Advocate for Entrepreneurs and Small Businesses Praises Joint Statement on Tax Reform

By SBE Council at 27 July, 2017, 4:04 pm

“We are well on our way to a modern tax system that encourages small business success, robust capital formation and entrepreneurship in America.”

FOR IMMEDIATE RELEASE

Washington, D.C. – Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement following today’s joint statement on tax reform by House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX):

“Reforming our nation’s tax system is a top priority for small businesses and American entrepreneurs. Bold reform is critical to stronger entrepreneurship and new business creation in America, which is at a 40-year low and is undermining economic opportunity and hope for so many Americans.

Entrepreneurs are reassured that the promise of fundamental tax reform continues to advance forward. We look forward to our continued work with leaders in the Congress and key people in the White House who have continuously provided small business owners and our organization with the opportunity to provide input and ideas. There is energy and momentum behind tax reform, and our organization and its small business members are confident that through the leadership of House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch, and House Ways and Means Committee Chairman Kevin Brady that our nation will soon have a tax system that is fair, more simple and pro-growth. We are well on our way to a modern tax system that encourages small business success, robust capital formation and entrepreneurship in America.”

Key passage of joint statement regarding small businesses and entrepreneurs and key goals and principles that will guide reform:

We have always been in agreement that tax relief for American families should be at the heart of our plan. We also believe there should be a lower tax rate for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones. The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas. And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the U.S. tax base.