At Tax Law’s 2-Year Anniversary, Small Businesses Ask Policymakers for Reform that Actually Helps Main Street
Nevada entrepreneurs join Businesses for Responsible Tax Reform on a press call to discuss how, two years in, the Tax Cuts and Jobs Act has failed to help small businesses and to call on policymakers and candidates to support tax policy that helps Main Street
Dec. 19, 2019, Las Vegas, NV— Nevada small business owners joined experts from Businesses for Responsible Tax Reform on a press call to discuss how the Tax Cuts and Jobs Act, passed two years ago this week, has failed to help small businesses, and called on candidates and elected officials to support tax reform that actually helps Main Street entrepreneurs hire, give raises and expand their businesses.
“I didn’t see any tax relief thanks to the law, but reports show numerous multi-billion-dollar corporations paid $0 in taxes this year,” said Tonda Benge, owner of Professional Dog Mom in Reno. “Small businesses create jobs and invest in our communities. We need tax reform that corrects the imbalance the tax law created, so the tax code benefits those who need it most—small businesses and the middle class.”
Businesses for Responsible Tax Reform’s polling found the tax law has not helped small businesses’ profitability nor has it helped small business owners hire, grow or invest in their businesses. What’s more, two-thirds want the 40% tax cut corporations received from the law—from 35% to 21%—to be partially rolled back to fund policies that will help small firms.
“I haven’t seen any benefit from the tax law,” said Ron Nelsen, owner of Pioneer Overhead Door in Las Vegas. “I didn’t see savings that helped me hire new employees or give raises, something I would like to do. What’s more, my business is driven by consumer demand and I haven’t seen a jump in demand for my products coming from middle-class folks who are flush with new tax savings.”
Experts discussed policies that will actually help America’s 30 million small business owners, which include:
- Equalizing the tax savings rate created by the law between small and large businesses and expand it to include entrepreneurs in all fields
- Providing a tax credit for the first employee a business hires
- Making the first $25,000 in profit for a small business tax free
- Simplifying the tax code
- Giving small businesses relief on payroll taxes
- Doubling the startup tax deduction for small business
“Far too often, lawmakers who say they are pro-business are really just pro-big business. Business owners are not monolithic in their views and small businesses do not march in lockstep with large corporations,” said Frank Knapp, Jr., co-chair of Businesses for Responsible Tax Reform and CEO of the South Carolina Small Business Chamber of Commerce. “We need tax reform that is fiscally responsible, creates a level playing field for all businesses and works for our nation’s 30 million small business owners.”
Listen to a recording of the press call here.
About Businesses for Responsible Tax Reform
Businesses for Responsible Tax Reform is a coalition of business leaders calling for tax reform that truly benefits America’s small business owners. We are dedicated to ensuring tax reform is fiscally responsible, creates a level playing field for all businesses, grows the economy and works for our nation’s 30 million small business owners. Learn more about us on our website and follow us on Twitter and Facebook.