NSBA President Discusses the Fair Tax with HeritageNovember 19, 2014
On Monday, Nov. 17, 2014, the Heritage Foundation hosted a high-level discussion on broad tax reform, namely, the Fair Tax, featuring NSBA President and CEO Todd McCracken. Joining McCracken was Rep. Rob Woodall (R-Ga.), Steve Hayes, Chairman of Americans for Fair Taxation and Heritage Senior Fellow in Economic Policy David Burton.
A staunch advocate for broad tax reform and simplification, NSBA was the first small-business organization to endorse the Fair Tax—a 23-percent, single rate, national retail sales tax which would be applied to the sale of all consumer goods and services at the final point of consumption. McCracken outlined NSBA’s long-time support of the proposal as a way to not only ease the tax burden, but ease growing complexity with the code.
McCracken stated that while the financial burden of taxes on small business is a significant one, complexity is actually becoming a bigger burden. He went on to state that the majority of small businesses spend more than 40 hours per year dealing with federal taxes, according to NSBA’s Taxation Survey.
If you were unable to attend the event or watch the webcast, please click here to watch a video of the event.