NFIB Tells Senate Finance that Tax Reform Must Start with Small Business

Source: National Federation of Independent Business (NFIB)

Washington, D.C. - September 22, 2017 (The Ponder News) -- The National Federation of Independent Business (NFIB) told the Senate Finance Committee today that no small business should pay a higher tax rate than large corporations and that every small business should pay less to the IRS under tax reform.

“Tax reform starts with small business,” said NFIB President and CEO Juanita Duggan. “Small businesses should not pay a higher tax rate than large corporations, which would put them at a competitive disadvantage. No small business should pay a higher tax rate than they do currently, and tax reform should result in a tax code that makes it easier for small businesses to comply.”

The Senate Finance Committee held a hearing this morning on business tax reform. Duggan’s testimony underscored the point that tax reform is the number-one priority for American small businesses.

“According to NFIB research, five of the top 10 concerns for small businesses relate to federal taxes,” she said. “Tax reform has the potential to unlock years of stagnant growth and income for small business. Given that small businesses account for nearly half of the gross domestic product (GDP) and private-sector workforce, and create two out of every three net new jobs, the U.S. economy will not reach its full potential for growth without a robust and flourishing small business sector.

“If the purpose of tax reform is to jumpstart the economy and create jobs, then tax reform must start with small business,” she continued.

NFIB has long sought tax reform for small business and has been calling on policymakers to make small businesses the center of tax reform.