House Small Business Committee Chairman Sam Graves (R-MO) today released the following statement on Ways and Means Committee Chairman Dave Camp’s release of a tax reform small business discussion draft:
“I applaud Chairman Camp’s commitment to reforming our convoluted tax system, which small businesses dread. The average tax compliance cost per employee for small businesses is almost three times the per employee cost for the average large firm. In order to address this inequity, Washington must begin a productive discussion on how to reform the system. I applaud Chairman Camp for doing exactly that in his discussion draft.”
The House Small Business Committee held several hearings last Congress on the issue of tax reform, and will be receiving feedback from small businesses on Chairman Camp's discussion draft over the coming months. Taxes are consistently listed as a major concern for small businesses. More than half of U.S. small business owners said that taxes on small businesses are hurting their operating environment "a lot," according to a January Wells Fargo/Gallup Small Business survey. A recent NFIB study found that tax issues are the single most significant set of regulatory burdens for most small firms, reflecting the pressure on small business owners to comply with more complex and costly federal and state tax systems. In addition, 85 percent of small businesses think Congress should revise the tax code, according to NFIB.