NASE Encourages Administration and Congress to Work Together on Implementation of New Tax Law

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State of the Union Address: Small Business Reaction

Calls on Trump Administration to Communicate with Small Businesses on How to Make the Tax Code Work for Them; Further Outstanding Tax Relief Still on the Table

WASHINGTON, D.C. – As President Donald Trump delivers his first State of the Union Address tonight, Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation's leading resource for the self-employed and micro-businesses, released the following statement applauding “the simplification of the tax overhaul while encouraging further tax relief for America’s small business community.”

“The small business community, including the nation’s over 27 million self-employed and micro-businesses, commends President Trump and Congress for the historic overhaul of the nation’s tax code that took a major step towards simplification. The hard work now begins in implementing this new tax policy.

“Unlike our corporate counterparts, small business owners do not have a team of lawyers and accountants helping them navigate this new law. Helping small businesses understand the new tax code, work within it, and determine their tax liability, will be essential for them to fully recognize and plan for the economic growth expected from this reform.  The economic growth projected through this new law is based on small businesses reinvesting, either through job creation, capital investment and/or increased sales.  For that reinvestment to happen, small business owners must fully understand the laws impact, which will require the federal government to ensure this is a successful implementation and communicate new rules and regulations in a consistent and accurate way.

“To build upon the momentum and success of the simplification of the new tax system, there are still outstanding tax relief items still on the table that President Trump and Congress must address:

- The Standard Deduction: streamlining and expanding the concept of the standard deduction to as many as possible for business expenses, including to the Schedule C.

- Definition of “Employee”: amending the definition to include an owner of a sole proprietorship also as an “employee” of a small business would unlock a host of additional business benefits, including addressing the overall affordability of health insurance and related health care costs.

- Independent Contractor: simplifying the definition of an independent contractor to clarify a workers’ status will ease the burden and stress of reporting payments made to workers and assist in complying with all tax rules and regulations.

“While these are small parts of the tax code, they represent a potential big impact on a rapidly growing small business demographic, helping them boost their own business while strengthening the overall economy. We look forward to working with both the Administration and a bipartisan Congress to strengthen tax reform for the American small business community.”

Following the passage of the tax reform legislation, Hall authored “A gift for the self-employed: Tax reform simplifies completing and filing IRS forms” in the Capitol Hill publication, The Hill.

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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org