Though Plan May Address Some Tax Complexities, Issues Remain
As November’s presidential election approaches, small business owners are closely watching to see if presidential candidates will unveil policy specifics that would aid them. USA Today reports that Hillary Clinton has detailed a “plan aimed at boosting small-business start-ups and growth.” Speaking on a conference call with small business owners, Clinton said her plan “would make it easier and less expensive for small businesses to launch, access financing, file taxes and offer health care to employees, among other benefits.” Reuters says the proposals unveiled by Clinton and her running mate, Tim Kaine, “fill in details” on how she “would fulfill promises to improve access to financing and minimize regulatory burdens that make it difficult to start small businesses.” The “flagship proposal” in Clinton’s plan, Reuters adds, would “establish a standard tax deduction for small businesses, previously only available to individuals, allowing owners to get tax relief without filing additional forms.” The Wall Street Journal examines some of the pros and cons of Clinton’s proposal for a standard deduction for small businesses, noting that the plan could make it “much simpler” for small businesses to file their tax returns “and could resemble the streamlined home office deduction rules that the Internal Revenue Service recently introduced.” However, the cons include the fact that this proposal still comes coupled with Clinton’s plans to increase taxes on capital gains, estates, and high-income households. NFIB Media and Communications Director Jack Mozloom cautioned that when it comes to small businesses, Clinton’s plan is “avoiding altogether the question of whether the government is taking too much of their money.”
What This Means For Small Businesses
Though it is heartening to see both major party presidential candidates detailing economic plans to address the concerns of small businesses, the fact remains that small businesses need solutions to reduce regulatory and tax burdens now, not in the distant future. It remains to be seen which candidate would best be able to swiftly implement tax and regulatory reforms to help small businesses grow.
The Washington Post also covers Clinton’s small business tax plan. NFIB previously reported on Republican presidential nominee Donald Trump’s economic plan.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.