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NFIB Sounds off to Washington on Tax Reform

May 23rd, 2017 Comments off
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Credit: NFIB.

The National Federation of Independent Business (NFIB) tells MHProNews that in a meeting last week, the organization told House Ways and Means Committee Chairman Kevin Brady (R-TX) that small business owners expect comprehensive tax reform this year and that it must feature parity for businesses of every size.

Tax reform has the potential to have an enormously positive impact on small businesses; it is their top priority in 2017,” said NFIB President and CEO Juanita Duggan.

Given that small businesses account for nearly half of the gross domestic product (GDP) and private sector workforce, and create two out of every three net new jobs, the U.S. economy will not reach its full potential for growth without a robust and flourishing small business sector.”

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Juanita Duggan, President and CEO of the National Federation of Independent Business (credit, NFIB).

As Daily Business News readers are aware, the NFIB has been very vocal about small business taxes, stressing the importance to the American economy.

Tax reform that starts with small business is one of the keys to unleashing a strong American economy. Approximately 75 percent of small business owners are taxed at the individual tax rate, not the corporate tax rate, because their businesses are structured as pass-through entities,” said the NFIB in an April statement.

Tax discrepancies between corporate and individual rates must be addressed in this once-in-a-generation window of opportunity. There is tremendous optimism for this new Congress to repair and simplify a tax code that is holding back our small business economy.

Duggan made that clear to the committee.

To be clear, tax reform should result in a tax code that is easier to comply with, ensures that small businesses have rate parity with their larger competitors, and reduces tax rates for all small businesses. No small business should pay a higher tax rate than they do currently, and small businesses should not face a higher tax rate than large corporations, which would put them at a competitive disadvantage,” said Duggan.

Fortunately, the House Republican tax reform blueprint and the tax reform plan outlined by President Trump take important steps forward toward these goals, and we remain confident that Congress and the Administration will unite behind a tax reform proposal that starts with small business.”

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Credit, NFIB.

She also pointed out that small business owners have high expectations for tax reform this year, and that Congress’s failure to deliver could affect the economy.

In April, the Small Business Optimism Index fell to 104.5, as ‘expected business conditions’ dropped significantly. The Committee and Congress must understand that small business owners are paying close attention, and they are making decisions that affect the economy based on how Washington performs. The time to address small business owners’ biggest economic concerns is now,” said Duggan.

Duggan and the NFIB were very vocal and active leading up to, and after the election of President Trump, including a March report about small business optimism being at it’s highest rate in 37 years.

We haven’t seen numbers like this in a long time,” said Duggan at the time.

Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.

The Daily Business News will continue to follow and report on the progress of tax reform. For more from the NIFB on small business, click here. ##

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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NAHB to Congress: Keep Housing Tax Incentives

April 25th, 2013 Comments off

During testimony before the House Ways and Means Committee on residential real estate and tax reform, Robert Dietz of the National Association of Home Builders (NAHB), noting 40 percent of renters pay more than 30 percent of their income for household rent, urged Congress to maintain the mortgage interest deduction, the Low Income Housing Tax Credit (LIHTC), and real estate tax deductions. He says LIHTC is the most effective tool for creating affordable housing, but the demand exceeds the financing capability of the program. “The solution is not to eliminate the most successful affordable housing program in the country, but to provide it with the resources necessary to address the shortage of affordable housing options in our cities and towns,” added Dietz. He said 70 percent of homeowners with a mortgage claimed the mortgage interest deduction in 2009; and homeowners pay $300 billion each year in real estate taxes, but that is not something in the federal tax debate. As MHProNews has learned, building 100 single-family homes creates more than 300 full-time jobs and generates $8.9 million in federal, state and local tax revenues that feeds into local communities and schools. “Housing provides the momentum behind an economic recovery because home building and associated businesses employ such a wide range of workers. With the right policies in place, housing can be a key engine of job growth that this country needs,” said Dietz.

(Image credit: firstbanktrust)