PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Trump’s Call-to-Action on Tax Reform in Missouri

By at 30 August, 2017, 3:22 pm

NEWS

FOR IMMEDIATE RELEASE

Long Overdue, Tax Reform Will Boost Entrepreneurship, Small Business Success, and Quality Job Growth

Washington, D.C. – Today in Missouri, President Donald Trump’s call-to-action on tax reform zeroed in on the key reasons why hard-working entrepreneurs, small business owners and their employees desperately need tax reform.

“There is no nice way of saying it. The U.S. tax system is an embarrassing mess that has undermined private investment, entrepreneurship, small business success, capital formation and wage growth. President Trump is right to say that it’s a rigged system because most Americans and small business owners are disproportionately hurt by the tax code’s unfairness and complexity. Tax reform is vital to moving away from a system that works against risk-taking, entrepreneurship and financial freedom to one that fully supports the American Dream,” said SBE Council president & CEO Karen Kerrigan.

Kerrigan noted that the burden, complexity, high rates and archaic pieces of the tax system are weighing down America’s economic and entrepreneurial potential. According to SBE Council research, the U.S. economy has suffered a dearth in entrepreneurship (3.42 million “missing” businesses), a $1.4 trillion private sector investment gap, a yearly shortfall in average personal income in the thousands of dollars, and of course millions of missing jobs and a big GDP shortfall of $2.7 trillion (in 2016).

“Reducing taxes for small businesses and cleaning up the code’s complexity will be a huge boost for our economy and opportunity in America. Higher levels of entrepreneurship are needed for a more competitive, innovative and vibrant economy. A reform package that lowers tax rates and encourages investment will enable and encourage more people to start businesses. Of course, if small business owners can keep more of their hard-earned capital, they will reinvest those resources back into their employees and enterprises,” added Kerrigan.

Kerrigan concluded:

“Now is the time for Congress to step up and start moving a tax reform package. With GDP growth, wage growth and job growth improving, tax reform is a vital policy tool that will help sustain the momentum and keep the economy humming at growth rates of 3% and higher. We look forward to our continued work with the Congress and President Trump’s team to get a tax reform package to his desk in 2017. Yes, I believe that can happen.”

To see SBE Council’s statement on revised GDP growth for the second quarter of 2017 and how tax reform can sustain the momentum, please click 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

# # #

News and Media Releases