Praise for Small Business Tax Reform DraftDraft Will Create More Jobs & Higher Wages by Making the Tax Code Simpler & Fairer for Small Businesses
In a continued push to make the tax code simpler and fairer to strengthen the economy, Ways and Means Committee Chairman Dave Camp (R-MI) has released a tax reform discussion draft aimed at helping small businesses expand, hire new workers and increase pay and benefits. In response, groups representing the nation’s small businesses praised the effort. More information about the discussion draft can be found here.
International Franchise Association: “[T]he Camp draft would benefit the majority of America’s 825,000 Main Street franchise small business owners by simplifying pass-through rules for S-Corps, LLCs and partnerships. By doing so, the Camp proposal would reduce compliance costs and provide greater certainty to the more than 8 million employees across the country who wake up every day and go to work in the franchise industry and those Americans who aspire to become franchise business owners.” Dean Zerbe, Columnist, Forbes: “That tax reform for small and medium businesses organized as pass-thrus (S Corp; LLC; partnership, etc.) is even on the table for discussion is a victory. Many in Washington, D.C. have been pushing that tax reform should only be for the big boys – the C Corporations ('Corporate Tax Reform'). However, thanks to Chairman Camp (R-MI) – who has long championed that tax reform must be to the benefit of all businesses ('Business Tax Reform'), not just for those who can afford lobbyists – the benefits of tax reform will hopefully be shared with small and medium businesses.” S-Corp Association: “The Committee draft…would improve the rules governing S corporations, making it easier for them to raise capital, manage their businesses, and transfer the business on from one generation to the next.” Small Business Legislative Council: “Bold and innovative are words we associate with entrepreneurs. Ways and Means Committee Chairman Dave Camp (R-MI) is the entrepreneur of tax reform....It is important that we all analyze [his discussion draft] with an open mind and seize the opportunity to work with him to develop a tax code that will work to the benefit of the nation and its small businesses.” National Association of Manufacturers: “We are pleased by Chairman Camp’s efforts to move this debate forward by offering this latest discussion draft specifically focused on tax reforms for small businesses….If we stand still with our current overcomplicated, burdensome system, we will watch other nations surpass America in the global marketplace.” National Federation of Independent Business: “Chairman Camp has shown an unwavering commitment to pursuing tax reform in a comprehensive manner. This is important, since more than three-quarters of small business pay taxes on business income at the individual rate. Chairman Camp’s focus on making the tax code fairer and simpler for not just big businesses, but also small businesses, is commendable.” Americans for Tax Reform: “Ways and Means Small Biz Draft a Great Step Toward Reform….[T]he Ways and Means Committee is moving toward a system with an individual rate no higher than 25 percent….When this budget target is combined with the common sense small business tax reforms contained in the draft released today, it's easy to see how the groundwork is being laid for more robust economic growth and job creation.” House Small Business Committee Chairman Sam Graves: “The average tax compliance cost per employee for small businesses is almost three times the per employee cost for the average large firm. In order to address this inequity, Washington must begin a productive discussion on how to reform the system. I applaud Chairman Camp for doing exactly that in his discussion draft.” ### |