NSBA Statement on Big Six Tax PlanSeptember 28, 2017
FOR IMMEDIATE RELEASE
Wednesday, Sept. 27, 2017
Washington, D.C. – The National Small Business Association (NSBA) applauds the so-called “Big Six” for their efforts in crafting their Uniform Framework for Fixing Our Broken Tax Code. The framework addresses many of the key tax reform priorities of smaller businesses. However, with key details still undecided, NSBA looks forward to working with legislators to ensure that this reform will have the maximum possible benefit for America’s job creators.
Below, please find a statement from NSBA President and CEO Todd McCracken.
“Our top priorities for any tax reform are rate parity for all types and sizes of businesses, increased simplicity, and long-term stability. While the Unified Framework moves us closer to rate parity, the current proposal leaves a disparity by offering pass-through entities a 25 percent tax on business income while dropping the corporate rate to 20 percent. We hope to work with tax writers to find ways to close that gap.
“We will also be carefully watching to ensure that current expensing provisions for smaller companies—which are permanent—are not made temporary or phased-out. At the same time, it is important that smaller businesses continue to be able to deduct their interest expenses, a significant and necessary business expense for many.
“On the simplification side, we are enthusiastic in our support for the proposed elimination of the Alternative Minimum Tax and the Estate Tax—both major thorns in the sides of small-business owners.
“Today, we have the first real chance for broad tax reform in a generation. Congress must work together to pass tax reform that simplifies the system, broadens the base, lowers rates, and provides long-term stability while maintaining revenue neutrality.”
Click here for more on NSBA’s tax reform priorities.
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.