FOR IMMEDIATE RELEASE
Press Contact
Jared Thompson
jared@smallbusinessforamericasfuture.org
(260) 797-2530
Washington, D.C., July 20, 2021— Earlier today, Small Business for America’s Future joined Sen. Ron Wyden (D-OR) for a press conference supporting the introduction of his Small Business Tax Fairness Act. Anne Zimmerman, Small Business for America’s Future Co-Chair and the founder and owner of the small business Zimmerman & Co. CPAs, Inc., and Senior Advisor Renee Johnson were featured speakers on the call.
The Small Business Tax Fairness Act would overhaul the pass-through deduction to expand eligibility for small business owners and simplify the calculation process, making the tax code more simple and fair for small businesses. On the call, Small Business for America’s Future shared insights on tax issues from our most recent survey of over 1,000 small business owners. The results show that Main Street agrees that we need action from Congress to improve our tax code. A staggering 77% of small business owners surveyed believe the tax system favors large corporations. Three quarters of respondents said loopholes for large corporations hurt Main Street, while two-thirds support raising taxes on large corporations to fund investments in our communities.
The Small Business Tax Fairness Act is an important step toward a simpler and more equitable tax code, and Small Business for America’s Future thanks Sen. Wyden for leading the work on this essential legislation.
Quotes from Senator Wyden and Small Business for America’s Future leadership:
“Few policies showcase Republicans’ commitment to giveaways to the top 1 percent like the pass-through deduction created in their 2017 bill. Half the benefit of the pass-through deduction goes to millionaires, and because the benefit is so skewed toward the top, many Main Street small business owners are excluded. The mega-millionaires get to write-off 20 percent of their income while middle-class accountants are cut out. This makes no sense, and my bill would overhaul the deduction to ensure its benefitting Main Street small businesses,” said Sen. Wyden. “This bill is a win-win. It’s going to make the policy more fair and less complex for middle-class business owners, while also raising billions for priorities like child care, education and health care.”
“As a small business owner and accountant, I’ve seen firsthand how our tax system hurts small business owners. Loopholes and tax breaks for large companies create a huge deficit in our country’s budget leaving too much of a burden on small business and the middle class. These loopholes are why 75 percent of small business owners said they don’t believe large corporations are paying their fair share in a national survey by Small Business for America’s Future,” said Anne Zimmerman, founder of Zimmerman and Co. CPAs, co-chair of Small Business for America’s Future. “We are long past due for changes that ensure big business pays their fair share, and makes tax season easier for main street businesses. The Small Business Tax Fairness Act will allow more small business owners to access the same benefits as their larger competitors and is an important step in the right direction toward both fairness and simplicity.”
“We’ve heard from small business owners across the country and there are overwhelming majorities ready to support both a fairer tax system and historic infrastructure investments. Our Small Business for America’s Future survey found that 72 percent of small business owners believe our tax code favors large corporations and two-thirds support raising taxes on wealthy corporations to pay for investments in our communities,” said Renee Johnson, senior advisor, Small Business for America’s Future. “Senator Wyden’s Small Business Tax Fairness Act is an opportunity to level the playing field for the small businesses that power our communities and provide the resources we need for a thriving Main Street.”
To speak with Anne or Renee, please contact Jared Thompson at jared@smallbusinessforamericasfuture.org or (260) 797-2530.
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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.