An op-ed by Alfredo Ortiz, President and CEO of the Job Creators Network, points out that “small business expansion is negligible” in the U.S., and “there has been a decades-long slowdown in new business creation.”
The solution, he argues, is that Congress needs to pass President Donald Trump’s tax reform plan.
From The Daily Caller:
Reducing America’s tax burden is the fastest way to boost real wages, which have been stagnant for decades. President Trump’s tax plan would put hundreds of dollars a month back in the pockets of working and middle-class Americans, who are struggling under the weight of inflated housing, healthcare, and childcare costs. But if his comprehensive tax reform can’t pass Congress, then Republicans should pass more tailored tax reform now that would still provide relief to tens of millions of Americans while being nearly impossible for legislators to oppose.
The specific reform with the most bang for the buck? Small business tax relief.
Small businesses, which generally structure as so-called pass-throughs that are taxed at the individual rate, pay a top marginal federal tax rate of 40 percent. Including state and other taxes, this rate often exceeds 50 percent. According to a recent Job Creators Network poll of small business owners, 70 percent of respondents said this over-taxation threatens their viability. And according to a new CNBC poll, taxes are the number one concern of small business owners.
Read the rest of the article here.
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