Administration and Congress Release Principles for Tax Reform

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Administration and Congress Release Principles for Tax Reform

On July 27, House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) outlined their bold plan for comprehensive tax reform. In close coordination with the Trump Administration, the House and Senate leaders, announced the key areas of focus in the legislation:

1) Lower all individual tax rates;
2) Lower corporate tax rates;
3) Eliminate the special interest loopholes;
4) Separate wage income from small business income;
5) Increase standard deductions;
6) Eliminate the death tax

As stated in our press release, “the small business community applauds the broad principles laid out today in a joint statement by policy leaders from the Administration and Congress on tax reform. While the devil is in the details, we are particularly pleased that small businesses will be treated like their corporate counterparts at home and abroad.”

The NASE is especially focused on ensuring that the separation of wage income from small business income remains a core principle of tax reform. We have argued and advocated for decades that the double tax on self-employed continues to be a significant economic barrier for the self-employed. Parity in the tax code is a core principle of NASE’s advocacy efforts.

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