On Thursday, the House Ways and Means Committee held a hearing on tax reform to hear from business leaders.
NFIB broadly supports the White House’s efforts to overhaul the tax code, and NFIB president and CEO Juanita Duggan sent a letter ahead of Thursday’s hearing to Ways and Means Chairman Kevin Brady reiterating the importance of swift action.
“Tax reform has the potential to have an enormously positive impact on small businesses; it is their top priority in 2017,” wrote Duggan in the letter. “Given that small businesses account for nearly half of the gross domestic product (GDP) and private sector workforce, and create two out of every three net new jobs, the U.S. economy will not reach its full potential for growth without a robust and flourishing small business sector.”
Chief alignment officer for Atlas Tool Works Zachary Mottl spoke and highlighted the disproportionate stress the current tax code places on small businesses.
“Consider, for example, that smaller businesses have provided some of the fastest employment and output growth for the United States, yet receive some of the worst tax treatment under the current code,” Mottl said. “As a result, smaller American businesses pay some of the highest income taxes in the world.”
Also on Thursday, Vice President Mike Pence reiterated the administration’s support for overhauling and updating the tax code.
“We’re going to cut taxes across the board for working families, small businesses, and family farms,” said Pence in an address to members of the U.S. Chamber of Commerce. “We’re also going to put more money in the American people’s pockets—and make the tax code simpler, flatter, and fairer for everyone.”