NSBA Reaction to Trump Tax Reform OutlineApril 26, 2017
FOR IMMEDIATE RELEASE
Wednesday, April 26, 2017
Washington, D.C. – The National Small Business Association (NSBA) applauds the Trump Administration’s commitment to include small business in tax reform and simplification. The tax reform outline released today by the administration focuses on corporate tax reform, however Treasury Secretary Steven Mnuchin said the forthcoming proposal would include a tax cut for the majority of small businesses, 83 percent of which pay taxes at the individual income level.
Below is a statement from NSBA President and CEO Todd McCracken.
“The number-one tax-reform related concern of small businesses today is the possible elimination of deductions and credits without an offsetting reduction in tax rates, something Secretary Mnuchin said the proposal would address.
“We appreciate the administration’s understanding of how most small businesses pay taxes, which is reflected in this proposal. There remains a good deal of details still needed, including how such a cut would impact the overall U.S. debt – something with which NSBA’s members also are concerned.
“According to NSBA’s annual taxation surveys, the biggest issue concerning federal taxes is complexity—not the actual financial burden. We hope that, as this proposal—or any other proposals—continue to develop into legislation, easing complexity will be a top priority.
“Unfortunately, no matter how positively a tax proposal will impact small business, it’s got to have enough Congressional support to move. Today, we have the first real chance for broad tax reform in a generation, however the overwhelming majority of small businesses believe political failures—partisanship and a lack of effort—are the biggest challenge facing reform, and one-third don’t believe tax reform will ever be enacted.”
Please click here to download NSBA’s recently-released 2017 Small Business Taxation Survey.
Celebrating 80 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.