10.18.17

‘Lower Taxes On Small Businesses’

‘Reforming Our Nation’s Tax System Is A Top Priority For Small Businesses And American Entrepreneurs’

SEN. SUSAN COLLINS (R-ME): “We need to provide true tax relief to our small businesses, the job creators in our economy…. [My amendment] would send the message that through tax reform, we can help our small businesses thrive and be the engine of job creation and economic growth in communities all across our great country.” (Sen. Collins, Floor Remarks, 10/18/2017)

  • SEN. COLLINS: “Most small businesses … are organized as so-called ‘pass-through entities,’ meaning that their profits are passed on to their owners and reported on individual income tax returns. Under current law, this income is taxed at individual rates which can reach nearly 40% at the federal level and can be significantly higher than the corporate tax rates that larger firms face…. With tax reform, we have the opportunity to fix this problem.” (Sen. Collins, Floor Remarks, 10/18/2017)

Tax Reform Will Allow Small Business Owners To ‘Reinvest In Their Companies And Hire More People’

VICE PRESIDENT MIKE PENCE: “[W]e’re going to lower taxes on small businesses that file their taxes as individuals … Lowering it from the highest rate -- too often small-business owners that file their taxes as individuals pay the highest rate of 39.6 percent.  We're going to lower that tax rate to 25 percent for pass-through companies….” (Vice President Pence, “Remarks by Vice President Pence and Community Participants on Tax Reform,” 10/17/2017)

SENATE BUDGET COMMITTEE CHAIRMAN MIKE ENZI (R-WY): “This budget serves as a framework to expand economic opportunity for each and every American. It reflects our belief in the American entrepreneurial spirit and that by allowing American families and small businesses to keep more of their hard-earned dollars, they will innovate and invest money in ways that will grow our economy.” (Sen. Enzi, Congressional Record, S. 6425, 10/17/2017)

  • SEN. ENZI: “Lowering taxes on small businesses will also help unleash the ingenuity of America's job creators, and we are the most ingenious and most inventive in the world.” (Sen. Enzi, Floor Remarks, 10/18/2017)
  • SEN. ENZI: “Pro-growth tax reform can boost small businesses and it can free Americans to make their own decisions about how to spend their hard-earned money.” (Sen. Enzi, Floor Remarks, 10/18/2017)

U.S. SMALL BUSINESS ADMINISTRATION ADMINISTRATOR LINDA McMAHON: “By cutting taxes, we are putting more money directly into the pockets of the hard-working American entrepreneur.  Consistently as I travel around the country meeting small business owners, they tell me that they will reinvest in their companies and hire more people if they can get a more favorable tax rate. We are looking for aggressive reductions, and I have the utmost confidence in President Trump that he will not settle for anything less than that.” (“SBA Administrator Linda McMahon Statement On President Trump’s Trip To North Dakota For Tax Reform,” U.S. Small Business Administration, 9/06/2017)

Jobs Groups: ‘Fixing Our Tax System Now Is Crucial’ To Small And Family-Owned Businesses

Alfredo Ortiz, Job Creators Network President and CEO: “Our lawmakers must put party politics aside and rescue small businesses from the high federal tax rate they have been subject to for years. If accomplished, our nation's small business entrepreneurs—who create two-thirds of all new jobs—can expand and extend the American Dream to so many more people. Tax Cuts is not a partisan issue. It's a win-win policy everyone should get behind. Together, we can strengthen Main Street and the 29 million small businesses that make it up.” (Job Creators Network, Press Release, 10/10/2017)

Small Business & Entrepreneurship Council: “Reforming our nation’s tax system is a top priority for small businesses and American entrepreneurs.  Bold reform is critical to stronger entrepreneurship and new business creation in America, which is at a 40-year low and is undermining economic opportunity and hope for so many Americans. Entrepreneurs are reassured that the promise of fundamental tax reform continues to advance forward. We look forward to our continued work with leaders in the Congress and key people in the White House who have continuously provided small business owners and our organization with the opportunity to provide input and ideas.” (Small Business & Entrepreneurship Council, Press Release, 7/27/2017)

American Farm Bureau Federation: “America’s farmers and ranchers are encouraged to see that key congressional leaders and the administration understand how important tax reform is to all Americans. Fixing our tax system now is crucial to creating economic opportunities for farmers, ranchers and other family-owned businesses. This is especially important as farmers continue to face down tough economic challenges. This move sets the stage for Congress to put tax reform on its agenda. Not only will reform strengthen our economy, but by addressing key issues like overall tax rates, capital gains taxes and enhanced expensing, it will be good for farms and other businesses.” (American Farm Bureau Federation, Press Release, 7/28/2017)

Tax Reform Framework ‘Creates A New Tax Structure For Small Businesses So They Can Better Compete’

UNIFIED TAX REFORM FRAMEWORK: “Small businesses drive our economy and our communities, and they deserve a significant tax cut. This framework creates a new tax structure for small businesses so they can better compete.” (“Unified Framework For Fixing Our Broken Tax Code,” 9/27/2017)

  • “The framework allows businesses to immediately write off (or “expense”) the cost of new investments in depreciable assets other than structures made after September 27, 2017, for at least five years. This policy represents an unprecedented level of expensing …” (“Unified Framework For Fixing Our Broken Tax Code,” 9/27/2017)

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SENATE REPUBLICAN COMMUNICATIONS CENTER

Related Issues: Tax Reform, Economy, Middle Class, Jobs, Taxes, IRS