News Blog for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this "Blog" - no paid ads - no payments for articles.Fair Use Doctrine is posted & used. Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year] Contact: editor@arranewsservice.com (Pub. Since July, 2006)Home PageFollow @arra
One of the penalties for refusing to participate in politics
is that you end up being governed by your inferiors. -- Plato
(429-347 BC)
Monday, September 25, 2017
Tax Reform: A Boost To Small Businesses, Job Creation
Small Business Owners Say With Tax Reform ‘They Will Reinvest In Their Companies And Hire More People’
SEN. ORRIN HATCH (R-UT):“Our chief goals, particularly in business tax reform, are to increase economic growth, create new jobs, grow wages for the employees of both large and small businesses, expand opportunities for all Americans and improve standards of living for everyone in the United States.”(U.S. Senate Finance Committee Hearing, 9/19/2017)
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)
Small Businesses ‘Are The Cornerstone Of The U.S. Economy’ But ‘Their Top Federal Rate Is … Substantially Higher’ Than That For Large Multinational Corporations
JUANITA DUGGAN: “[T]hree-quarters of American small businesses pay taxes as individuals. Their top federal rate is 43.3%, which is substantially higher than the current top rate for large multinational firms. When state burdens are added, small businesses are sending close to half their income to the tax man…. If the point of tax reform is to boost the economy, it must start with small business.”(Juanita Duggan, Op-Ed, “Cut Business Taxes for the 99.9%,” The Wall Street Journal, 9/13/2017)
JUANITA DUGGAN: “The National Federation of Independent Business asks its members periodically to evaluate 75 commonly faced problems. Last year, 5 of the top 10 problems were related to taxes.Their taxes are too high, they tell us. The tax code is too complicated. The cost of compliance in terms of money and time is enormous. And the rules change too frequently.” (Juanita Duggan, Op-Ed, “Cut Business Taxes for the 99.9%,” The Wall Street Journal, 9/13/2017)
‘Small-Business Owners Spend Nearly Two Billion Hours And $18 Billion To Pay Their Taxes’
SEN. ROB PORTMAN (R-OH):“I met with a bunch of small business owners yesterday from Ohio to talk about sort of the basic outline of the tax reform proposal. They like it … they're companies that will benefit from the kind of tax relief we're talking about. And what they would do with that money is invest in their businesses and create more jobs.” (Bloomberg, 9/14/2017)
SEN. DEAN HELLER (R-NV):“For too long, Nevada’s and America’s small businesses and companies have been at a competitive disadvantage due to our outdated and unfair tax code…. Our current tax code distorts the marketplace, drags down the economy, and prevents American job creators from staying and hiring back home.” (U.S. Senate Finance Committee Hearing, 9/19/2017)
HELLER: “…after eight years of historically low growth under the previous administration, it's time to get our economy back on track, help our workers and small businesses win on the international playing field.” (U.S. Senate Finance Committee Hearing, 9/19/2017)
TROY LEWIS, Past Chair, Tax Executive Committee, American Institute of Certified Public Accountants:“… [the tax code] sure could be less complex. So anything that you can do along those lines to make it less complex would benefit all businesses in our country.”(U.S. Senate Finance Committee Hearing, 9/19/2017)
SEN. TIM SCOTT (R-SC):“I was a small business owner for about 15 to 16 years and … [a]nother important factor is the complexity of the [tax] code and the amount of time small business owners spend preparing for the dreaded [tax] season [deadlines] …”(U.S. Senate Finance Committee Hearing, 9/19/2017)
SEN. CLAIRE McCASKILL (D-MO):“It is unbelievable how complicated it is for small businesses because there’s not a consistency within the [tax] code … I can’t imagine the productivity that is lost in terms of tax decisions that are being made just because of that added layer of complexity.”(U.S. Senate Finance Committee Hearing, 9/19/2017)
JUANITA DUGGAN, NFIB President And CEO:“Tax reform cannot succeed if it doesn’t simplify the tax code, which currently exceeds 70,000 pages. Each year, according to the Internal Revenue Service, small-business owners spend nearly two billion hours and $18 billion to pay their taxes. Large corporations are able to deal with taxes with legions of lawyers, accountants and compliance professionals. Small-business owners must either do the work themselves or hire costly consultants.”(Juanita Duggan, Op-Ed, “Cut Business Taxes for the 99.9%,” The Wall Street Journal, 9/13/2017)
SCOTT HODGE, Tax Foundation President:“Americans spend close to 9 billion hours complying with the U.S. tax system. The corporate part of that code is the most complex and the most costly. Things like the depreciation schedules … cost U.S. businesses about $23 billion a year in compliance costs. This is money that is not only drained from businesses, but it’s time taken away from entrepreneurs…. This is wasted energy, wasted time, wasted resources that go to complying with the IRS rather than trying to build a business.”(U.S. Senate Finance Committee Hearing, 9/19/2017) Tags:Seton Motley, Less Government, Tax Reform, Boost To Small Businesses, Job CreationTo share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
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