Tax Bill won’t boost small firms

Tax Bill won’t boost small firms

The Enquirer (Cincinnati, Ohio)
December 10, 2017

As a CPA and small business owner, I know first – hand how bad the tax bill will be for small business. Despite promises to provide a boost to small business and the middle class, they proposals will instead benefit large corporations and the wealthy.

Legislation form both chambers claims to benefit small business by changing the way that pass-through rates are applied, but only a sliver of small businesses actually pay the top rates. These changes will primarily benefit wealthy individuals like hedge fund managers. What’s more, cutting the corporate rate to 20 percent will help only a few small businesses because only 5 percent of small firms pay the corporate rate. Even worse, these tax cuts are not offset by closing costly corporate loopholes that put us at a disadvantage and hurt the economy.

Most small business owners I know don’t want tax cuts in a vacuum. We want changes that level the playing field. It’s time for Congress to stop pretending these tax plans will help small businesses. Before sending a final bill to the president’s desk, Congress should listen to small business owners and pursue reform that makes it easier for us to compete.

Anne Zimmerman
Co-Chair
Businesses for Responsible Tax Reform