In correspondence to congressional leaders, the National Small Business Association (NSBA) expressed support for the tax reform bill and offered a pair of additional measures.
NSBA officials said they agree with the manner in which lawmakers crafted a bill addressing some key priorities for America’s small-business owners, but would like to have simplification and debt reduction efforts bolstered.
“Today, we have the first real chance for broad tax reform in a generation and we are incredibly close to the finish line, but our leaders must take further steps,” Todd McCracken, NSBA president and CEO, wrote. “I urge lawmakers to support this bill and commit to seeking additional tax reform measures that will ensure small-business parity, tax simplification, and long-term economic stability.”
NSBA officials said complexity in the tax code has outpaced the actual financial burden of federal taxes in terms of small-business burden members routinely select reduce the national deficit among their top five priorities.
McCracken noted given the overwhelming majority (83 percent) of small businesses are pass-through entities and pay business income taxes at the individual income level, it is imperative any legislation ensures fairness. He said the bill takes a significant step in the right direction.
“This compromise tax reform language will enable small-business owners to hire new workers, expand facilities and purchase new equipment, bringing pro-growth investments back to the U.S.,” he said.