NFIB President and CEO Juanita Duggan submitted testimony to the U.S. House Committee on Ways and Means to demand comprehensive tax reform that starts with small business.
NFIB President and CEO Juanita Duggan submitted written testimony last week to the U.S. House Committee on Ways and Means, Subcommittee on Tax Policy to outline small business priorities for a tax reform proposal. Submitted for the hearing on “How Tax Reform Will Help America’s Small Businesses Grow and Create New Jobs,” Duggan said that small businesses are demanding tax rate parity with corporations, lower tax rates, and a simpler tax code.
“Tax reform must reduce rates on both pass-through entities and corporations simultaneously,” said Duggan in her testimony. “Otherwise, the tax code will simply grow more lopsided and complex. The effect of complexity and the preservation of cash flow are key elements for small businesses as Congress considers comprehensive tax reform.”
NFIB’s Small Business Optimism Index fell in June, fueled in large part by the gridlock in Congress, particularly on healthcare reform. President Trump’s tax reform plan and Ways and Means Committee Member Vern Buchanan’s legislation—the Main Street Fairness Act—could help slow the expected continued drop. Both proposals ensure that small businesses will not be subject to higher tax rates than large corporations.
“Tax reform has the potential to have an enormously positive impact on small businesses; it is their top priority in 2017,” said Duggan. “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.”
NFIB and small business owners stand committed to helping turn comprehensive tax reform into a reality. “This is a historic opportunity to jump-start our economy and sustain it for the long-term,” said Duggan.