PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Senate Finance Committee Advances Tax Reform: A Solid Package for Entrepreneurs and Economic Growth

By at 17 November, 2017, 5:02 pm

FOR IMMEDIATE RELEASE

Washington, D.C. – The Senate Finance Committee passed the Tax Cuts and Jobs Act on November 16. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan praised the pro-growth tax package as it provides meaningful relief to entrepreneurs and small businesses and will help boost investment across the country, which is critical to wage growth, competitiveness and a more dynamic economy that benefits all Americans.

“The Senate Finance Committee bill is a solid and needed tax package that will help reverse the dearth in investment, entrepreneurship and wage growth that has been missing during the weak economic recovery. The bill passed by the Committee includes meaningful tax relief and reform that will unleash capital for entrepreneurs and small businesses, and encourage much needed investment. Getting our economy back to strong and sustainable growth – aided by tax relief and reform – is key to maintaining high levels of small business optimism and boosting confidence among Americans who wish to start new businesses or to invest in promising startups.

“In addition to encouraging more startup activity due to the growth enhancing elements of the package and the capital it will unleash, the bill also helps startups attract and retain the skilled employees they need to compete and scale by providing their employees more flexibility as to the timing of paying taxes when they exercise stock options. This is a huge plus for the startup ecosystem. In addition, repealing the individual mandate in Obamacare is the right course of action. The mandate is punishing the self-employed for not being able to afford the exorbitant cost of health insurance that climbs higher each year. This is just wrong.

“The bill will make U.S. businesses of all sizes more globally competitive, which is good for our workforce and the financial security of Americans. It is critical that Congress send a tax bill to President Trump this year to maintain the high optimism among small businesses and to fuel more growth, investment and a stronger economy in 2018 and beyond.”

CONTACT:

Karen Kerrigan, kkerrigan@sbeocuncil.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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