NSBA President Speaks at Sen. Event on Tax ReformNovember 2, 2011
NSBA President Todd McCracken today joined Sens. Ron Wyden (D-Ore.) and Dan Coats (R-Ind.) at an event on tax reform. In his remarks, McCracken urged lawmakers to embrace broad, bipartisan tax reform as a means to spur small-business growth.
“Lawmakers miss a huge opportunity if they move on corporate tax reform alone,” stated McCracken. “Reforming the corporate tax structure does nothing for the overwhelming majority of small-businesses owners, 83 percent of whom pay taxes for their business at the personal income level.”
Because small businesses disproportionately contribute to job creation, raising individual marginal tax rates or failing to create parity between the largest and smallest businesses will have a disproportionate negative impact on job creation. If, however, Congress overhauls the tax system with dramatic simplification and incentives for investment, the U.S. can expect to see real economic growth precisely when it is most needed.
McCracken cited the more than 10,000 pages of laws and regulations that currently comprise the U.S. tax code as a mountain that is becoming nearly impossible for the average small-business owner to climb. He pointed to its adverse incentives for economic strength by punishing work, investment, risk-taking and entrepreneurship, and stated that the tax code is extremely unfair to small businesses.
McCracken went on to applauded Sens. Wyden and Coats for seeking broad, comprehensive tax reform: “It is this kind of bipartisanship that will truly help America’s small-business community. Lawmakers must seek broad tax reform, not just for corporations.”
“NSBA has identified our so-called 10 commandments of tax reform which basically boil down to four key principles: simplicity, fairness, transparency and predictability,” stated McCracken. “Small business needs Congress to embrace these principles, and we need them to do it now.”
Please click here for more details on NSBA’s call for broad tax reform.
Please click here to read NSBA’s suggestions to the so-called “Super Committee.”