Tax Reform: Support for H.R. 3717, Small Business Owners’ Tax Simplification Act of 2017

By SBE Council at 27 October, 2017, 3:18 pm

For a pdf copy of this letter please click here.

The Honorable Steve Chabot                                    The Honorable Nydia Velazquez

Chairman                                                                    Ranking Member

Committee on Small Business                                   Committee on Small Business

U.S. House of Representatives                                  U.S. House of Representatives

Washington, D.C.  20515                                            Washington, D.C.  20515

Dear Chairman Chabot and Ranking Member Velazquez:

On behalf of the Small Business & Entrepreneurship Council (SBE Council) and its nationwide membership of entrepreneurs, I am writing to express our strong support for H.R. 3717, the Small Business Owners’ Tax Simplification Act of 2017.  H.R. 3717 would make a significant and positive difference for our nation’s entrepreneurs.

Some of the thresholds in our tax system have not been updated since the 1950s. Various provisions have not kept pace with technological advancements and the modern economy. Other policies just never made sense.  H.R. 3717 provides simple fixes that reduce costs, complexity and uncertainty.

As proposed in H.R. 3717, SBE Council fully supports the modern thresholds for self-employment income and Form 1099-Misc filings (the latter of which aligns with 1099k reporting requirements); aligning quarterly reporting deadlines; allowing business owners to both offer and participate in cafeteria plans; allowing a deduction for certain health insurance costs for self-employment tax purposes; allowing voluntary withholding agreements and training services between contractors and “gig” entrepreneurs without impacting worker classification; and uniform standards for the use of electronic signatures.

Thank you for your bipartisan leadership, and for listening to our ideas in developing this important piece of legislation.  We are proud to support H.R. 3717 and will urge both the House and Senate to include its meaningful provisions in the tax reform package that we are working to make a reality for entrepreneurs in 2017.  Simplifying and modernizing the tax system is a critical piece of tax reform, and H.R. 3717 adds tremendous value to this important goal. Thank you, again, for your leadership.

Sincerely,

Karen Kerrigan, President & CEO

cc: The Honorable Kevin Brady, Chairman, U.S. House Ways and Means Committee            

The Honorable Richard Neal, Ranking Member