PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Advocate to President Trump: KEEP ON TRUCKING ON TAX REFORM

By at 11 October, 2017, 6:45 pm

NEWS

President’s rally in Pennsylvania demonstrates importance of tax reform for small businesses across industries

FOR IMMEDIATE RELEASE

Washington, D.C. –  At a tax reform rally in Harrisburg, PA, President Donald J. Trump focused on the importance of tax reform for the nation’s economy, wage growth and small business success.  President Trump addressed a large gathering of workers and small business owners in the trucking industry and noted that small firms will pay the lowest tax rate in 80 years under his reform framework.  Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan said it is critically important for firms like small trucking companies to be able to access more of their earnings for needed investments and for increasing employee wages so they can thrive and better compete in the marketplace.

“Small businesses dominate every industry and the trucking industry is no different.  It’s a tough business, and the owners and workers within this critical industry need supportive government policies that allow them to operate efficiently and effectively.  Burdensome taxes and a malfunctional tax system undermine their competitiveness and prospects for growth.  It’s great to see President Trump reaching out widely to the small businesses community, both geographically and by sector, which helps to underscore the broad and positive impacts of his tax plan. We urge the President to keep the momentum up and to ‘keep on trucking’ on tax reform so that entrepreneurs can enter 2018 with tax relief and soaring confidence,” said Kerrigan.

The truck transportation industry is all about small businesses with 83 percent of firms in the sector having 10 employees or less; 90.9 percent have 20 employees or less; and 97.8 percent have 100 employees or fewer.  According to Kerrigan, it is especially important that small firms re-invest in new equipment, technologies and other key assets in order to compete, take advantage of growth opportunities, and to attract and retain the best workers.  At the rally today, President Trump outlined the core pieces of the unified tax framework that will allow small businesses to do this.

“Incentives to invest along with having the capital on hand to make these investments is vital to small business growth and success. In addition, stronger economic growth spurred by more investment by companies of all sizes, as a result of tax relief, will directly help small business owners with their decade-long challenge of weak revenue and sales growth.  A stronger economy means stronger sales and growth opportunities for small businesses. It means higher wages and the opportunity for new business creation, and our economy desperately needs both,” added Kerrigan.

Some Facts About Pennsylvania:

Policy Environment: The state ranks 31st on SBE Council’s Small Business Policy Index, which ranks the states for policy friendliness.

Tax Environment:  The state ranks 28th on SBE Council’s Small Business Tax Index 2017, which ranks the states on tax policy friendliness.  Regarding the corporate income tax rate, Pennsylvania ranks 50th with a very high 9.99% rate.

Number of Small BusinessesAccording to the SBA Office of Advocacy, there are 1 million small businesses in Pennsylvania, employing 2.5 million residents, or 46.8% of the private workforce.

CONTACT:

Karen Kerrigan, kkerrigan@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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