SBC Sends Letter To Ways & Means Requesting Consideration of H.R. 3717
WASHINGTON – This week, House Small Business Committee Chairman Steve Chabot (R-OH) sent a letter with Ranking Member Nydia Velázquez (D-NY) to House Committee on Ways and Means Chairman Kevin Brady (R-TX) and Ranking Member Richard Neal (D-MA) requesting the Committee consider H.R. 3717, the Small Business Owners’ Tax Simplification Act. H.R. 3717 would update the tax code for small businesses, startups, and entrepreneurs.
In the letter, Chairman Chabot and Ranking Member Velázquez stated:
“The outsized role small businesses have on the economy cannot be disputed. They are the country’s job creators, they are our nation’s innovators, and they are transforming communities from coast to coast. However, the tax code continues to disproportionately impact the smallest firms, which often do not employ armies of experts to handle and calculate their taxes. Moreover, the tax code has simply not kept pace with today’s technology-focused companies that are altering how businesses reach and interact with customers.”
“As the Committee on Ways and Means discusses tax reform, we request that you consider the role small businesses have on our economy, along with the provisions outlined in H.R. 3717. In addition to the priority of cutting tax rates for small firms, this bill offers practical and common sense ideas that will truly impact every small company. It addresses the feedback our Committee has heard again and again – to simplify and streamline the tax code. At the end of the day, when small businesses are growing and expanding, so does the American economy.”
The Committee held a hearing on October 4, 2017 to hear from private sector witnesses on H.R. 3717. They have also received numerous letters of support from groups within the sharing economy expressing how the legislation would benefit current companies and the next generation of entrepreneurs.
The full letter can be read HERE.