Schneider Joined by Reps. Mulvaney, Carney and Scalise
U.S. Congressmen Brad Schneider (IL-10), Mick Mulvaney (SC-5), John Carney (DE-AL) and Steve Scalise (LA-1) introduced a bipartisan measure to ensure small businesses' tax structure is addressed during tax reform.
The measure encourages Congress and leadership to address pass-through entities--partnerships, limited liability companies, S corporations as well as sole proprietorships--not just corporate tax rates in any tax reform proposal. Such entities represent 90 percent of businesses in the United States.
"Too often, discussions in Congress surrounding comprehensive tax reform focus on proposals that address only corporate tax rates, ignoring the importance of pass-through entities," Schneider said. "These entities are the small businesses that employ more than half of our workforce and create more than 60 percent of all new jobs. I introduced this measure to ensure that when Congress starts debate on comprehensive tax reform, it doesn't just focus on large corporation taxes but also supports and protects the smaller business entities that are the drivers of our economic growth."
"As the tax reform discussion ripens, it is imperative we as lawmakers create a level playing field for all businesses, including "pass-through entities" -- which make up approximately 90% of all U.S. businesses," Mulvaney said.
"Small businesses are the backbone of our economy -- we need to reform our tax code in a way that makes it easier for small businesses to thrive," Carney said. "That's why I'm joining my colleagues in this bipartisan call for changing our tax laws to make them fairer for small businesses. As Congress considers tax reform legislation, I'll continue to advocate that we work toward this common-sense goal."
"When addressing corporate tax reform to increase U.S. global competitiveness and jumpstart sluggish economic growth, it's vital that we also protect small businesses who file individually in the process," Scalise said. "I'm proud to work in a bipartisan way with colleagues from both sides of the aisle who are dedicated to supporting these American small and medium-sized businesses who are the backbone of our communities all across the country."
In February 2013, the House Ways and Means Committee, which has jurisdiction over the U.S. Tax Code, announced the formation of 11 separate Tax Reform Working Groups that will review current law and compile proposals from stakeholders on how to improve the tax code so that it is simpler and fairer.
A business management consultant and member of the House Small Business Committee, Schneider has made it a priority to be a voice for small businesses in Congress, supporting legislation that would increase access to capital for businesses and introducing the AMERICA Works Act--legislation that would help train the workforce employers need.