As Washington continues to draw closer to the first comprehensive tax reform bill in three decades, it is necessary to ensure that any new tax code focuses on helping the right people. Comprehensive reform can’t be considered successful unless it takes great strides to help the American middle class and small businesses. Thankfully, there appears to be great support for tax reform that helps these groups.
House Small Business Chairman Steve Chabot (R-OH) recently sent a letter to Ways and Means Tax Policy Chairman Peter Roskam (R-IL), insisting that tax reform focus on helping small businesses to grow and prosper.
“Any tax reform discussion,” wrote Chabot, “should be mindful of how a small business, that may take years to grow and expand, might be impacted by the treatment of business losses.”
President Trump also expressed support for tax reform that focuses on relieving incredible burden felt by middle income Americans. During an interview with the Wall Street Journal, in which he discussed his desire to bring the corporate tax rate down to 15%, President Trump said, “the people I care most about are the middle-income people in this country.”
Comprehensive and permanent tax reform are undisputedly vital to the economic prosperity of our country, and that reform needs to focus on Americans who have suffered most under the current, burdensome system. Relieving the tax burden, both through a reduction of the overall rate and by simplifying the process, for middle income Americans and small businesses should continue to be a priority as this process moves forward.