PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Strong GDP Growth Can be Sustained with Tax Reform: Entrepreneurs Need Long Overdue Reform

By at 30 August, 2017, 10:23 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. –  The Bureau of Economic Analysis reported today that the economy grew at an annual rate of 3 percent in the second quarter of 2017, which was revised up from its first estimate of 2.6 percent.  Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan noted that the growth in the economy is great news for small businesses and entrepreneurs, and reflects their newfound optimism in 2017.  Kerrigan said:

“The news of solid GDP growth in the second quarter will help fuel small business confidence, which means more investment, jobs and wage growth especially if government policies continue to buoy the momentum. It is vital that Congress continue to make headway on issues such as tax reform, small business regulatory modernization, and relief from crushing health coverage costs to sustain this positive economic track.

“There has been significant movement on the critical issue of tax reform, as key leaders in Congress and the Trump Administration have agreed on important principles.  President Trump will speak on tax reform today in Missouri, which will help set the stage for action by Congress when members return next week.  Especially now, with the devastation caused by Hurricane Harvey, the U.S. economy will need to accelerate growth, private sector investment and job opportunities for those affected by this horrible natural disaster.  Tax reform is a powerful tool that can further unleash private sector investment, entrepreneurship and quality job growth. Our tax code is archaic, costly, unfair and non-competitive. Entrepreneurs and small businesses can no longer wait for long overdue reform.”

See SBE Council Chief Economist Ray Keating’s analysis of the second estimate on GDP growth here.

CONTACT: Karen Kerrigan, Raymond Keating

kkerrigan@sbecouncil.orgrkeating@sbecouncil.org

(703)-242-5840 

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 successfully worked to 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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