An ‘Excellent Tax Bill For Small Business’

SEN. RISCH: ‘The Aim Of This Entire Exercise Is To Reduce The Burden On Taxpayers And Create An Environment That Enables Families And Businesses, Particularly Small Businesses, To Thrive’

SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): “These are the job generators that produce most [of the] jobs in America. And every small business group I can think of is on board with this comprehensive tax reform that we hope to clear the Senate this week. So we’re excited about this opportunity … to try to reform that [tax] code and make America more competitive and we don’t want to leave small businesses behind.” (Sen. McConnell, Press Conference, 11/28/2017)

SEN. JIM RISCH (R-ID), Small Business & Entrepreneurship Committee Chairman: “I’m encouraged by the plan the Senate Finance Committee has moved out of committee. The aim of this entire exercise is to reduce the burden on taxpayers and create an environment that enables families and businesses, particularly small businesses, to thrive. With tax reform, we have a real opportunity to make changes that will have a tangible, positive effect on the American people and create an environment for our nation’s job creators to prosper.” (Sen. Risch, Press Conference, 11/28/2017)

LINDA McMAHON, SBA Administrator: “And without doubt, one of the top issues with every one of these small businesses is tax reform, but they really talk more about tax cuts. And to a business that I have spoken to, they have told me that if they have tax cuts, if they have certainty in the tax program, if they can get it done and get it as part of their planning process, they will reinvest that money—those tax cuts—back in their businesses…. They’ll hire more people, they’ll raise their wages, they’ll reinvest in their businesses. That’s what they’re telling me consistently across the country.” (Administrator McMahon, Press Conference, 11/28/2017)

JUANITA DUGGAN, NFIB President & CEO: “[This is] an excellent, excellent tax bill for small business.  I want to put the value of this pass-thru provision into some context. It’s $362 billion according to our estimate, and that is roughly equivalent to the economy of Austria. It’s larger than the economies of Israel or Hong Kong or Ireland.  If you imagine putting that amount of money back into the pockets of small business owners, there’s no question that you’re going to see more jobs and more economic growth.”  (Press Conference, 11/28/2017)

MATT SHAY, President and CEO, National Retail Federation: “And let’s remember the goal here is to give middle class Americans a tax cut. If we give middle class Americans a tax cut and we support businesses, we’re going to increase wages, we’re going to grow businesses, we’re going to drive investment. All of those things will make us more competitive across the country and around the world. And that will be good for small businesses, pass-throughs, large businesses, and most importantly consumers … and people across this country.” (Press Conference, 11/28/2017)

• SHAY: “These are commonsense reforms. We support them completely. We are very very interested in seeing this get through the Congress: through the Senate this week, hopefully back to the House and signed.” (Press Conference, 11/28/2017)

• SHAY: “As we look at the provisions of this bill, we are very supportive for a number of reasons. Number one … lowering the rate for these businesses is critically important, for these mainstream retailers and these small businesses across the country…. The easing of access to cash accounting methods, the inventory management methods, the ability to promote investment in small businesses.” (Press Conference, 11/28/2017)

KEITH HALL, President and CEO, National Association for the Self Employed: “You’ve heard up here that there are 30 million small business owners creating 70% of all jobs… I would contend that the number one asset all of these small business owners have is their time. And the thing I like about this bill, the thing our membership likes about this bill is that it is truly a step in the right direction towards simplification.  If we can make this tax code more simple, make it easier to comply with the laws – most people want to do the right thing, most people want to fill out the forms correctly, even those that hire a CPA or tax professional – it is still very cumbersome to deal with this tax code. It is my opinion that this bill is a step in the right direction towards simplification.” (Press Conference, 11/28/2017)

KAREN KERRIGAN, President and CEO, Small Business and Entrepreneurship Council: “The bill as it stands, and as it is moving through the Senate is undeniably pro-growth, and strong and sustained growth is exactly what small business owners and entrepreneurs need right now in order to grow their revenues in order to compete, in order to have more of their capital to re-invest in their businesses, reward their employees and be all that they want to be, essentially.” (Press Conference, 11/28/2017)

DAVE MANNING, Chairman, American Trucking Association: “What’s extraordinary about the trucking industry is our expansive reach across all facets of our economy. Since we carry 80% of our nation’s freight, we’re the central link in the supply chain … And we’re an industry of small businesses. Ninety-one percent of our nation’s 777,000 trucking companies operate six trucks or fewer. Because of that unique position, we see every day what tax reform will do to get the economy moving ahead at full speed. If such a bill is passed, our trucks will keep moving, and more will be on the road, keeping the shelves of mom-and-pop stores stocked and the homes of American families filled. America’s small businesses are counting on the Senate to pass tax reform legislation.” (Press Conference, 11/28/2017)

• MANNING: “One of the best ways to create a pro-growth environment for small businesses is with a tax system that’s simpler, more equitable, and has lower rates on business income. In order for our company to grow, it has to invest in new equipment and new employees…. [W]e know the cost of doing business and we know what tax reform can do to spur further investment.” (Press Conference, 11/28/2017)

KATHERINE LUGAR, President and CEO, American Hotel and Lodging Association: “We are at HLA strongly supportive of tax reform, of the Senate bill.  Our membership, of course, is made up of not only the large iconic large hotel brands you think of, but overwhelmingly of small businesses who own hotels either through the franchise model or otherwise, beds and breakfasts and inns that line your Main Streets.  What we know is this, the Senate tax bill as it currently stands will do two things to spur our economy.  Number one, it’s going to free up more money for our hotels, to invest more and create more jobs. Number two, it’s going to provide the middle class with a powerful tax cut. … We had Oxford economics quantify this for us, what we found is that for the Senate tax bill as it currently stands, will free up and stimulate $130 billion in the hotel industry alone and in ancillary consumer spen[ding].  With that we think it’s a powerful boost to our economy and we support it.” (Press Conference, 11/28/2017)