Tuesday, May 02, 2017
Graves: Tax reform will allow small businesses to thrive
This week is the 54th annual National Small Business Week, a time to celebrate the contributions of small businesses to the American economy. North Missouri, like the rest of the country, relies on small businesses to spur growth, put people to work, and put food on our tables.
I’ve said it over and over again – about 7 of every 10 new jobs in this country come from our small businesses. But the federal government’s policies haven’t always reflected their value.
An outdated tax code and a barrage of regulations make it difficult for American entrepreneurs and businesses to create new jobs and spur economic growth.
The Trump administration has already begun to scale back some of the Obama-era regulations that have stunted the economy. But that’s simply not enough – and no one will benefit more from tax reform than small businesses and the tens of millions of Americans who work for them.
Right now we have the best chance for tax reform that we’ve had in over 30 years – a chance to streamline the code and permanently lower rates for every family, individual and small business in America.
My top priority in tax reform is lowering rates for everyone, putting more money in your pockets to spend how you decide - not how Washington decides. My second priority is simplification.
The tax code has increased by 10,000 pages since the last comprehensive tax reform bill was passed in 1986. In total, it’s up to 10 million words. That’s crazy.
The President last week called for the largest tax cut we’ve seen and the broadest push toward simplification in the history of our tax code. That plan includes significant tax relief for the middle class and does away with the death tax for good.
Tax reform will allow America’s 28 million small businesses to continue to thrive. And as we work with the President to get it done, I’m confident we can rebuild our tax code in a way that will grow our economy, give our businesses a competitive advantage over the rest of the world, and return prosperity to this country. Then, hopefully, when Small Business Week 2018 arrives, we’ll have even more to celebrate.