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Small business group: SCOTUS ruling averts chaotic tax environment for Main Street entrepreneurs

Statement by Small Business for America’s Future Co-chair Anne Zimmerman on SCOTUS rejection of challenge to tax law in Moore v United States

June 20, 2024– “We are relieved by the Supreme Court's decision to uphold the Mandatory Repatriation Tax, a one-time tax on U.S. shareholders who own more than 10% of a controlled foreign corporation. Small businesses thrive on predictability especially when it comes to tax; the challenge to this tax law put that stability in jeopardy. 

“Most small business owners handle their own finances on top of managing daily operations. A major disruption in tax would be detrimental to growth and innovation. It’s why I signed an amicus brief calling on Supreme Court justices to consider the far-reaching implications of siding with the petitioners. 

“This ruling does not negate our need for new tax policies. The Tax Cuts and Jobs Act failed to support small businesses and favored large corporations and the ultra rich. It's set to sunset next year, swift action from policymakers is needed to create a plan that supports the needs of small business owners and their employees. 

“Small businesses are the backbone of our economy and provide support to their communities. They deserve a tax code that empowers them and encourages growth and job creation.”

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.