November 2, 2017
Washington, D.C.—The much anticipated federal tax cuts legislation was released today and it includes tax relief and simplification for small businesses—especially for those that make capital investments and drive job creation. The Job Creators Network (JCN) supports these efforts to cut taxes on small businesses, the backbone of the American economy.
JCN also calls on Congress to extend the new 25 percent small business tax rate to all small businesses, including pass-through professional service businesses such as engineers, pharmacists, and IT service providers. JCN will work to alter the final legislation to include equal tax relief for all small businesses regardless of designation as the bill makes its way through the legislative process.
Alfredo Ortiz, President and CEO of the Job Creators Network, released the following statement:
Today’s tax bill is a step forward that will help millions of small businesses. From simplifying accounting rules and allowing for immediate expensing to lowering tax rates, this bill will help Main Street businesses invest, grow and create bigger paychecks for American workers. Many pass-through small businesses will benefit from the new top 25 percent small business tax rate. Others will benefit from the larger standard deduction and the elimination of the 15 percent tax bracket.
While there is much to like about this bill, we encourage Congress to adjust the final legislation so that it allows all small businesses, including professional services which create millions of jobs, to access the new 25 percent top tax rate. Small businesses make up two-thirds of all new job growth in our country – it is critical that this tax reform package encompasses the true force of economic growth, our small business owners.