Even some Republicans agree tax plans won’t help small businesses

The Hill

When it comes to the tax reform proposals being promoted by congressional Republicans, one of their own has come out against the plans because they won’t do much for America’s small businesses.

“We can’t leave anybody behind, which is why they came up with the 25 [percent] rate for pass throughs,” Sen. Ron Johnson (R-Wis.) said, himself a former small-business owner. “The problem is, neither the House or the Senate version really honored that commitment to pass-through businesses, which I argue are a huge engine of economic growth.”

Sen. Johnson is exactly right about the role of small businesses in our economy, and he’s right that neither the Senate nor the House of Representatives have offered proposals that would help more than a handful of small firms, while also blowing up the deficit by adding $1.5 trillion over 10 years.
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Don’t leave small businesses behind in reform plan

The Hill

As President Donald Trump and congressional leadership stump for tax reform, it is becoming increasingly clear they do not understand why most small businesses will not benefit from drastically slashed corporate tax rates.

House Speaker Paul Ryan’s (R-Wis.) tax blueprint, for example, calls for reducing the corporate rate to a flat 20 percent because he believes this will help small employers.

President Trump, meanwhile, has floated a maximum corporate rate of 15 percent, saying recently that he intends to “dramatically reduce the tax rate for America’s small businesses, which have created more than 60 percent of new private-sector jobs in the recent past.” He claimed this rate reduction would bring relief to millions of entrepreneurs.

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A Modest Tax Day Proposal: Help Small Business by Closing Corporate Loopholes

Huffington Post

Everyone knows that reforming America’s tax system is among the tougher tasks lawmakers consider every year, which is why our tax code has undergone few significant changes over the last two decades. This slow pace of progress, however, is deeply harmful to small businesses that are consistently held back by tax rules that favor large corporations while hindering small firms. On this Tax Day, I offer politicians a common-sense proposal that would correct this problem: eliminate wasteful corporate loopholes while lowering corporate tax rates in a manner that ensures a net revenue increase to bring down our deficit and fund key programs.

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Small businesses like corporate tax cut only if loopholes closed

The Hill

In light of President Trump’s recent address to Congress in which he called for corporate tax reform, some are imploring lawmakers to save small businesses from what has been termed “some of the most anti-business tax rates and rules in the world.”

While tax reform is essential to helping small businesses, many clamoring for changes to the tax code are thinking only of the wealthiest entrepreneurs and not the rest of America’s 28 million small businesses that would benefit from lower corporate tax rates only if that reduction is accompanied by the elimination of costly loopholes that boost profits for large corporations. Continue reading

Estate Tax Anniversary: No Big Deal for Small Businesses

Huffington Post

September 8 marks the centennial of the estate tax, which establishes a tax on certain estates that are transferred as inheritance. To mark the occasion, we’ll likely see many pundits calling for the abolition of this tax and knocking its impact on small businesses. But the reality is that the estate tax, which only applies to estates valued above $5.4 million, impacts very few small businesses. Instead of worrying about a tax that affects only the very wealthy, we should take this time to focus on the real tax issues that hurt small businesses – like inversions and other loopholes that favor larger corporations at the expense of Main Street.

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