For too long, our nation’s tax system has benefited the wealthiest Americans and large multinational corporations—leaving the rest of the country, particularly small business owners, to foot the bill. Small Business Majority’s polling has shown that 90% of small business owners believe big corporations are using loopholes to avoid taxes that small businesses have to pay, and 92% believe corporations’ use of those loopholes is a problem.
Moreover, in making decisions policymakers need to better understand how small business owners pass through business income and how many entrepreneurs are affected by changes in the way pass-through income is taxed.
We need a tax system that benefits America’s entrepreneurs who are focused on growing their enterprises and making payroll at the end of each month. To do that, we must take steps to ensure fairness, simplify the tax code and create opportunities for small businesses and encourage startups and entrepreneurs.
This panel discussed policies that must be included in tax reform efforts to level the playing field and promote small business growth.