Washington, D.C. – Today, the Job Creators Network applauded the Senate Finance Committee’s approval of the Senate’s tax reform bill, which would provide significant tax relief to the nation’s 29 million small business owners and the 56 million people they employ. The panel voted yesterday to send the bill to the full Senate by a vote of 14-12.
JCN calls on all Senators to come together and rally behind the tax cut effort that would provide small businesses and hardworking taxpayers with their biggest tax cut in a generation. JCN specifically points to the significant impact of the bill’s 17.4 percent tax deduction for all small businesses earning $500,000 or less. According to the Tax Foundation, 97 percent of small businesses earn less than this threshold, meaning the overwhelming majority of small businesses in the country will enjoy major tax savings, which can be reinvested in their businesses to create jobs, raise wages, and expand.
JCN President and CEO Alfredo Ortiz released the following statement:
The Senate Finance Committee’s approval of the Senate tax bill is another major step toward finally delivering tax relief to the country’s small businesses and hardworking taxpayers. Now it’s time for all Senators to recognize the bill’s significant middle-class tax cuts, including significant and long-overdue relief for the overwhelming majority of the nation’s small businesses, and enthusiastically support it. Ordinary Americans need tax cuts now.