Published on April 24, 2013
Two national business policy groups released a poll showing small business owners strongly oppose corporate tax loopholes.
More than four out of five small business owners (85%) oppose aterritorial tax system, which would permanently exempt offshore profits fromU.S. taxation.
Frank Knapp is vice chairman of the American SustainableBusiness Council and president and CEO of the South Carolina Small BusinessChamber of Commerce. He said today: “Through this poll, small businessowners are sending a clear signal to Congress and the President. The priorityfor reforming our nation’s tax code is to stop multinational corporations fromusing offshore tax havens to avoid paying their fair share of taxes. And theseelected leaders are also put on notice to not support any proposal for aterritorial tax system for multinational corporations that would lock in whatsmall business owners of all political persuasions view as completely wrong andunfair.”
Knapp also recently wrote an op-ed for The Hill, “Smallbusiness opposes multinational corporations’ tax avoidance.” He alsoappeared in the documentary, “We’re Not Broke.”
Joshua Welter is director of special projects for the MainStreet Alliance, which commissioned the poll with the American SustainableBusiness Council. He said today: “Small business owners see two problemswith the current system for taxing U.S. multinationals. First, they know wecan’t afford these loopholes, since the reduced revenue forces cuts in economyboosting investments, such as education, Social Security and Medicare. Second,the overseas tax structure is a big thumb on the scale for big companies, and athumb at the nose of small business.”