“Tax reform is NFIB’s biggest priority, and we’re working hard to ensure that every small business gets a substantial tax cut,” said Junita Duggan, President and CEO of the National Federation of Independent Business (NFIB).
“Last week, Congress and the White House unveiled their framework for tax reform. This is the beginning of a long process, but you can be sure that NFIB will be there to represent your [NFIB member] interests every step of the way,” Duggan said in a statement to the Daily Business News (DBN) on MHProNews.
As the DBN has recently reported, there are numerous indicators that economic growth under the Trump Administration is accelerating.
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But experts say that there are also potential storm clouds to face if tax reform isn’t accomplished.
So, Duggan’s point is a timely one, echoed by many who share the free market side of economic thought.
“The last time Congress reformed the tax code was 1986,” Duggan stated, adding. “I worked for President Ronald Reagan at the time, and I had a front-row seat to one of the most important policy reforms in history. Very few people outside of the Oval Office believed that tax reform was possible. Then, as now, there were myriad interest groups all seeking to preserve or secure special favors in the tax code. The President knew that the best way to unleash the economy was to simplify the tax code, bring down rates, and allow individuals and businesses to decide how best to invest their money.”
Sources at NFIB tell MHProNews that hundreds of manufactured home companies are members of their organization, and that these tax reforms will be useful to them.
“That [Reagan] tax reform led to the creation of 20 million new jobs, something we haven’t seen since,” NFIB’s president said.
“President Reagan and congressional leaders got it right then,” Duggan explained. “That was 31 years ago. Since then the tax code has become a tangled mess, with more than 70,000 pages, higher rates, and countless special provisions. We may not have another chance to fix the tax code for a long time, so we must get it right this time.”
“NFIB is educating policymakers, journalists, and the public on how small businesses work,” Duggan told MHProNews, adding, “…The next few weeks are crucial. We’ll be working closely with Congress and the White House to ensure that tax reform starts with small business. They create half the jobs and half the GDP. Ninety-nine percent of all U.S. businesses are small businesses, and three quarters of them file as individuals, not as corporations.”
“If the purpose of tax reform is to boost the economy, then it must focus on small business—the engine of the economy.” Duggan invited professionals to “help your own cause by visiting our take action page to contact your legislator.” ## (News, analysis.)
Note: Related article about Steve Forbes on Tax Reform, linked here.
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.