Rep. Chabot says tax reform key to small business growth

The chairman of the House Small Business Committee recently penned a letter advocating tax reform as a potential small business growth tool.

Steve Chabot

Rep. Steve Chabot (R-OH) forwarded correspondence to Rep. Peter Roskam (R-IL), chairman of the House Ways and Means Subcommittee on Tax Policy in the wake of a hearing titled “How Tax Reform Will Help America’s Small Businesses Grow and Create New Jobs.”

“I believe that it is imperative for small businesses to have a seat at the table and a voice in the largest tax reform effort in 31 years,” Chabot wrote. “As the House Ways and Means Committee continues to discuss tax reform, I know you will keep small businesses at the forefront of the conversation, because when small businesses are growing and expanding, so does the economy.”

Chabot maintains the nation’s tax code serves as a major roadblock for small business owners.

“Within the NFIB’s (National Federation of Independent Business) Small Business Problems & Priorities 2016 report, five of the top ten concerns for small businesses are tax related,” Chabot noted. “From the complexity to the uncertainty, complying with the United States tax code continues to disallow a robust small business ecosystem.”

Chabot said too many expanding small businesses fall through the cracks and pivot away from investment opportunities due to rules that govern how an investment is deducted and for how long – adding certainty and clarity should be front and center as talks surrounding depreciation are considered.