NSBA Responds to Chairman Camp’s Small Business Tax DraftMarch 12, 2013
Washington, D.C. – House Ways and Means Chairman Dave Camp (R-Mich.) today released a discussion draft outlining tax reform specific to small business. While NSBA is continuing to study the draft, the efforts of Mr. Camp in highlighting and developing a small-business-specific proposal, particularly given the disproportionate tax burden small businesses bear, are much appreciated.
Below is a statement from NSBA President and CEO Todd McCracken:
“The discussion draft includes some positive language, including: permanence for Section 179 expensing, which is set to drop to just $25,000 in 2014. NSBA has repeatedly called for permanence of higher expensing levels both as a way to stimulate small-business investments as well as stimulate the economy.
“Also included in the draft is language to simplify and increase the threshold for small-businesses utilizing cash accounting, as well as an increase and expansion in the deductibility of start-up expenses from $5,000 up to $10,000—both provisions which are headed in the right direction.
“While NSBA continues to push for a broad reform, and has been a leading proponent of the Fair Tax, Chairman Camp’s draft raises important issues on small-business taxation and is a step in the right direction. Moving forward, NSBA encourages any formal proposals to embrace the key tenets of NSBA’s Tax Reform Checklist: promote fairness, transparency and eases complexity.
“Tax reform is NSBA’s number one priority, driven by the fact that, according to NSBA data, more small businesses cite complexity and administrative burdens (56 percent) as the biggest problem with the tax code than those that cite the financial burden (44 percent). Furthermore, nearly half of small businesses spend more than 80 hours per year–two full work-weeks–on federal taxes alone. This is wildly unfair and economically unsustainable”
Please click here for more on NSBA’s call for broad tax reform.
Celebrating more than 75 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., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz.