FOR IMMEDIATE RELEASE

Media Contact:
Nazirah Ahmad

nazirah@emccommunications.com
(704) 290-6869

Small business owner tells Congress TCJA failed Main Street, calls for reform

Statement by Small Business for America’s Future Co-Chair Walt Rowen, CEO of Susquehanna Glass Company in Columbia, Pa. who testified at the US House Committee on Small Business hearing “Tax Day: Exploring the Adverse Effects of High Taxes and a Complex Tax Code.” 

Washington D.C. April 10, 2024– “This morning I testified before Congress about how the tax code, particularly the Tax Cuts and Jobs Act (TCJA), fails to address the needs of small businesses, does not recognize their contributions, nor does it invest in their success. This is evident in our latest survey, where a majority of business owners said the TCJA did not help them hire new employees, increase salaries, or help them purchase new equipment. They also believe the law favored the wealthy and large corporations. 

“With many provisions in the TCJA set to expire next year, now is the time to implement tax policy that helps small businesses thrive, help stimulate business growth and job creation to support the historic surge in new small business starts in recent years. This diverse wave of entrepreneurship represents a tremendous opportunity to build a more robust economy, but only if we provide these new businesses with the support they need to succeed. As a nation, we must seize this moment and ensure that our tax policies and investments are aligned with the needs of these fledgling small business owners.

“We also should ensure that taxes rightfully owed are collected and will open up pathways to address the challenges that small businesses and their employees face. By supporting policies that help small businesses and their employees, we can build a more resilient and prosperous economy for all.”

During his testimony Walt Rowen proposed the following solutions to the nation’s tax code that would benefit small businesses: 

• A tax credit for a small business owner hiring their first employee to stimulate business growth and job creation
• Making the first $25,000 in profit for a small business tax-free
• Doubling the startup tax deduction for small businesses
• Ensuring tax equity for the self-employed.
• Raising the top corporate tax rate to 28% and ensuring billion-dollar corporations pay at least 21% of their income in taxes to give lawmakers the means to make impactful economic investments. 

Link to watch Walt Rowen’s testimony 

Link to read Walt Rowen’s Testimony 

Small Business for America’s Future Co-Chair Walt Rowen is available for interviews upon request, contact Nazirah Ahmad at nazirah@emccommunications.com or 704-290-6869. 

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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.