Senator Jeanne Shaheen (D-NH), ranking member on the U.S. Senate Committee on Small Business and Entrepreneurship, recently issued a statement calling for removing the burdens the U.S. tax code imposes on small businesses.
The statement by Sen. Shaheen was made June 14 at a Senate hearing examining the impact of the current tax structure on American small businesses. It was made as part of Shaheen’s opening statement in favor of proposed tax code reforms and the removal of barriers to small business growth.
This statement, coming from a senior Democrat, hints at the potential for bi-partisan support for tax reform proposed by the Trump Administration as a way to stimulate business growth.
Democrats Call for Small Business Tax Relief
“Our tax code is in desperate need of reform. It’s too long, too complex, and it creates a burden on middle class families and small businesses across America,” Sen. Shaheen said in the statement. “Today’s hearing is an opportunity to discuss relieving some of these tax burdens on small businesses so they can focus on what they do best: creating jobs and growing our economy.”
Shaheen cited the National Taxpayer Advocate Service finding indicating small businesses spend 2.5 billion hours complying with IRS rules each year. “For entrepreneurs, time is one of their most valuable resources,” she stressed. “Every hour spent filling out forms or navigating confusing tax rules is an hour they don’t spend marketing their products or thinking about how to grow their business.”
Republicans have made tax reform a major policy priority since taking control of the government. And small businesses will welcome the move by a ranking democrat in the committee joining in the call for small business tax relief. It’s important discussion on this issue does not spiral into bipartisan squabbling and stays focused on how to make things a bit easier for U.S. small business owners.
Small Business Deals
Image: Sen. Jeanne Shaheen