NFIB sees Mnuchin as key ally in fight for tax reform for small business
Contact: Kelly Klass, 609-713-4243
Washington, D.C. (January 19, 2016) – The National Federation of Independent Business (NFIB) today called on members of the Senate Finance Committee to approve Steven Mnuchin as Secretary of the Treasury.
“NFIB research shows that five of the top 15 problems for small business are related to taxes,” said NFIB President and CEO Juanita Duggan. “Steve Mnuchin’s success and leadership in business will be important experience in working effectively with Congress to create jobs and reform the tax code.”
Duggan pointed out that the next Treasury Secretary will have a powerful influence over negotiations with Congress to reform the tax code.
“NFIB is committed to eliminating the disparity in the tax code which currently favors large corporations over small business. As Secretary of the Treasury, Steve Mnuchin will have an important role in developing a reform plan that benefits all businesses, which is why we urge the Senate to confirm him without delay.”
Duggan said the higher top rate for pass-through businesses creates a competitive disadvantage for small businesses and that the complexity of the code makes compliance overly burdensome.
“The tax code penalizes small businesses in multiple ways, and unlike their corporate counterparts, they cannot employ high-priced tax lawyers to help them navigate around it,” she said. “This is the best opportunity we’ve had in 30 years to overhaul the tax code in a way that would boost all businesses and the U.S. economy.”