Walsh: Individual Tax Reform is Vital for Small Business Growth and Job Creation
WASHINGTON, DC— Economic Growth, Tax and Capital Access Subcommittee Chairman Joe Walsh (R-IL) today held a hearing to examine the need for individual tax reform for small businesses that will help our nation’s best job creators thrive instead of being crippled by unnecessary burdens. A large majority of small businesses are 'pass through' entities— those that pay their taxes on their individual tax returns, rather than on a corporate return. As Congress turns its attention to tax reform, it is vital that any reforms include pass-through entities, as well as, corporate reform.
William R. Smith, President and Chief Executive Officer of Termax Corporation in Lake Zurich, IL, said, “Due to our current U.S. tax code, we are taxed on income we do not take out of the company but leave in the business to reinvest. This means we have fewer resources to put towards hiring, training, and buying new machines… Tax reform is possibly the single most important barrier to improving manufacturing growth in the U.S. but it is about so much more than just statutory rates… On behalf of small and medium sized businesses manufacturing in America, we ask that Washington move on comprehensive tax reform to help us all grow our businesses and create jobs in the U.S.”