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Washington, D.C.—This Tax Day, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) has released a factsheet detailing the consequences of the 2017 GOP tax law on America’s small businesses. 

“For America’s small businesses, the tax law is a lose-lose,” said Chairwoman Velázquez. “Not only has it created a web of complexity that unfairly burdens the small business trying to make payroll, the law was designed to benefit large corporations at the expense of Main Street. In our new Majority, House Democrats will continue to pursue policies that work for the people—and as Chairwoman, I will ensure that the concerns facing small businesses are heard loud and clear.” 

For a law that was touted to provide relief for hardworking families, nearly half of small businesses reported that the tax law had no impact on the growth or profitability of their business. Meanwhile, tax breaks to corporate America resulted in a record $806 billion spent in stock buybacks to reward shareholders. 

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