Velázquez Highlights Need for Tax System Geared Toward Small Businesses During Committee Hearing

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Press release dated April 18, 2023 on a House Small Business Committee hearing examining the impact of recent tax reforms on American small businesses. Ranking Member Nydia M. Velázquez said reforms are needed to simplify the tax system and even the playing field between large corporations and small firms. The release says a poll after passage of the 2017 Tax Cuts and Jobs Act (TCJA) found nearly half of small businesses surveyed said it had no impact on their growth or profitability. Anne Zimmerman of Zimmerman & Co CPAs Inc. in Cincinnati testified against merely extending the TCJA.

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Velázquez Highlights Need for Tax System Geared Toward Small Businesses During Committee Hearing
Source(print): https://democrats-smallbusiness.house.gov/news/documentprint.aspx?DocumentID=4552

Velázquez Highlights Need for Tax System Geared Toward Small Businesses During Committee Hearing 

 democrats-smallbusiness.house.gov 

 Cmte Small Business (D) 

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 Velázquez Highlights Need for Tax System Geared Toward Small Businesses During Committee Hearing 

 Washington ,
 April 18, 2023 
 -

 Washington, DC — Today, the House Small Business Committee held a hearing examining the impact of recent tax reforms on American small businesses. During the hearing, Ranking Member Nydia M. Velázquez (D-NY) discussed the need for reforms that simplify the current tax system and even the playing field between large corporations and big businesses. 
 
“Main Street businesses form the bedrock of our nation’s economy, driving innovation and job creation, even during periods of economic turmoil and uncertainty. Regrettably, despite the fundamental importance of small firms, recent tax reform has catered to the interests of wealthy individuals and large corporations instead of American entrepreneurs,” said Ranking Member Velázquez. “Small businesses require certainty and simplicity to compete. However, our convoluted and onerous tax code creates an overwhelming burden for these businesses.” 
 
During the hearing, members discussed the impact of recent tax reforms like the 2017 Tax Cuts and Jobs Act (TCJA) on American entrepreneurs. In the aftermath of the law’s passage, a public opinion poll found that nearly half of the small businesses surveyed said the TCJA had no impact on their growth or profitability. Small business owners at the hearing testified on the effects that tax law changes had on their businesses and ways Congress can craft tax policy that better supports entrepreneurs. 
 
“If we genuinely want to support small businesses, we must avoid taking the easy route by merely extending the TCJA. Instead, our policymakers should do the hard work to develop a tax code that actually benefits small businesses rather than giving them a token deduction,” said Anne Zimmerman, Founder & Owner of Zimmerman & Co CPAs Inc. in Cincinnati, OH. “There is no reason for the tax code to favor large corporations. Given the potential for job creation and economic activity in every community across the country to be had by empowering small businesses, the tax code can and should be designed to help our Main Street entrepreneurs thrive.”

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