PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Women Entrepreneurs Say Tax Reform Will Help Their Firms Compete, Grow and Thrive: “It’s an access to capital issue.”

By at 28 September, 2017, 9:36 pm

TAX REFORM NEWS

 

Kristie Arlsan, co-owner of Popped! Republic, says tax reform will provide her firm with more of its hard-earned capital to reinvest back into the business.

FOR IMMEDIATE RELEASE

Washington, D.C. – At a media event on Capitol Hill today, women entrepreneurs along with the Small Business & Entrepreneurship Council (SBE Council) joined a coalition of organizations to applaud the tax reform framework released by the “Big 6” and President Trump. The small business owners detailed how key provisions in the plan would help them grow, create quality jobs and succeed in the competitive marketplace.  The groups were joined by U.S. House Ways and Means Chairman Kevin Brady (R-TX), and Reps. Cathy McMorris Rodgers (R-WA), Peter Roskam (R-IL), and David Schweikert (R-AZ).

Kristie Arslan, founder and co-owner of Popped! Republic located in Alexandria, Virginia said:

“Lawmakers on both sides of the aisle have continuously beat the drum on the economy, jobs and wages over the past decade. We want to grow our small business in the next year but would like to use money from our existing operations to do so.  The proposed tax framework would help us keep more of our money to channel it into expansion and hiring new workers, in turn further benefiting our local economy.”

The tax framework lowers rates for all businesses, dropping the top individual tax rate that applies to business pass-through entities, such as sole proprietorship, partnerships, S-Corps and LLCs, from 39.6 percent to 25 percent; and lowering the corporate income tax rate from 35 percent to 20 percent.  Arslan also highlighted the importance of immediate expensing, greater simplicity, and, as a mother, child tax credit improvements. She said that tax reform is an access to capital issue, and with the relief provided she could self-finance growth rather than be at a loss for capital when resources are needed for investment or other business operations.

Rebecca Boenigk, founder and CEO of Texas-based Neutral Posture, and a board member of Women Impacting Public Policy said:

“If Washington is serious about both tax reform and strengthening the American economy, it’s long past time to enact a plan that creates a level playing field for women-owned businesses and encourages investment and business growth.  We need to simplify the code, repeal the estate tax and lower tax rates for businesses and individuals.”

As a manufacturer, Boenigk honed in on the expensing measure in the framework as well as the lower tax rates that will allow her to reinvest profits back into the business. She also expressed concern about her family being able to keep the business in the family if “anything happened to her,” which is why repealing the death tax is so important to her, as it is to family-owned businesses across America.

Small Business & Entrepreneurship Council president & CEO Karen Kerrigan also spoke at the event and said small business confidence remains generally high, but the outcome of tax reform will play a huge role in their outlook going into 2018.

“Small business confidence in early 2017 was driven by the belief that key policy changes would advance.  While there has been positive movement on the regulatory front, efforts to fix health care have been a big mess. Tax reform is tops on the list of small business priorities, and to sustain confidence as well as economic growth it must get done,” said Kerrigan.

House Ways and Means Chairman Kevin Brady with Kristie Arslan, Karen Kerrigan and Rebecca Boenigk.

Kerrigan also explained the dearth in entrepreneurial activity – calling it a “crises for the U.S. economy” – and how tax reform will boost economic growth and capital formation, which will lead to greater confidence and risk-taking by people to start businesses, especially millennials who are the least entrepreneurially generation in the United States.

See SBE Council’s September 27 statement on the tax reform 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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