NSBA Calls on Super Committee to Embrace Key Tax, Regulatory ReformOctober 25, 2011
Washington, D.C. – The National Small Business Association (NSBA) today sent detailed comments to the Joint Select Committee on Deficit Reduction outlining the key elements critical to the growth and survival of America’s small businesses. Given the critical role small businesses have played in economic recovery following past recessions and their current inability to create meaningful job growth, small business must be front-and-center in any economic recovery and deficit reduction package.
“Lawmakers are facing very complex problems that must be addressed in the near-term,” stated NSBA President and CEO Todd McCracken. “We can no longer sit by and allow partisan bickering to dictate an agenda that requires thoughtfulness, compromise, and a long-term strategy beyond just the next election.”
Acknowledging the fact that sweeping bipartisan solutions to the significant and structural fiscal problems faced by the U.S.—as suggested in NSBA’s comments—is unlikely within the limited timeframe afforded to the Committee, NSBA urged a prioritization of efforts. First, the Committee should meet its obligations to recommend $1.5 trillion in deficit reduction; second, it should craft bipartisan proposals to promote economic growth; and third, make specific recommendations to leadership about which issues need to be placed at the top of the list for Congressional action.
In the detailed comments provided to the Committee, NSBA identifies the following key issues as critical to small business:
1. Reduce federal spending substantially;
2. Reform entitlement programs (especially Medicare and Medicaid);
3. Reform the tax system to promote economic growth;
4. Do not raise marginal tax rates or the cost of capital;
5. Reduce the regulatory burden and cap the regulatory costs imposed on businesses;
6. Contain health care costs by introducing proper incentives and by tort reform;
7. Improve small-business access to capital;
8. Make smart investments in infrastructure, and
9. Reduce restrictions on domestic energy development.
“The economic recovery we all seek cannot be accomplished with narrow, short-term fixes or budget gimmicks,” stated Larry Nannis, CPA, NSBA chair and shareholder at Katz, Nannis + Solomon, P.C. “We need our elected officials to take a comprehensive look at the myriad problems we face—and to do it without the usual partisan politics.”
Please click here to view NSBA’s complete comments.
Since 1937, NSBA has advocated on behalf of America’s entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses nationwide and is proud to be the nation’s first small-business advocacy organization. For more information, please visit www.nsba.biz