Lower rates and fewer brackets would promote business investment, job growth and a stronger economy, says the National Federation of Independent Business (NFIB)
For Immediate Release
Jack Mozloom, 202-406-4450 or 609-462-5610 (cell)
Washington, DC (June 24, 2016) – The National Federation of Independent Business (NFIB) said that tax reform is long overdue and that the blueprint offered today by Speaker Paul Ryan and the House Majority signals a serious effort in the next Congress.
“Comprehensive tax reform is an economic imperative, and we applaud the Speaker for committing to the basic goals of lower permanent rates and simplification,” said NFIB President and CEO Juanita Duggan. “We’re also very pleased that the plan includes several very important priorities for small business owners, including repeal of the AMT, repeal of the Estate Tax, and full expensing.”
Small business owners would be especially excited at the Speaker’s call for reforming the IRS, said Duggan.
“For small business owners, dealing with the IRS is nearly as unpleasant as sending money to Washington,” said Duggan. “The Speaker and his conference are exactly right that the IRS needs to be turned upside down. Its mission should focus more on service and less on punishment.”
Duggan noted that the complexity of the tax code is a massive burden on small business owners, who don’t typically have armies of accountants and lawyers to help them navigate the 70,000 page labyrinth.
“It will be a huge advantage for small business owners to have a tax return as simple as a postcard,” said Duggan. “When Congress tackles tax reform, NFIB will fight for the lowest possible small business rates.”