When Trump came to Indiana last week, he cited the state’s hard won, business friendly tax system.
Indiana continues to be the center of the political universe.
Over the last two weeks, the Hoosier state has enjoyed a presidential and vice presidential visit, both of which centered around two key NFIB policies: repealing Obamacare and reforming our byzantine, onerous tax system.
In a visit to the Indiana State Fairgrounds last Wednesday, President Donald Trump unveiled a sweeping tax reform plan that would set a new pass-through rate of 25 percent for small business owners who file as sole proprietorships or partnerships, among other reforms, including repeal of the death tax. At present, many small business owners pay a top tax rate of 39.6 percent.
“Indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens,” Trump said at the event, which was attended by several NFIB Indiana members. “This state has claimed a powerful competitive edge built on low taxes and less regulation…All of this is possible because the people of this state have made a decision. They chose to make Indiana competitive again. That choice included electing a governor who signed the largest income tax cut in the state’s history, our terrific Vice President Mike Pence.”
And on Friday, September 22, Pence visited Anderson where he championed Obamacare repeal.
“The Republican majority in Congress in particular was not elected to save Obamacare, they were elected to repeal and replace it,” Pence said. “And it’s time for every member of the Republican majority to keep their word.”
NFIB, meanwhile, has had a seat at the table in crafting the White House and Congressional leaders’ tax reform framework.
“We are grateful to the President and congressional leaders for remaining steadfast on tax reform,” NFIB said in a statement. “We are pleased to see that the initial plan calls for reducing taxes on pass-through companies, which represent the overwhelming majority of American small businesses.”
Still, NFIB cautioned that this is merely the beginning on a long road to comprehensive tax reform.
“NFIB will remain engaged to ensure that tax reform starts with small business,” the statement continued. “Small businesses need meaningful reform that lowers their tax bill, allows them to invest in their business, create jobs, and grow the economy.”