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Your publication recently ran a story titled “Not so fast on tax act, says congressional candidate for 3rd District.”
In it, the author misrepresented NFIB’s position on the House and Senate bills.Let the record show that small business owners support theTax Cuts and Jobs Act. The National Federation of Independent Business (NFIB), which is the leading small business organization in Colorado and had strong concerns about the initial legislation, now urges Senators Bennett and Gardner to support the measure.
Many people may not realize that three-quarters of U.S. small businesses are organized as pass-throughs. Between state and federal taxes, a lot of small businesses end up sending close to half of their income to the government under the current tax code.
Colorado ranks 17th in the nation for the share of employment (59.5 percent) in pass-through businesses. The Senate bill would provide relief by creating a 17.4-percent deduction on pass-through income up to $500,000.
That deduction would result in a significant reduction in taxes for small businesses regardless of their tax bracket. And it would be available to all small businesses, including service providers such as car mechanics and carpenters.
This matters, because 0ur members say taxes are too high, and they say that the federal tax code is too complicated. Small businesses waste too much time and money trying to comply with confusing and ever-changing tax regulations.
Over the next several weeks, NFIB will be working to ensure that tax reform becomes law. That way, small businesses can continue to lead America’s next great era of prosperity.
Tony Gagliardi is the Colorado director of the National Federation of Independent Business.
Senior Media Manager
National Federation of Independent Business (NFIB)