Christmas might come early this year for small business owners, who could soon see the first sweeping tax reform bill in a generation become law this month.
Early Saturday, the Senate passed the Tax Cuts and Jobs Act, which also includes another NFIB priority: repealing the Affordable Care Act’s individual mandate. Last week, at an event in St. Louis, the White House made a strong argument for the bill to an audience that included many NFIB members. Now, lawmakers will have to reconcile it with a House version, which NFIB also supports, passed earlier last month.
“For small businesses, federal taxes are too high,” said NFIB President Juanita Duggan in a statement hailing the bill’s passage. “The tax code is too complicated. Complying with the rules is too costly. According to our research, five of the top 10 problems for small business owners relate to the federal tax code. Tax reform is an economic imperative and it’s one step closer. We urge leaders in the House and Senate to reconcile their respective plans quickly so the President can sign tax reform into law this year.”
In a Wall Street Journal editorial after the vote, Senate Majority Leader Mitch McConnell gave a nod to NFIB’s role in the process.
“Our plan will also help small businesses grow,” McConnell wrote. “That’s why it has the support of prominent advocates including the National Federation of Independent Business. Lower taxes will help small businesses create jobs, invest more, and spur economic growth. Simplifying the tax code will reduce compliance costs and make it possible for job creators to reinvest more of their own money in their enterprises. It will help American businesses succeed in an increasingly competitive global market.”
Want to see for yourself what’s in the Senate bill? View it and other helpful resources on our Tax Reform page.