Small Business & Entrepreneurship (SBE) Council officials were encouraged last week by Senate passage of the Fiscal Year 2018 Budget Resolution.
The nation’s leading advocate for entrepreneurs said the effort brings the nation one step closer to tax reform and a healthier environment for entrepreneurship and small business growth.
“Achieving tax reform is critical to fueling American entrepreneurship and enabling strong small business growth,” Karen Kerrigan, SBE Council president and CEO, said. “Transforming outdated policies is essential to bringing down barriers to entrepreneurship and investment. Our convoluted and whacky tax system drives and keeps capital outside of the U.S., burdens small businesses with high compliance costs and undermines investment and competitiveness, which in the end hurts wage growth and quality job creation. When completed and signed into law, tax reform will help entrepreneurs realize their goals and their employees achieve the American dream.”
Senate officials said the budget resolution would provide a path to balance by restraining federal spending, reducing tax burdens and boosting economic growth; reducing spending by $5.1 trillion; providing maximum levels of regular defense funding allowed under the law—thereby preventing sequestration cuts; and reducing non-defense discretionary spending by $632 billion, in accordance with previously agreed upon limits in the last conferenced budget resolution.