UPDATE: As tax reform heats up, NFIB President and CEO Juanita Duggan pens an editorial on tax reform in the Wall Street Journal: “If the point of tax reform is to boost the economy, it must start with small business,” Duggan writes. “What gets lost in the [tax reform] conversation is that three-quarters of American small businesses pay taxes as individuals. Their top federal rate is 43.3%, which is substantially higher than the current top rate for large multinational firms. When state burdens are added, small businesses are sending close to half their income to the tax man.” Read the full article (WSJ subscription required)
The Trump Administration and Congress continue to develop consensus around tax reform proposals. NFIB expects the Trump Administration and Congress to release additional details at the end of September or in early October.
Tax reform that starts with small business will unleash a strong American economy. Small businesses represent 99.9 percent of all U.S. businesses, and they employ nearly half the American workforce.