The president’s tax reform plan announced today is exactly what small business owners have been asking for. It will create a more level financial playing field for small and large firms, promoting healthy competition that stimulates the economy.
The president’s framework for reforming the tax code will eliminate dozens of loopholes that consistently leave small businesses paying an unfair share of taxes. It will also simplify the tax filing process for small business owners, whose valuable time needs to be spent building their business so they can create jobs and grow the economy.
Our national opinion polling found 91 percent of small business owners believe multinational corporations’ use of loopholes to avoid paying taxes is a problem, and three-quarters say their own business suffers when large companies don’t pay their fair share of taxes. When asked what would do the most to create jobs, small business owners chose eliminating incentives to move jobs overseas.
The president’s announcement today shows entrepreneurs’ voices are being heard. If they’re going to live up to their potential as our nation’s leading job creators and put America back to work, lawmakers must help them by leveling the economic playing field.