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As Republicans in Congress unveiled their tax plan today, Ranking Member Nydia M. Velázquez (D-NY) released a report showing the plan’s failure to consider the needs of America’s small firms. In the report, Velázquez argues that tax reform ought to provide simplicity and modernization to increase compliance and spur job creation. Pulling from years of collective feedback from small business owners, the report urges retirement tax incentives, modernization for employees in the sharing economy and enhancing tax breaks like the R&D credit. Unfortunately, under the Republican plan many measures impacting small businesses are non-existent or reduced.

“The Small Business Committee has heard repeatedly from owners about how complexity breeds uncertainty, increases compliance costs, and hinders business planning,” wrote Velázquez. “For small firms, the existing tax code is an obstacle to success, rather than a means of encouraging growth and job creation.  For this reason, small entities have called for a more predictable and simpler tax system.  The absence of specificity in the Republican plan is leaving the small business community confused and concerned that they will be unduly harmed by efforts to expedite a tax package through Congress without the requisite examination.”
 

For a PDF of the report, click here. 

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