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Independent Businesses Back Senate's US Tax Reform Plan

by Mike Godfrey, Tax-News.com, Washington

16 November 2017


The National Federation of Independent Business (NFIB) in the United States has said that it "strongly supports" the proposed measures in the Senate's tax reform plan, which would provide tax relief to small businesses.

The NIFB sounded its support for the tax reform proposals currently making its way through the Senate in a letter praising the efforts of Senate Finance Committee Chairman Orrin Hatch (R - UT) to bring the legislation about.

"On behalf of the National Federation of Independent Business, the nation's leading small business advocacy organization, I am writing to thank you and your staff for your continued commitment to America's small businesses," NFIB President and CEO Juanita D Duggan wrote.

"NFIB strongly supports the Chairman's Mark, as modified, to provide appropriate tax relief for America's small businesses," Duggan added. "Ninety-nine percent of all American businesses are small, and they create half of all private sector jobs and contribute half the nation's gross domestic product. The Chairman's Mark will provide much needed tax relief to enable small businesses to grow and create jobs. NFIB strongly supports and urges the Committee to adopt the Chairman's Mark."

The bill proposes a new 17.4 percent deduction for certain pass-through businesses, which are taxed under the personal income tax regime.

This differs from the bill drawn up and approved by the Ways and Means Committee of the House of Representatives, which instead includes a 25 percent tax cap on income from pass-though businesses.

However, both bills propose a new flat rate of corporate tax of 20 percent.

Unlike the House bill, the modified Senate plan would also effectively repeal the individual mandate of the Affordable Care Act, a tax penalty on those that do not acquire adequate health care coverage.

TAGS: Finance | tax | small business | business | legislation | United States | tax reform

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