Ahead of today’s House Ways & Means Hearing, “How Tax Reform Will Help America’s Small Businesses Grow and Create New Jobs,” National Taxpayers Union would like to share suggestions on the benefits of tax reform for America’s small businesses. NTU underscores the need for reform due to a burdensome and outdated tax code, along with America’s exceedingly-high 35% corporate and small business tax rates. Small businesses in particular “pay at the personal-tax rate that can reach more than 44 percent.”
NTU has highlighted how a revised and simplified tax code would allow for America’s small businesses to reinvest back into their business, their employees, and their communities. More than 86% of corporations have less than 20 employees—it is time that the United States develop a tax code that encourages businesses to thrive. We need permanent, comprehensive tax reform that reduces rates and simplifies the code for ALL American businesses.
Please see NTU’s backgrounder here.