PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Groups Join U.S. Senators to Urge Passage of Tax Reform

By at 28 November, 2017, 11:30 pm

Washington, D.C. –  U.S. Senator Jim Risch (R-ID), chairman of the Senate Committee on Small Business and Entrepreneurship, members of the U.S. Senate, Small Business Administration (SBA) Administrator Linda McMahon, and small business advocates held an event on November 28 to highlight the importance of tax reform to America’s small businesses.

Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan joined with leaders of other groups including the National Retail Federation, American Hotel & Lodging Association, American Trucking Association, National Association for the Self Employed, and the National Federation of Independent Businesses to voice support for the Senate’s “Tax Cuts and Jobs Act” while urging lawmakers to push forward to ensure a final bill is sent to President Trump’s desk in 2017.  Shortly following the event, the Senate Budget Committee voted to advance the tax bill.  The goal of GOP leaders is to pass the bill out of the Senate this week.

Senators who joined the event and made remarks included Majority Leader Mitch McConnell (R-KY), Chairman Risch, and Senators John Cornyn (R-TX), Joni Ernst (R-IA), Deb Fischer (R-NE), Todd Young (R-IN), and Thom Tillis (R-NC).

SBE Council’s Kerrigan focused on the pro-growth attributes of the legislation, noting that: “The bill moving through the Senate is undeniably pro-growth, and sustainable and strong economic growth is exactly what small businesses and entrepreneurs need right now for revenue growth, to compete, and to access the extra capital they need to scale and reinvest in their businesses and employees.”

She added that U.S. entrepreneurship would begin to flourish again and people would be more willing to take risks if the economy is on stronger footing: “If there is stronger and more sustainable growth, if there’s more capital…then those 61% of Americans who have that dream business in their mind will be more willing to take that risk.”

Kerrigan said that it is vitally important that President Trump sign a tax bill this year in order to fuel the economic momentum, small business optimism and confidence that Americans are feeling currently.   (To view the video of the 30 minute event, click on the image below.)

Key Quotes by Small Business Advocates at the U.S. Senate Event:

Small Business and Entrepreneurship Council

“Tax reform is greatly needed to reverse the dearth in investment, entrepreneurship, and dynamic small business growth that have all been missing during the weak economic recovery and past decade.  The Tax Cuts and Jobs Act moving through the Senate will lead to strong economic growth, help fuel small business optimism along with capital access, and boost confidence among Americans who wish to start new businesses or invest in promising startups.  It is critical that President Trump sign a tax bill this year to support America’s entrepreneurs, as they are the dynamic core within so many communities who can drive the sustainable growth and opportunity our nation desperately needs.”

Karen Kerrigan, SBE Council president & CEO

National Retail Federation – Small Business Retail Council

“Pro-growth tax reform is critical to the success of Main Street retailers and their employees. This tax reform plan means greater investment in the United States, small business growth and more money in the pockets of workers and consumers. It also includes a much-needed simplification of the inventory accounting rules for small retailers, which will result in significant cost savings. It is time for lower rates and simplified tax rules that allow retailers large and small to make investment decisions based on economic drivers — not the demands of an arcane tax code.”

Matthew Shay, National Retail Federation President and CEO

American Hotel & Lodging Association

“With three out of every five hotels being small businesses, and many jobs in local communities dependent on a thriving hotel and tourism sector, tax cuts will go a long way to ensuring economic growth. Not only will small businesses benefit, but so will their employees and guests. We look forward to working with the Senate to advance much-needed tax reform quickly.”

Katherine Lugar, president and CEO of AHLA

American Trucking Associations

“Trucking is predominantly a small business industry, with 97 percent of our companies operating fewer than twenty trucks. From this perspective, we fully endorse the three basic tenets embodied in the tax reform package—lowering tax rates on business income, broadening the tax base to render it more equitable, and significantly simplifying the enormously complex tax code—as they will all benefit motor carriers. ATA recognizes that the Senate Finance Committee’s work is nearly done. Following completion of the committee mark-up, we call upon the full Senate to pursue the expeditious enactment of comprehensive tax reform. None of us can afford to miss the opportunity the Tax Cuts and Jobs Act represents.”

Chris Spear, President and CEO American Trucking Associations

 

CONTACT:  Karen Kerrigan

kkerrigan@sbecouncil.org

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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