Subcommittee on Economic Growth, Tax and Capital Access
November 3, 2011
Pro-Growth Tax Policy: Why Small Businesses Need Individual Tax Reform
As Congress turns its attention to tax reform and deficit reduction, this hearing examined the importance of “pass-through” entities and the need for Congress to consider individual tax reform in tandem with corporate reform.
About 95% of U.S. businesses, and over 80% of small firms, are organized as pass-throughs, which pay taxes on their share of the profits on their individual income tax returns. These firms account for 54% of all U.S. business net income, and employ 54% of the private sector workforce. They are critical to our nation’s economic recovery. Pro-growth policies, including tax reform, will allow them to create jobs and grow.
Opening Statement:Chairman Joe Walsh (R-IL)
Witnesses and Testimony: