After the repeal of the Affordable Care Act failed in the Senate, all eyes are on Congress to pass tax reform that help grow the small business economy.
The Senate’s last-ditch effort for healthcare reform failed last week, with legislators unable to secure the 51 votes needed to repeal the Affordable Care Act. Packaged as a “skinny repeal,” the bill—which attempted to win bipartisan favor by eliminating the individual and employer health insurance mandate but keeping other regulations in place—collapsed with a 49-51 vote on Friday, according to ABC News.
Now that any further ACA repeal seems unlikely, legislators are looking ahead to tackle tax reform. But there are several obstacles in the House and Senate’s way, including the need to pass government funding and raise the debt ceiling by the end of September.
NFIB continues to push for the highly anticipated and much-needed tax reform that the White House and legislators have promised. On July 13, NFIB submitted written testimony to the House Ways and Means Committee Subcommittee on Tax Policy outlining small business’ priorities. NFIB sent another letter to the Senate Finance Committee on July 17, highlighting small business expectations in any upcoming tax reform legislation.
Small business must be at the center of any tax reform process if legislators hope to invigorate the economy. No small business should pay a higher tax rate than any major corporation. Any tax reform legislation should simplify the tax code and reduce compliance costs for small businesses. Legislators should also use this opportunity to repeal the estate tax.
“As Washington shifts its attention to tax reform, small business will be watching,” said Duggan. “Congress cannot fail again on this key small business priority—they must ensure small businesses are the central focus of tax reform.”