Many of the federal regulatory and tax laws include a “small business exemption” - politicians displaying an aversion to crippling a politically powerful constituency.  Often this is done by a cap - “This law will not apply to businesses having net annual sales less than some amount.”  Years ago, I saw one consequence of this law in the organization of the US scrap industry.  A prospering scrap firm would approach the cap ceiling and re-organize into two smaller businesses — sometimes…

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