PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

“Big 6” Unified Tax Reform Framework a Plus for Entrepreneurs and Small Businesses

By at 27 September, 2017, 11:51 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Today, the “Big 6” negotiators and President Trump release their tax reform framework. President Trump plans to outline the key features in an Indiana speech. One of the nation’s leading advocates for entrepreneurs and small businesses issued the following statement about the plan:

“The unified framework released by GOP leaders and tax writers today is a solid starting point for tax reform. The plan lowers rates for small businesses, simplifies the tax system and encourages investment and capital formation. These are the necessary pieces for producing a healthy ecosystem that will enable American entrepreneurs and small businesses to succeed. With the burden and complexity of taxes being a top concern for entrepreneurs, getting tax reform done this year must remain a top priority in order to sustain business owner confidence.  High confidence will drive investment, risk-taking, bigger economic growth and wage growth. This tax reform framework encourages and supports all of this critical activity. It is a bold package that will produce big growth for the U.S. economy,” said Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council.

According to Kerrigan, small businesses continue to face growth challenges and competitive headwinds in the global marketplace. High tax and regulatory burdens are barriers to growth and survival. In addition, entrepreneurship and new business creation remain extremely weak. Just last week, the Census Bureau reported that new startups numbered 414,000 in 2015, which is well below the pre-Great Recession average of 524,000 annually. This dearth in entrepreneurship is a crises for our economy, as new businesses are the innovative and opportunity-creating foundation that create a more vibrant economy and financially secure America.

According to SBE Council research, there are 3.4 million “missing” businesses in the United States.  Weak economic conditions, a lack of capital, low investment and confidence are impediments to entrepreneurship.  Bold tax reform, said Kerrigan, is an important policy tool that will improve the environment for risk-taking by individuals.

“Our outdated tax system is a massive weight on the American economy and its entrepreneurs.  The U.S. ranks poorly or non-competitively in every tax category. Capital is either sitting latent or parked overseas, and capital formation is suffering due to the dysfunctional and punishing tax system. Moreover, billions upon billions of precious capital is being wasted on compliance.  Capital is the lifeblood of any economy, and U.S. entrepreneurs and small business owners will have more of this precious resource to reinvest in their firms and employees under the unified framework released today.  Certainly, we will be closely monitoring and advocating throughout the legislative process to ensure that entrepreneurs are getting the fair, simple and more equitable system they deserve,” concluded Kerrigan.

See the full framework here.

See the one-page overview of the framework here.

CONTACT:
Karen Kerrigan, kkerrigan@sbecouncil.org
Ray Keating, rkeating@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 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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