PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan: Tax Reform Essential to Small Business Growth, Quality Job Creation and Boosting New Business Creation

By at 13 July, 2017, 9:34 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Enacting tax reform must move forward in 2017 to help boost the economy and put the U.S. and its businesses in a stronger and more competitive position as we close in on year twenty of the 21st century said an advocate for entrepreneurs and small businesses. Today at 10:00 a.m., the Committee on Ways and Means, Subcommittee on Tax Policy is hosting the hearing, “How Tax Reform Will Help Small Business Grow and Create Jobs,” and in a written statement submitted for the record Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan noted why tax reform is so critical to entrepreneurs and their workforce:

Transforming the system to one that is simple and fair, while allowing business owners to keep more of their earnings, will translate into major gains for our economy including quality job growth.  Entrepreneurs plow the bulk of their profits back into their businesses in order to operate more competitively and to reward and retain their workforce. The American dream will be reinvigorated and restored for these entrepreneurs and their dedicated employees if these businesses are able to keep and invest more of their hard-earned resources.

Kerrigan also pointed out how tax reform can address the “crisis” of low business creation and weak entrepreneurship. She wrote:

The U.S. tax code needs to encourage small businesses to invest and grow, but it also needs to foster higher levels of new business creation.  The dearth in entrepreneurship is a crisis that needs to be addressed on several levels, but sound policies – including tax reform – play a key role.

SBE Council’s most recent “Gap Analysis” report on entrepreneurship finds a massive shortfall of businesses – some 3.4 million “missing” businesses, compared to where we should be based on historical trends and key data related to incorporated and unincorporated self-employed, and employer firms as shares of the relevant population.  In her statement for the record, Kerrigan pointed to specific examples of how the tax code can be modernized and streamlined to encourage more people to start businesses and be more successful earlier on in those ventures.

The group and its members continue to advocate and urge the House and Senate to accelerate the pace of action as there are no excuses for not moving a tax reform bill to President Trump’s desk in 2017.

Read Kerrigan’s Statement for the Record here.

CONTACT: Karen Kerrigan, kkerrigan@sbecouncil.org

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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