PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan Statement on “Tax Cuts and Jobs Act” 

By at 2 November, 2017, 12:55 pm

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Today, the Republican House leadership and Ways and Means Chairman Kevin Brady (R-TX) unveiled the Tax Cuts and Jobs Act. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement:

“Tax reform is now moving to its next critical phase with a proposal to kick-start the legislative process.  As the Tax Cuts and Jobs Act is debated and worked on in the Ways and Means Committee and then considered by the full House, and as it moves through the Senate, we will continue to advocate for the most pro-growth package possible in terms of low and permanent rates for entrepreneurs and small businesses. Small businesses cannot grow and compete without capital, and lower rates will allow them to reinvest more profits back into their firms and workforce which will play a big role in boosting economic growth. We are pleased that the permanent, lower rates agreed upon in the original tax framework are included in the proposal. Permanency is vital as businesses of all sizes need certainty to plan and make rational decisions about future investments and growth.

“We will continue to work to ensure that for non c-corp small firms, the vast majority of small businesses, that the ‘guardrails’ developed provide fair and realistic rules that do not exclude legitimate profits from the lower rate, which is needed capital for small business growth and survival. A robust expensing provision is also important for the competitiveness of our nation’s small businesses and the growth of the economy, as are other measures such as AMT and death tax repeal, which promote capital formation and simplicity. These components are included in the bill. Finally, this is a big opportunity to update and modernize our nation’s tax system to help “gig” economy entrepreneurs succeed and take their aspirations to the next level.  As we look through more of the details of the Tax Cuts and Jobs Act we will be looking for opportunities to include bipartisan solutions as proposed by H.R. 3717, the Small Business Owners’s Tax Simplification Act, developed by the House Small Business Committee.

“The process of getting a bill to President Trump’s desk has reached its next critical stage and entrepreneurs remain hopeful that tax relief and reform will be enacted this year.   We thank House leaders and Chairman Brady for their work in getting us to this point. Achieving this important policy goal is needed to fuel confidence and business growth into 2018, encourage more people to start businesses, and bring widespread opportunity for many more Americans to attain financial security and the American Dream.”

To read the policy highlights of the Tax Cuts and Jobs Act click here.

CONTACT:
Karen Kerrigan, kkerrigan@sbecouncil.org
703-242-5840

Raymond Keating, Chief Economist, rkeating@sbecouncil.org, 631-909-1122

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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