June 2, 2017
Atlanta—Today the Job Creators Network (JCN) called for small business tax reform to address a labor market that is still underperforming, as illustrated by today’s jobs number of 138,000 jobs created in May. According to the newly released Bureau of Labor Statistics report, the unemployment rate was little changed at 4.3 percent and the labor force participation rate fell slightly to 62.7 percent.
These tepid numbers demonstrate the vital need for small business tax reform that reduces the high tax burden on small businesses, which create two-thirds of all new jobs, so they can expand, invest, hire, and raise wages. While comprehensive tax reform languishes because of obstructionism from special-interest groups and the out-of-touch establishment, all Americans pay the price. The Trump Administration has proposed cutting the tax rate on these small businesses to 15 percent, which would be a massive boost for job creation and the economy. The Bring Small Businesses Back Tax Reform Act, recently introduced by Reps. Randy Hultgren (R-Ill.) and Jason Smith (R-Mo.), would also reduce the tax rate and ease the filing process for the nation’s pass-through businesses.
Read the recent op-ed in The Hill by JCN CEO Alfredo Ortiz and Heritage Foundation fellow Stephen Moore making the case for small business tax reform here.
Alfredo Ortiz, CEO of JCN released the following statement:
The jobs report is a clear sign that small business job creators are still struggling under the weight of over-taxation layered on by previous administrations and congresses. To increase job creation, Congress must immediately move ahead with President Trump’s tax reform that is being held up by an establishment more focused on pleasing its special-interests than the American people. If it can’t pass the comprehensive bill it is currently considering, then it should simply pass small business tax reform that would provide relief to the 85 million Americans who depend on small businesses for their livelihoods.
The BLS also reports that in May that average earnings rose by a mere four cents. JCN has highlighted how good jobs that pay much higher wages exist, but job candidates don’t have the necessary skills to fill them. The issue is a skills gap, not a job deficiency. There are currently roughly three million good paying available jobs in this country that don’t require a college degree and can be achieved through job or vocational training programs, or on-the-job training through entry-level employment opportunities.
To help fill this skills gap JCN has launched the Fight for $50 campaign, as in fighting for $50,000 careers, not job killing $15 mandates. By equipping people with the necessary skills and allowing them to gain job experience, those people who are currently unemployed or underemployed will have the opportunity to get gainful employment making $50,000 or more a year.
Find out more about the Fight for $50 here.