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Small business group supports framework to create fair tax code that strengthens Main Street entrepreneurs and the communities they serve

Small Business for America’s Future Co-chair Anne Zimmerman urges policymakers to develop a tax code that boosts small business owners 

June 13, 2024–"We are encouraged by efforts laid out in a recent Biden Administration tax policy memo that strives to fix the inequities caused by the Tax Cuts and Jobs Act (TCJA) which is set to expire in 2025. Now is the time for policymakers to create a tax code that truly supports the needs of everyone, not just large corporations and the ultra rich. 

“Small business owners have told us that the TCJA did not live up to its promises. It did not help them hire new employees, increase salaries or purchase new equipment. Extending this failed policy won’t help empower the entrepreneurs who filed a historic 18 million small business applications in the past three years. Instead we should reform the tax code to better serve the needs of small businesses to unlock their potential to drive economic growth and job creation. 

“By ensuring large corporations with record profits pay their fair share we can raise revenue. This means Main Street entrepreneurs and their employees would not have to carry the burden of a TCJA extension which could cost $5 trillion dollars over the next decade.

“To do this we need a fully funded IRS. The Inflation Reduction Act invested in the agency so it can fulfill its mission but political detractors are still trying to claw back that amount and are spreading misleading information about how the funds will be used. 

“Our economy is on an upward trajectory with last month’s strong jobs report and inflation continuing to cool. It's time for lawmakers to get serious about the tax code so we can continue this momentum.” 

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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.