In an October visit to Colorado, Vice President Mike Pence championed tax reform, promising to deliver the “largest tax cut in American history.”
Addressing a Republican fundraiser outside of Denver, Pence predicted that Congress would pass a tax bill this year that would help Americans.
“We’re going to put more money in the American people’s pockets,” Pence said.
The administration’s current framework would set a new maximum pass-through rate of 25 percent for small business owners who file as sole proprietorships or partnerships, which represents about 95 percent of businesses in the U.S. At present, many small business owners pay a top tax rate of 39.6 percent. (Trump’s original framework included a pass-through rate of 15 percent.)
Prior to his visit, Pence wrote an op-ed in the Denver Post arguing that the Trump administration has been good for businesses. “We’ve slashed job-killing red tape at a record pace, unleashed American energy, and strengthened the security that’s the foundation of our prosperity. The results are undeniable: Businesses have created more than 1 million new jobs, unemployment is at a 17-year low, and after eight years of lackluster growth, the American economy is once again expanding at more than 3 percent,” Pence wrote.
“This is the beginning of a long process, and we look forward to more details,” NFIB President and CEO Juanita Duggan said in a September statement. “NFIB will remain engaged to ensure that tax reform starts with small business. Small businesses need meaningful reform that lowers their tax bill, allows them to invest in their business, create jobs, and grow the economy.”