www.NFIB.com
For Immediate Release
Jack Mozloom, 202-406-4450 or 609-462-5610 (cell)
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Follow @JackMozNFIB on Twitter
Small Business: Tax Day a Reminder that Reform is Overdue
National Federation of Independent Business (NFIB) urges Congress and the President to not let another Tax Day pass without reforming the system
Washington, DC (April 14, 2015) – According to the IRS the average small business now must devote 24 hours and pay more than $400 just to prepare and pay its federal taxes, due tomorrow. That cost is the result of bewildering complexity in an IRS Code that has grown from 30,000 pages in 1986, the last time it was reformed, to more than 70,000 pages today. Clearly, it’s time for reform, says the National Federation of Independent Business (NFIB).
“High tax rates are a burden on small business and the cost of compliance gets bigger every year as the tax code gets more complicated,” said NFIB President and CEO Dan Danner.
NFIB represents hundreds of thousands of small business owners, three quarters of whom pay their business taxes as individual filers. Most of them don’t have in-house accountants so they typically must pay a professional, which is costly, or they spend endless hours doing it themselves when they’d rather be running their businesses.
“The tax code hampers their competitiveness,” said Danner. “Every dollar that they must send to Washington is a dollar they’re not investing in their business. And every minute it takes to prepare their taxes is a minute they’re falling behind on something else more important.”
Some members of Congress have talked about the possibility of tax reform this year and so has the President. So far, however, the conversation has focused on lowering corporate rates.
“Most employers in America are small businesses. They create more jobs and they pay more taxes than the big corporations. If there’s going to be tax reform then small business must be part of the conversation.”
For more information about NFIB, please visit www.nfib.com.
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