In a report released Monday by the Joint Committee on Taxation, small business owners and industry groups requested changes to current tax law. The lengthy tax-code analysis and wish-list included more than 1,300 suggestions from the public.
Continue Reading Below
Ways and Means Chairman Dave Camp (R-MI) and ranking member Sander Levin (D-MI) said in a statement that the report included an overview of some of the most commonly referenced tax reform proposals, as well as the views offered by key stakeholders. Small business concerns were well represented in the report, coming from both industry groups and small business owners directly. Suggestions ranged from general goals to industry-specific proposals.
The Aeronautical Repair Station Association, which employs 306,000 American workers in primarily small- and medium-sized businesses, stated in its letter that simplifying the tax code overall would benefit its member companies.
Daniel B. Fisher, ARSA’s vice president of legislative affairs, wrote, “Resources utilized for retaining tax attorneys and accountants could be used to hire more workers.”
The American Association of Oral and Maxillofacial Surgeons also called for reforms that would encourage reinvestment, writing on behalf of its 9,000 members and small businesses. The group asked for a permanent extension of a deduction that would allow businesses to immediately deduct investments in equipment and property up to $250,000.
The American Institute of Architects made a case for comprehensive tax reform on behalf of its 81,000 members.
Continue Reading Below
“’Corporate-only’ tax reform would leave pass-through entities at a severe disadvantage, harming small businesses, including architecture firms,” wrote Andrew L. Goldberg, the managing director of government outreach.
The AIA also requested comprehensive reform that would broaden the tax base and lower rates overall.
On the other hand, groups like the Brewers Association asked for changes that would more specifically target their members.
With the passage of H.R. 494, known as the “Small BREW Act,” brewers making less than 2 million barrels of beer annually would operate under a new rate structure that more accurately “reflects the evolution of small Main Street American brewers,” according to the organization.
Equally targeted, the American Trucking Association suggested the continuation of Section 530 in the Revenue Act of 1978, which grants carriers and owner-operators “an effective safe harbor” from IRS’ attempts to reclassify workers as employees.