Taxes and Regulation
Instead of encouraging small business, the current system of taxation discourages entrepreneurship and job growth. Rhetoric notwithstanding, recent tax cuts have caused direct injury to small business. Big business and international corporations have enjoyed massive giveaways thanks to the current administration’s tax plan. And, our uncontrolled deficit risks creating oppressive interest rates. Current tax and regulatory compliance is inequitable and overly burdensome for small business - the average small business burden ranges from twice that of big business for certain tax and pension issues to more than triple for some regulatory compliance.
Responsible budgets and lower deficits
- Tax giveaways to large corporations and the very wealthy have reduced money that is available for successful small business programs
- The resulting budget deficits put inflationary pressures on interest rates, harming small business’s access to credit
Targeted tax relief and incentives for small business
- Standardize the home office deduction for small businesses
- Maintain Section 179 deductions
- Restore the increased deductibility of business meals and entertainment expenses
- Modernize the Tax Code
- Enact the Tax Depreciation and Modernization Simplification Act
- Make permanent the Research and Experimentation Tax Credit
Reform – not repeal – of the Estate Tax
- Enact the Certain and Immediate State Tax Relief Act
- Increase the estate tax exemption to $3.5 million
- Preserve “stepped up basis” rules
Reform – not repeal – of the Alternative Minimum Tax
- Bipartisan neglect has resulted in unchecked growth in this complex and unfair tax
- Index AMT to inflation
Reduced tax and regulatory compliance burdens
- Enforce the Regulatory Flexibility Act and its successors
- Reduce regulation of retirement plans to make it easier for small businesses to offer 401(k) plans
