncle sam in physical product.
Also, there is a lot of red tape around devices that can be construed in any way as "medical." The FDA is a huge money grab with little actual oversight until something goes wrong. You can register and pay them their 4k per year and they begin to leave you alone, at least as far as customs/border control is concerned. But then if you want to try to get something actually approved or licensed in the proper way, it costs 5 or 6 figures and 2-3 years. Keep in mind, I'm not talking about ingestible drugs here, I'm talking about very simple household OTC products. If you want to actually take insurance reimbursements for these types of products, that is a whole other can of worms that you need lawyers for and full time staff to handle the paperwork, and oh by the way, each state has their own set of regulations surrounding the distribution of those products.
These were probably well intentioned laws, but how it works in reality is just FUBAR. People on the left and the right both talk about wanting to help small business, but it feels like they've never actually talked to anyone who has run a small business.
my 2 cents.