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 today held an event to highlight the importance of tax reform to America’s small businesses. To watch the full video of today’s event, including Senator Risch's remarks, click here.
“I’m encouraged by the plan the Senate Finance Committee has moved out of committee,” said Chairman Risch. “The aim of this entire exercise is to reduce the burden on taxpayers and create an environment that enables families and businesses to thrive. With tax reform, we have a real opportunity to make changes that will have a tangible, positive impact on the American people, and create an environment for our nation’s job creators to prosper.”
According to the National Federation of Independent Business, nearly 90 percent of small business owners have to hire outside tax experts in order to comply with the current tax code. It costs nearly $16 billion a year for small businesses to comply with a tax code that is 2,600 pages long and takes more than 70,000 additional pages to explain. Despite the current complicated, burdensome tax code and the compliance costs associated, small businesses create the majority of new jobs in our country.
Small Business Advocates Support Senate Tax Bill:
National Federation of Independent Business
“We are very encouraged by the plan introduced by Chairman Hatch today. It includes real tax relief, allowing small business owners to keep more of their money to invest in growth and create new jobs.” Juanita Duggan, President and 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.
National Association for the Self–Employed
“The Senate proposal for tax reform released today continues to encourage the overall simplification of the tax code and the compliance issues faced by small business owners.” Keith Hall, President and CEO
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
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
American Institute of CPAs
“The Senate took an important step toward fundamental tax reform when Senate GOP leaders released the summary of the Senate Finance Committee’s tax reform bill,” Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs